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Charging Stations for Electric Vehicles
Electric vehicle sales are accelerating globally and are projected to reach 33 per cent of global sales by 2028, and 54 per cent of global vehicles by 2035. Demand is growing in most major markets, and a rapid transition to electric vehicles will mean fundamental changes to people and operating models. As more vehicles become electric, the future of transportation is uncertain, but the possibilities are exciting.
‘BEV Believers’ more likely to buy or lease a battery-electric vehicle
According to a recent report by AlixPartners, global electric vehicle sales will hit 33 per cent in 2028, and could reach 54 per cent in 2035. These numbers reflect an acceleration of the market in most major markets. To facilitate this rapid transition, automakers will have to make dramatic changes to their operating, working, and people models. To that end, they are conducting a global consumer survey to determine the sentiment toward electric vehicles.
The report shows that the sales of electric vehicles are growing in all industrialized countries, with China leading the way. China accounts for more than half of all electric vehicle miles sold, and its market share is growing rapidly. In Q4 2017, the number of electric vehicle sales worldwide hit 77 million kilometres – an increase of more than ninefold from the first quarter of 2013.
As more BEV models become available, they may lower the barriers to purchase for the average consumer. However, they might be more geared toward fleets, where they can save fuel while increasing efficiency. In addition, automakers should engage in aggressive marketing campaigns to dispel the myths associated with BEVs. Ultimately, the benefits of BEVs will pay for themselves, and manufacturers should take this to heart.
Supply constraints will continue into 2024
According to a recent report from AlixPartners, global sales of electric vehicles could reach 33% by 2028 and 54 percent by 2030. Currently, battery-powered vehicles make up a small proportion of global car sales, accounting for just under eight percent of global car sales in 2018. However, if current trends continue, EV sales could skyrocket, resulting in a $526 billion investment in EVs and batteries by automakers.
Governments across the globe are supporting the transition to electric vehicles. China, for example, is currently the leading contributor to the Electrification Index, with more than half of the world’s electric kilometres sold. In 2016 and 2017, China led the way with sales of battery-powered and plug-in hybrid electric vehicles, with total electric-range sold reaching 44.1 million kilometres in Q4 2017.
As the race to widespread electrification accelerates, the number of Chinese manufacturers is increasing, with twelve Chinese companies ranked among the world’s top 20. BYD and BAIC were higher in the rankings than Tesla, which held first place for a fourth straight quarter. According to the report, Tesla sold 13 million electric-range cars in Q4 2017, which was more than any other Chinese manufacturer. In comparison, BAIC and BYD sold eight million kilometres in Q4 2017, compared with seven million kilometres.
Demand for battery-electric vehicles will cost automakers $70 billion by 2030
Government subsidies and growing demand for electrified vehicles are driving a boom in the electrification of cars and trucks around the world. China is the world’s biggest market for electrified cars, accounting for over half of the world’s electric kilometres. As of the fourth quarter of 2017, China sold more than 7 million electric vehicles, a sharp increase from 5.6 million in the first quarter of 2013.
Despite concerns about range and cost, the overall enthusiasm for BEVs is high. With less than six million electric vehicle registrations in 2017, Norway ranks third in the world. This puts the country ahead of heavyweights such as France, Japan, United Kingdom, and South Korea. Meanwhile, the United States is booming, with a 49% year-on-year increase in electric vehicle sales.
The industry faces numerous challenges when transitioning to battery electric vehicles. Despite the cost differences, automakers are likely to spend more than $526 billion transitioning to electric vehicles. In addition, EVs are more expensive than ICEs, as raw materials are nearly twice as expensive. For instance, the average battery electric vehicle (BEV) costs $16,000, compared with $3,662 for an ICE. According to AlixPartners research, the transition to battery electric vehicles will cost automakers and suppliers approximately $70 billion by 2030.