Approximately one in ten new vehicles will be electric in 2030, with the number of installed charging points expected to reach up to 40 million worldwide by that time.
That is according to a new report from GTM Research, which forecasts 13.3 million electric vehicle (EV) charging points to be installed in North America alone by the end of the next decade.
Europe is predicted to experience similar growth trends, with an estimated 9 million residential, and 1.6 million public charging points set to be in operation in the region by 2030.
“A confluence of factors, including falling battery storage prices and the embrace of artificial intelligence is driving the growth in the EV market,” GMT Research consultant, Timotej Gavrilovic, said.
“Electricity will redefine how we use our vehicles, as energy networks transport ‘fuel’ instantaneously to any point on the existing network, improve safety, and reduce the environmental impacts of transportation.”
Chemical company Wood Mackenzie predicts there will be nearly 250 million EVs on the roads globally by 2040, representing around 14% of the total vehicle stock at that time.
North America, Europe and Asia are set to dominate EV charging infrastructure rollouts, although it is thought that China might cut back on its targets after building “too much too soon”.
Other Asian countries are starting to get in the act too, with Japan pursuing an “aggressive, fast-charging build-out strategy”, with South Korea also beginning to show increased activity.
Gavrilovic said India is “definitely a geography to keep an eye on,” due to its size and population, although much of the Southern hemisphere is thought to be behind the curve.
Australia is one of the few exceptions, with charging now pretty much encircling the entire country, with its active equipment manufacturing and installation industry now looking to target Asian markets.
The challenge facing Australia, as in many other parts of the globe, is that the high costs of charging points leave little incentive to install it in rural areas. “There’s a challenge of geography there,” Gavrilovic added.
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