A Tesla model S sits parked in a new Tesla showroom and service center in Red Hook, Brooklyn in New York City. /Photo by Spencer Platt/Getty

The number of electric vehicles (EV) is set to triple worldwide by 2020, according to a forecast by the International Energy Agency (IEA).

In their report on the future of the EV market, they predict that 13 million EVs will be on the road by the end of the decade, compared to 3.7 million last year.

“The policy-driven growth in EV sales underpins economies of scale and fosters technology development which reduces battery pack costs, increases opportunities to cut the purchase price of EVs and to improve their performance”, the report said.

About half of the EVs sold in 2017 were purchased in China, which saw a 72 percent increase in sales.

The IEA report warns that the uptake in EVs has been, and will likely continue to be, driven by government policies.

It also warns that lithium-ion batteries need to continue to be improved upon to deal with global supply issues for nickel, lithium, and, especially, cobalt.

Nearly 60 percent of the world’s cobalt is mined in the Democratic Republic of Congo and 90 percent is refined in China, and yet demand for the element is expected to be 10 to 25 times higher by 2030.

Editorial Team
The Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with data and insights to deliver useful news updates. We are experts with the mission to inform, educate and inspire the industry. We are passionately curious, enthusiastic, and motivated to positively impact the world. Send us a tip via hello @ pvbuzz [dot] com.

Delay costs make nuclear plant constructions costlier than ever | Study

Previous article

Trump has ordered his Energy Department to help unprofitable coal, nuclear power plants

Next article

You may also like


Comments are closed.

More in News