Beatrice Lang
Electric vehicles (EVs) are an increasingly popular mode of transport, with sales doubling in the US in 2021. Despite this, there are still obstacles to overcome to ensure a smooth transition to electric vehicles. The world's automakers have committed to the transition, with General Motors Co. pledging to stop selling gas-burning vehicles by 2035, and industrywide EV investment plans now top $330 billion through 2025. EVs are critical to decarbonizing road transport, which accounts for over 15% of global energy-related emissions. However, sales are concentrated in certain regions, with developing and emerging countries lagging due to higher purchase costs and a lack of charging infrastructure. To address this, improvements to charging infrastructure are being prioritized, with researchers at MIT identifying the need for charging stations on residential streets and along highways. While EVs are catching on, there is still work to be done to ensure a seamless transition and realize the benefits of decarbonizing road transport.
| Characteristics | Values |
|---|---|
| Electric vehicles sales growth | In 2021, EV sales in the US more than doubled the previous year, with 608,000 new cars hitting the highway. |
| Electric vehicles sales in 2024 | It is estimated that more than one in five new cars sold in 2024 will be electric. |
| Electric vehicles sales in China | In 2020, EV sales in China went from 4.8% to 8%. In 2023, more than 60% of electric cars sold were already cheaper than their average combustion engine equivalent. |
| Electric vehicles sales in Europe | In 2020, EVs jumped to 11% of new car sales in Europe. In the first quarter of 2021, they reached nearly 15%. |
| Electric vehicles sales in the US | In 2020, EVs accounted for 11% of new car sales in the US. In the first quarter of 2021, they reached almost 15%. |
| Electric vehicles as a technology for decarbonisation | Electric vehicles are the key technology to decarbonise road transport, a sector that accounts for over 15% of global energy-related emissions. |
| Electric vehicles and climate change | Electric vehicles produce far fewer planet-warming emissions than internal combustion engines. |
| Investments in EVs and batteries | Worldwide, reported investment announcements from 2022 and 2023 alone exceed USD 275 billion in EVs and USD 195 billion in batteries, with around USD 190 billion of the total already committed. |
| Obstacles to wider EV adoption | High purchase costs compared to conventional vehicles and a lack of charging infrastructure. |
| Benefits of wider EV adoption | Ending the polluting tailpipe, saving hundreds of thousands of lives and preventing millions of cases of respiratory disease per year. |
| Role of governments | Governments must leverage private investment in the sustainable mining of critical battery metals and ensure clear and rapid permitting procedures to avoid potential supply bottlenecks. |
| Role of businesses | Businesses should ensure adequate investment and drive ambitious commitments in EV procurement. |
| Role of communities | Communities can mobilise to demand better health, jobs, and environmental justice. |
| Role of researchers | Researchers are investigating the most convenient locations for charging points to maximise the number of electric vehicles on the road. |
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What You'll Learn
Electric vehicles are the key technology to decarbonise road transport
Electric vehicles (EVs) are the key technology to decarbonise road transport, a sector that accounts for over 15% of global energy-related emissions. In recent years, the electric car market has seen healthy growth in sales, improved range, wider model availability, and increased performance. According to the IEA, more than one in five new cars sold in 2024 will be electric.
The transition to EVs is well underway, with reported investment announcements from 2022 and 2023 exceeding USD 275 billion in EVs and USD 195 billion in batteries. This level of investment boosts confidence in the electrification of road transport. While EVs are more expensive than conventional vehicles in Europe and the United States, prices are expected to reach parity by 2030 in major markets outside China.
To accelerate the adoption of EVs, ambitious policies and initiatives are critical. Governments must work to create a consumer ecosystem that encourages the purchase of EVs through incentives and tax credits. Additionally, collaboration between the public and private sectors is essential to improving the charging infrastructure, which is currently lacking in many places.
Furthermore, the electrification of road transport requires a wide range of raw material inputs, especially for battery manufacturing. Governments must promote sustainable mining practices and clear permitting procedures to avoid supply bottlenecks. Innovations in battery technology, such as alternative chemistries and recycling, can also help ease demand pressure.
By sustaining the growth in EV sales and addressing the challenges of high costs and inadequate infrastructure, the world can put CO2 emissions from cars on a path towards Net Zero Emissions by 2050.
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Sales growth in electric vehicles
Electric vehicles (EVs) are experiencing healthy sales growth, with more than one in five new cars sold in 2024 predicted to be electric. This growth is particularly notable in China, some European countries, and certain U.S. states. In 2023, China saw more than 60% of electric cars sold become cheaper than their average combustion engine equivalent. However, electric cars remain 10-50% more expensive in Europe and the United States, with price parity potentially being reached by 2030 in major markets outside China.
The sales growth of EVs is significant for decarbonising road transport, a sector responsible for around one-sixth of global emissions. The transition to EVs is further accelerated by government incentives, such as President Joe Biden's pledge to replace the federal government's fleet with EVs and add 500,000 charging stations within a decade. Automotive giants like Ford and Volkswagen have also committed to investing billions in EV development and infrastructure.
The increasing demand for EVs has led to substantial investments in the industry, with announcements from 2022 to 2023 exceeding USD 275 billion in EVs and USD 195 billion in batteries. These investments are crucial for the electrification of road transport, creating integrated supply chains and decreasing costs. Additionally, improvements in charging infrastructure are vital to support the growing number of EVs on the road.
While sales growth is promising, there are challenges to a complete transition. The higher purchase cost of EVs compared to conventional vehicles and the lack of charging infrastructure in some regions, especially developing and emerging countries, have slowed down sales. However, with the right policies, investments, and infrastructure enhancements, the EV market is expected to reach a tipping point soon, leading to zero-emission transportation and significant benefits for the climate.
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Electric vehicles are not yet a global phenomenon
In 2024, it is estimated that more than one in five new cars sold will be electric, and electric vehicles are crucial for decarbonizing the transport sector, which accounts for about one-sixth of global emissions. However, sales in certain countries, particularly developing and emerging nations, have lagged due to higher purchase costs compared to conventional vehicles and a lack of charging infrastructure.
While countries like China have witnessed significant growth in EV sales, with over 60% of electric cars sold in 2023 being cheaper than their combustion engine counterparts, other regions, such as Europe and the United States, face challenges. In these markets, electric cars tend to be 10% to 50% more expensive, and the availability of charging stations can vary, leading to "range anxiety" among potential EV buyers.
To address these disparities and accelerate the global transition to electric vehicles, several strategies are being implemented. These include ambitious policies, investments in EV manufacturing and battery technology, improvements in charging infrastructure, and collaborations between governments and businesses. For instance, President Joe Biden pledged to replace the federal government's fleet with electric vehicles and add 500,000 charging stations within a decade.
While the world is undoubtedly on the road to electric vehicles, with automakers and governments recognizing the importance of this shift, it is evident that more work is needed to make electric vehicles a global phenomenon. This includes addressing the specific challenges faced by developing and emerging countries, ensuring equitable access to affordable electric vehicles, and implementing coordinated plans for grid expansion and enhancements to support the integration of EVs.
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The need for improved charging infrastructure
The transition to electric vehicles (EVs) is well underway, with sales and investment in EVs growing year on year. However, there are still significant barriers to wider EV adoption, including the availability and accessibility of charging infrastructure.
Secondly, the improvement of charging infrastructure also relates to the speed of charging. High-speed charging stations, for example, can greatly increase the potential for wider EV adoption. This is because faster charging reduces the time commitment required to recharge an EV, making it more convenient for users.
The improvement of charging infrastructure is a key priority for governments and auto executives. For example, in the US, President Joe Biden has pledged to introduce 500,000 new charging stations within a decade. Additionally, automotive companies such as Ford and Volkswagen have announced plans to invest billions in developing EV-related infrastructure. These commitments demonstrate the recognition of the importance of charging infrastructure in accelerating the transition to EVs.
The electrification of road transport is critical to achieving climate goals and reducing emissions from the transport sector, which accounts for a significant portion of global emissions. Therefore, addressing the need for improved charging infrastructure is essential to making EVs a more attractive and viable option for consumers and accelerating the shift towards a more sustainable transportation system.
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Electric vehicles will impact every breath we take
The transition to electric vehicles is well underway, with sales growing healthily in recent years, alongside improved range, wider model availability, and increased performance. Electric vehicles are catching on quicker than ever, and it's only a matter of time before a shift towards sustainability convinces drivers to make the change. In 2021, EV sales in the US more than doubled the previous year, with 608,000 new cars on the highway. This trend is also reflected in Europe and China, where EVs jumped to 11% of new car sales in Europe in 2020 and reached nearly 15% in the first quarter of 2021, while in China, EV sales went from 4.8% to 8% in the same period.
However, there are still obstacles to overcome. Electric cars remain 10-50% more expensive than combustion engine cars in Europe and the US, and sales in developing and emerging countries have been slow due to higher purchase costs. Additionally, charging infrastructure needs to improve, with overcrowded and broken chargers causing hassles for drivers. Nevertheless, the necessary investments and plans are being made to address these issues, with governments and businesses recognizing the importance of EVs for the environment and committing significant resources to their development and infrastructure.
The benefits of electric vehicles are clear, and the transition to this technology will have a positive impact on the air we breathe. With continued efforts and investments, we can look forward to a future with cleaner air and improved respiratory health for all.
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Frequently asked questions
Electric vehicle sales have been growing, with improved range, wider model availability, and increased performance. Electric vehicles are more affordable in some markets than in others, with more than 60% of electric cars sold in China in 2023 being cheaper than their average combustion engine equivalent. In Europe and the United States, electric cars remain 10% to 50% more expensive.
Electric vehicles are key to decarbonizing road transport, which accounts for over 15% of global energy-related emissions. They also produce fewer planet-warming emissions than internal combustion engines.
One challenge is the higher purchase cost of electric vehicles in certain markets, as well as the lack of charging infrastructure. There are also concerns about the environmental impact of battery manufacturing and disposal.
Governments and industries are investing heavily in electric vehicles and batteries, with global investment announcements exceeding USD 275 billion in 2022 and 2023. They are also working on improving charging infrastructure and incentivizing the adoption of smaller cars to reduce demand for critical metals.
The outlook is positive, with organizations like the Drive Electric Campaign working towards 100% zero-emission road transportation. However, there is a need to increase the pace and coordination of efforts to meet climate and air quality goals.
