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There is no secret involving the importance of technology and growing support for EVs. Around the world many automotive brands have produced or begun their transition into crafting high-tech, electric vehicles for customers. There is a way to measure this high-tech growth, as BloombergNEF data indicates, the 14 million electric vehicles are predicted to be sold this year alone. That figure is a huge increase from just 600,000 EVs sold only seven years ago.
Plight of Electric Rides By 2030
The BloombergNEF data also shows in 23 countries, electric vehicles are going to provide at least 5% of automobiles moved. Some nations, including Australia, will see that figure near or go beyond 10%. This highlights the EV industry’s rapid growth, even in China, nearly four of every 10 new vehicles sold were electric last past August.
Keeping Pace Is EV Battery Building
Most important to the rise of EV growth is the importance of battery prices seeing a price reduction. This is important to investors considering multiple EV battery producers is required to keep this market running. As battery prices decline, manufactures can move the savings on to consumers, potentially driving broader EV adoption while building up a helpful cycle in the way the industry expects.
“So the main thing we were saying then was that battery prices had already come down about 60% over five years, from 2010 to 2015. And we were predicting that trajectory was going to continue, and then that was going to bring electrified transport into this sort of economically viable category in many, many different segments of transport,” according to Colin McKarracher, head of Advanced Transport at BloombergNEF.
Looking at the long term of KARS, the current percentage of fully electric vehicles on the road today, globally speaking, is a mere 2% in 2023, but we know change is coming. We are set for significant growth for EVs, as the largest EV market in the world of China has yet to see massive EVs come to showrooms.
“The first one has been government policy support. So the government has been very clear from quite early on that it sees new energy vehicles, which is their term for fuel-cell, battery electric and plug-in hybrid, as the future. And they’ve supported different stages of policy to do that,” added
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