Bloomberg recently published their annual long-term electric vehicle outlook. Here are some interesting highlights:
• By the end of 2022, there will be more than 27 million electric passenger vehicles on the road. The total number of passenger vehicles worldwide is upwards of 1 billion.
• Where electric is making the most impact on oil demand is with electric bicycles, trikes and scooters – there are about 300 million of these in use.
• The peak for deliveries of ICE cars was 2017, with 87 million. Total vehicles sales are forecasted to slowly recover and perhaps exceed the 2017 peak by 2025 or so. But electric will be a significant percentage of that total.
• It is anticipated that there will be at least $1 trillion invested in EV charging networks over the next 2 decades. We will need to install nearly 500,000 chargers.
• We’re going to need a lot more electricity – EVs could increase energy demand by more terawatt-hours than is currently being consumed in the US today!