Group Predicts Over 2/3 of New Vehicles Will Be EV by 2030

The Rocky Mountain Institute (RMI) predicts that electric vehicles will make up two-thirds of global car sales by 2030. This growth is being driven by a number of factors, including declining battery costs, increasing government support for EVs, and growing consumer awareness of the benefits of EVs.

One of the key drivers of EV growth is the declining cost of batteries. The cost of lithium-ion batteries has fallen by more than 80% in the past decade, making EVs more affordable for consumers. RMI expects batteries will cost nearly half of what they do now, from $151 per kwh to between $60 and $90 per kwh by 2030. Additionally, governments around the world are offering incentives to encourage people to buy EVs, such as tax breaks and subsidies.

Another factor driving EV growth is the increasing availability of charging infrastructure. In recent years, there has been a significant increase in the number of public charging stations available. Additionally, many automakers are now offering home charging solutions with their EVs. Some are even paying for a unit for you for a limited time. Growing consumer awareness of the benefits of EVs is also playing a role in their growth. EVs offer a number of advantages over traditional gasoline-powered vehicles, including lower operating costs, reduced emissions, and improved performance.

Source: IEA (past), RMI forecasts

Despite the positive outlook for EVs, there are still some challenges that need to be addressed. One challenge is the need for more charging infrastructure. While there has been significant progress in recent years, there still needs to be more public charging stations available, especially in rural areas. Additionally, there are concerns about the environmental impact of battery production. However, the RMI believes that these challenges can be overcome, and that EVs will play a major role in the future of transportation.

In addition to the factors mentioned above, there are a number of other trends that are contributing to the growth of EVs. For example, the rise of ride-hailing services such as Uber and Lyft is leading to increased demand for electric vehicles. Additionally, the growing popularity of self-driving cars is also likely to boost demand for EVs.

Overall, the outlook for EVs is very positive. The RMI's prediction that EVs will make up two-thirds of global car sales by 2030 is ambitious, but it is certainly achievable. With declining battery costs, increasing government support, and growing consumer awareness, EVs are poised to play a major role in the future of transportation.