The global fleet of electric vehicles surpassed 10 million in 2020 in a show of remarkable resiliency to the covid-19 pandemic which devastated the overall auto market. The conventional wisdom is that, with more consumer price sensitivity amid job losses and recession, sales of electric vehicles not yet at upfront cost parity suffer. However, their growing momentum in the eyes of consumers, alongside governments' will to stand by strict new emissions targets in Europe and China, actually led them to grow by around 35% globally in 2020. IDTechEx expects this growth to continue globally for two decades, against a backdrop of new challenges and megatrends for the industry such as urbanisation, ageing populations and autonomous vehicles.
In the background of this transition, the availability and convenience of electric vehicle charging infrastructure is quietly essential for continued uptake. Ubiquitous charging infrastructure eases range anxiety, and allows automakers to reduce vehicle battery capacities - critical for cost reduction. Most charging infrastructure demand is created by electric passenger cars, while electric fleets of buses, trucks and vans will grow DC fast-charging markets rapidly.
- An overview of electric vehicle markets in 2020 and our outlook for 2021
- Private and public charging installations by region
- The need for DC fast charging - is 120kW enough?
- The difficulty of megawatt charging - are battery electric trucks doomed and the opportunity for fuel cells