Electric vehicles (EVs) are a critical part of the future energy mix for several reasons. EVs are more efficient than gasoline-powered cars, producing far fewer greenhouse gases. They also offer a cleaner, quieter ride for drivers and a more pleasant experience for passengers. And they’re more affordable than cars powered by traditional fuels. However, a number of obstacles prevent mainstream EV adoption. Among the most prominent are the lack of charging stations, range anxiety and the high cost of batteries. But as the technology advances, these issues are being overcome.
For example, new battery technologies are helping to reduce the charge time. Porsche’s Taycan model can reach 62 miles of range after only 23 minutes of DC charging. Meanwhile, the Tesla Model S can achieve 35% of its full range after just 15 minutes of charging. And a growing number of fast chargers are being installed worldwide. These improvements are expected to help address range anxiety and shorten the amount of time that drivers need to spend at a gas station or charging station.
Other barriers to EV adoption include the relative lack of incentives and business models, a perception of limited vehicle choice, higher upfront costs and maintenance requirements. But the underlying technology is improving at a rapid pace. For example, silicon carbide has revolutionized legacy silicon technologies, enabling optimizations in EV technology motor performance. And new materials like carbon nanotubes offer the potential to dramatically improve the energy density of batteries.
The EV market is moving in the right direction and will continue to grow. The IEA expects global EV sales to double by 2035, and EVs will account for about a third of all passenger vehicles by that date. But to truly accelerate EV adoption, we need to address four key barriers: availability, cost, charging, and waste.
Fortunately, all of these barriers are being addressed. Global public charger installations rose 40% in 2023, and we can expect to see even more fast-charging stations added next year. And the global recycling capacity for EV batteries is estimated to triple by 2030, meaning that the four biggest barriers to EV adoption are well on their way to being overcome.
In addition, EVs can contribute to the transition to renewable energy by supporting VRE-based power generation through their interaction with the grid. In fact, transport accounts for about 30% of all energy use, so EVs can make a big difference to the overall success of the International Renewable Energy Agency’s REmap plan to double renewables by 2030. And a number of innovative solutions are already underway to optimize EV interactions with the grid, including vehicle-to-grid and community EVs. This can help improve resilience and lower the total costs of EV ownership. We’ll look at these trends and more in our upcoming blogs. So stay tuned!