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Home > News > Focus

Report: Global electricity demand for EVs expected to skyrocket 630% by 2030

Source:Adsale Plastics Network Date :2024-06-18 Editor :RC
Copyright: This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

According to a research by Finbold, with data from the International Energy Agency (IEA), the global electricity demand stemming from the usage of electric vehicles (EVs) skyrocketed by 3,630.77% from 2,600 GWh annually in 2013 to 97,000 GWh in 2023.

 

Further projections based on the Stated Policies Scenario (STEPS), which uses current trends and scheduled policies, indicate that global electricity demand stemming from EV adoption will rise another 631.96% by 2030, reaching 710,000 GWh.

 

Finbold_Global EV electricity demand_480.JPG


Graph for the increasing trend of global EVs electricity demand. (Source: Finbold)

 

China as the lead in EV energy demand

 

China has been gradually taking the lead in terms of EV-related energy demand, which may have been led from the robust sales figures provided by the Chinese electric and hybrid vehicle manufacturer BYD.

 

In 2013, China needed 470 GWh for EVs while the number increased to 38,000 GWh by 2023. Additionally, the country is expected to account for 32.39% of the global EV electricity demand, with 230,000 GWh by 2030.


Finbold_China EV electricity demand_480.JPG


Graph for the EVs electricity demand in China. (Source: Finbold)

 

Between 2022 and 2023, China saw a huge demand increase from 23,000 GWh to $38,000 GWh. Yet the figure has not surpassed the most impactful year, which was 2014, as the demand rocketed 142.42%.

 

Although with the continuous increasing demand, China’s average per-capita EV-related electricity demand is relatively low, considering its vast population – 0.00002695 GWh (26.95 kWh) in 2023.

 

US expected to regain by 2030

 

The United States, which led the annual electricity demand of 560 GWh in 2013, has fallen behind in recent years. It is also the only one of the three major examined regions to have experienced negative growth in 2020.

 

Finbold_US EV electricity demand_480.JPG


Graph for the EVs electricity demand in the US. (Source: Finbold)

 

Nonetheless, in per capita terms, the US remains in the lead – the demand relative to the population amounted to 0.0647 GWh (64.7 kWh) in 2023. Furthermore, the US is projected to achieve parity with China by 2030, given its EV-driven electricity demand is forecast to hit 230,000 GWh.

 

More sustainable investment needed

 

Using the raw conversion, in which one barrel of oil is enough to produce approximately 1,700 kWh of electricity, the current EV electricity demand equates to approximately 57 million barrels of black gold annually.

 

Given the projected increase in electric car needs, this figure will increase to nearly 420 million barrels by 2030. The International Energy Agency estimates an even greater impact, placing oil displacement due to the adoption of EVs at 255 million barrels in 2023 and projects it at 2.847 billion in 2030.

 

These prove that electric vehicles adoption is not enough as the entire solution. Much of the electricity produced to power EVs continues to be generated by burning fossil fuels, and the mining of lithium remains a highly controversial topic.

 

The IEA’s 2023 report indicates that investments in clean energy, such as solar, have decisively surpassed investments in fossil fuels. When combined with other potential energy sources, such as nuclear fusion, exemplified by the International Thermonuclear Experimental Reactor (ITER), EVs are likely to have an even greater impact.


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