The Electric Vehicle Market is on the Rise
Electricity demand by the global fleet refers to electricity consumed by the Electric Vehicles fleet (EV), which are:
While the electricity demand from battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) has grown globally since 2015, the increase in electricity demand from BEVs is much higher. This suggests higher demand for EVs, with BEVs favored over plug-in hybrids.
Regions:
The area that seems most receptive to the adoption of EVs based on the electricity demand of both BEVs and PHEVs is Asia Pacific, with sharp demand increases from BEV usage in 2021 at 24.8k GWh.
The growth in electricity demand from EVs likely suggests increased market growth for these vehicles in Asia Pacific, which is likely to become a key player in the EV market.
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After Asia Pacific, Europe and then the US also show increasing demand for EVs, at least based on electricity demand, which comes mainly from BEVs. The demand reached a peak of 8.5k GWh in Europe and 6.5k GWh in the US in 2021, according to data compiled by DELTA ANALYSIS.
While PHEVs in both areas continued seeing a steady rise in energy demand, it is still quite low compared to BEVs, indicating lower market demand for this type of vehicle. Though showing less demand than in the Asia Pacific, there is still a clear indication of potential market growth.
Overall, these trends show that the demand for EVs does not seem to be slowing and may see more of an increase as people are becoming more energy conscious.
Data from Delta Analysis and the International Energy Agency (IEA).
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