According to the International Energy Agency (IEA) and its latest Global Electric Vehicles Outlook report, “The number of electric and plug-in hybrid cars on the world’s roads exceeded 3 million in 2017, a 54% increase compared with 2016.
China remained by far the largest electric car market in the world, accounting for half sold last year. Nearly 580,000 electric cars were sold in China in 2017, a 72% increase from the previous year. The United States had the second-highest, with about 280,000 cars sold in 2017, up from 160,000 in 2016.
One of the biggest catalysts for EV growth has come from battery costs declining. According to the IEA, “The rapid uptake of EVs has also been helped by progress made in… reduc[ing] the costs of lithium-ion batteries. However, further battery cost reductions and performance improvements are essential to improve the appeal of EVs.”
The number of electric cars is projected to reach 125 million units by 2030 provided the world observes a supportive policies for EV proliferation and Innovations in battery chemistry is a must so as to educe dependence on cobalt.
Reference- IEA, Cleantechnica