This article describes how the upward swing of EV adoption has the potential to spark global growth across sectors.
As the global economy emerges from the disruptions of the Covid-19 pandemic, EVs are a growth driver and are projected to have potential for an extraordinary economic impact.The expansion of the electric vehicle market has brought with it nuanced opportunities to create a cleaner and transformative new energy carrier. EV technology has already brought huge innovation to the energy market, and now it’s inspiring even more global growth. Demand for EVs is projected to continue to expand.
The US Inflation Reduction Act includes $369 billion in renewable energy investment and tax credits for EVs, which should put automakers on a growth path for the next decade or so. The US had shuffled along for decades, pledging but never following through on promises to address climate change needs — until now. If the US is any indication, countries around the world are realizing that they have to step up to meet their climate goals, with all-electric transportation an appealing target.
It will, however, take a herculean effort to replace 1.3 billion ICE cars with EVs, the latter of which currently comprise little more than 21 million cars on the road. China and Europe will account for nearly 80% of EV sales by 2025, while the US is projected to represent 15%. Metals are an important component of EV batteries. Although metals prices have risen, a new supply coming to market will return battery prices to their previous downward trend, according to analysis by. As a result, many financial analysts are seeing positive global growth ahead for the EV ecosystem.
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