According to BlueWeave Consulting, the global market for electric vehicles (EVs) should grow from USD 121.8 billion in 2020 to USD 236.3 billion by 2027, with a CAGR of 10.6 per cent during the forecast period (2021–2027). According to the report, in the coming two years, more than 240 new models of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) are expected to be introduced in the market. It is expected that around 130 million EVS could be on the road by 2030 globally. The report mentions that in order to meet the global demand for EV charging stations, both in public spaces and within homes, around USD 100 billion to USD 170 billion should be invested in the next ten years (2020-2030). The electric vehicle market in 2030 is expected to require more than 50 million chargers in buildings, consuming at least 520 TWh per year.
The report highlights initiatives by various countries. Both Denmark and the UK have declared bans on sales of petrol-powered vehicles after 2030, while California, US has set a similar target for 2035. Some cities are moving even further, with plans within the next decade to prohibit gasoline- and diesel-fueled cars entirely.
In terms of electricity distribution, according to the report, the size of a vehicle fleet will push additional annual power demand across China, the EU-27, the UK, and the US from 180 to 235 TWh by 2025 and 525 to 770 TWh by 2030.