Over the last few years, the EVs global market has been increasing. Its projection growth in the next few years is expected to be more substantial as more EVs are being manufactured, and many people are adopting electric vehicles. According to Grand View Research projects, in 2019, the demand for EVs globally was approximately 2,373.5 thousand units, and the demand is expected to increase by 41.5% between 2020 and 2027. The report said that the increase in EV market share is attributed to government initiatives in various countries to adopt electric vehicles to decrease greenhouse gas emissions.
For example, the European Union has a plan to reach net-zero greenhouse gas emissions by 2050. This will be achieved by adopting electric vehicles as they produce fewer carbon emissions than conventional cars. Many government s across the world are trying to promote EVs’ awareness such that many people purchase electric vehicles. This will help decrease air pollution, oil consumption, and other kinds of emissions.
The Grand View Research report showed that the primary driver in the EVs’ market share increase is the massive investment by automakers coupled with numerous campaigns led by governments. Companies are heavily investing in their plan to produce electric vehicles.
Developments in the EV market
Altair International Corp.
The company recently announced its partnership with St. Georges Eco-Mining Corp., a Canadian-based company specializing in new lithium extraction technologies’ development. Last year, the two companies signed an agreement to scale up the recycling of EV Lithium-ion battery (LIB). As more electric vehicles will be manufactured, battery metals’ demand will go up, exceeding the current production. Therefore, the two companies have seen the need to recycle the lithium-ion batteries to avoid cumulative waste challenges in end-of-life disposal. St. Georges and Altair will provide a valuable solution to battery metal supply and waste management through its new optimized recycling technology.
The company is dedicated to developing hydrogen fuel for the transport industry together with Arizona Public Service Company. The companies will facilitate the production of low-cost hydrogen that will help to reduce greenhouse gases in the transport sector.
Allied Market Research report shows that by 2027, the global market for EV is expected to be $802.81 billion. In 2019, $84.84 billion of the total world revenue was from Asia-Pacific, and this is likely to increase to $357.81 billion by 2027. $194.20 billion would come from North America.