Lithium Valley Main Report 2018
Figure 27: Projected change in global vehicle fleet to 2040 with transition to electric vehicles 27
Transition to Electric Vehicles Global vehicle cumulative fleet projection
1,000 1,200 1,400 1,600
60
50
40
0 200 400 600 800
30
20
10
0
2015
2020
2025
2030
2035
2040
ICE Cars
EVs
ICE fleet oil use
EVs oil displaced
Source: Futures Smart Strategies (24 April 2018)
Economic implications – As electric vehicles (EV) cars are now comparable or cheaper than traditional vehicles over a whole of life analysis, there are strong commercial and strategic reasons to focus on a combination of renewable energy and new EVs. The projections forecast that the majority of batteries are likely to initially be used in EVs, where the available electricity as a portable power source is more valuable. This however is likely to change over the next decade with increasingly strong demand from stationary storage both behind the meter and utility scale uses (Figure 28 ).
Figure 28: Cumulative impact on battery use for electric vehicles and stationary storage 28
Cumulative global electric vehicle and stationary storage projection
60,000
50,000
40,000
30,000
20,000
10,000
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Storage Vehicles
Source: Future Smart Strategies (24 April 2018)
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