Electric Vehicles | A brief overview of the global market

By Mr. Umair Nabeel, Renewable Energy & Environment Entrepreneur

Over the last five or so years, as the deployment of renewable energy based projects started gathering momentum, there was a particular technology which initially though didn’t get much hype or coverage in the media or new feeds, was slowly and gradually disrupting the conventional automobiles and transport industry, creating its own space. Electric vehicles or more famously known as EVs come the end of 2019 stand at a staggering figure of 7.2 million vehicles worldwide. The year previous to that, the accumulated figure was an estimated 5.1 million, a near 40% increase year on year without a fair share of us realizing. I call it the “silent disruptor”, which is ironic since that’s how they operate too, near zero noise and combustion pollution.

It’s worth mentioning here that the technological advances made in recent years in lithium-ion batteries from cell level, different material chemistry all the way up to the module itself has been a core and key component. And of course, the company which is indeed considered the pioneer of EVs and rightly so,  Tesla deserves every bit of credit and recognition they’re getting now. Tesla is the market leader, and I back this point up by referring to their latest market valuation, leaving behind even the decade’s long conventional auto industry giants. A glance of Wall Street would suffice. Moreover, Tesla is the only company with its cars on the roads, in hundreds of thousands. A dedicated infrastructure of recharging stations which is a pleasure to the eye for engineering, technology and environmental enthusiasts.

As I conclude this introductory article, I leave the readers with some fun and interesting facts followed up with a question, which we all must ask ourselves. Citing BNEF 2020 EV outlook report, by the end of this year, global EV share will be 2.7%, five years on 10%, another five years and it’ll be 28% that is by 2030. By 2040, this market share will increase to 58%. The question remains, as a Pakistani whether an average Joe, investor, business person, industrialist and finally, the state and government, where do we and where will we stand?

Following on from here, we’ll dive slightly deeper into the world of EVs. Starting off on the brief data I’ve shared, a breakdown exploring further details and some interesting EV news from around the globe starting off with a small country side pub in Australia, whose owners turned the concept into an additional revenue generator for their business.