Car manufacturers are increasingly accelerating the development of electric vehicles. They do this to further reduce the burning of fossil fuels, which causes climate change. The Dubai Conference, COP28, also discussed their concerns about climate change.
Electric Vehicles Sale Experience Increases
In recent years, the number of electric vehicles sold has increased. Many predictions estimate that the increase in sales will accelerate because global oil resources continue to decline. Ultimately, global oil use will peak at 103 million barrels per day in the last decade. The optimal use rate for petroleum exists because of many policies from governments in various countries to carry out electrification. Electrification efforts will be able to reduce the optimal use of petroleum.
The highest oil consumption is in two countries, namely China and the United States. The demand for petroleum will decrease because the electrification of vehicles can reduce the amount of oil used to 5 million barrels per day by 2030. Cars that use electric power sources will sell more and more from year to year. There are estimates of a sales increase of up to 45% by the end of the decade. Estimates of increased sales are based on an analysis of currently available data and increasingly stringent European policies. Although this estimate could be wrong, However, a number of experts say that this estimate could be realized, considering that battery prices are becoming cheaper.
China itself is a country that produces batteries at cheaper prices. Apart from that, electric vehicles are also cheap. On average, the price of modern cars is 8% cheaper than that of European cars. This can happen because the Chinese government provides subsidies. This vehicle is able to dominate a quarter of the Chinese vehicle market. The country has succeeded in becoming a leader in terms of vehicle electrification. You can find more electric charging stations than in the United States. China has 1.2 million public charging stations. Meanwhile, the United States only has 52,000 stations. The numbers are not very different between the two countries. Europe alone has 400,000 electric charging stations. It is possible that the increase in the global electric vehicle market will also be greatly influenced by market developments in China in the next few years. However, Asian countries other than China recorded fewer charging stations.