Electric vehicle EV global electricity demand set to surge by 630 by 2030
The electric vehicle (EV) industry experienced a notable slowdown in 2024, but significant progress has been made in their adoption over the past decade.
Research conducted by Finbold, using data from the International Energy Agency (IEA), reveals that the global electricity demand from the usage of electric cars surged by 3,630.77% from 2,600 gigawatt hours (GWh) annually in 2013 to 97,000 GWh in 2023.
Projections based on the Stated Policies Scenario (STEPS), which considers current trends and scheduled policies, indicate that global electricity demand from EV adoption will increase by another 631.96% by 2030, reaching 710,000 GWh.
China has taken the lead in terms of EV-related energy demand, as evidenced by the robust sales figures provided by the Chinese electric and hybrid vehicle maker BYD Company Limited. The country’s electricity demand for electric cars was 470 GWh in 2013, but it increased to 38,000 GWh by 2023. By 2030, China is expected to account for 32.39% of the global EV electricity demand, with 230,000 GWh.
Although China experienced the largest increase in demand between 2022 and 2023, the most impactful year was 2014, with a demand increase of 142.42%. However, when considering its vast population, China lags behind with an average per-capita EV-related electricity demand of 0.00002695 GWh – 26.95 kWh – in 2023.
The United States, which led in 2013 with an annual electricity demand of 560 GWh, has fallen behind in recent years and is the only one of the three major examined regions to have experienced negative growth in 2020. By 2023, the United States’ EV-related electricity demand grew to 22,000 GWh, which places the country behind both China (38,000 GWh) and Europe (29,000 GWh). Nonetheless, in per capita terms, the U.S. remains in the lead with a demand of 0.0647 GWh (64.7 kWh) in 2023.
Another important aspect of EV adoption is the reduction in the need for oil resulting from people driving electric cars. The current EV electricity demand equates to approximately 57 million barrels of oil annually, and this figure is projected to increase to nearly 420 million barrels by 2030.
It’s important to note that electric vehicles alone are not enough, as much of the electricity used to power EVs is still generated by burning fossil fuels, and the mining of lithium remains a highly controversial topic.
Nonetheless, the IEA’s 2023 report indicates that investments in clean energy, such as solar, have surpassed investments in fossil fuels. When combined with other potential energy sources, such as nuclear fusion, exemplified by the International Thermonuclear Experimental Reactor (ITER), EVs are likely to have an even greater impact.
