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Report Says Global Electricity Demand for EVs to Skyrocket by 2030

June 27, 2024
Research by Finbold finds that global electricity demand stemming from EV adoption will rise 630% by 2030.

Research by Finbold, using data from the International Energy Agency (IEA), found that the global electricity demand stemming from the usage of electric cars skyrocketed by 3,630.77% from 2,600 gigawatt hours (GWh) annually in 2013 to 97,000 GWh in 2023.

Additionally, projections based on the Stated Policies Scenario (STEPS )- which uses current trends and scheduled policies – indicate that global electricity demand stemming from EV adoption will rise another 631.96% by 2030, reaching 710,000 GWh.

In the report, Finbold says that China is leading the charge. In 2013, the country needed 470 GWh to fuel its electric cars while, by 2023, the number increased to 38,000 GWh. Furthermore, by 2030, China is expected to account for 32.39% of the global EV electricity demand, with 230,000 GWh. However, Finbold notes that China is a relative laggard when its vast population is considered, as the average per-capita EV-related electricity demand stood at 0.00002695 GWh – 26.95 kWh – in 2023. 

Also in the report, Finbold says 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.

Indeed, by 2023, the United States’ EV-related electricity demand grew to 22,000 GWh, which – while representing a massive increase from the 7,200 GWh in 2022 – places the country behind both China (38,000 GWh) and Europe (29,000 GWh), respectively.

Nonetheless, in per capita terms, the U.S. remains in the lead. Their demand relative to the population amounted to 0.0647 GWh (64.7 kWh) in the previous year. Furthermore, the U.S. is projected to achieve parity with China by 2030, given its EV-driven electricity demand is forecast to hit 230,000 GWh.

Read the full report by Finbold here.

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