Today, there are five million EVs on the world’s roads, which is up two million from 2018.
China leads, in terms of the largest EV market, followed by Europe and the U.S. However, large-scale commercial production of EVs by the big car makers is unlikely to take off until 2025, according to GlobalData, a data and analytics company.
Technological advancements are leading to substantial cuts in EV battery prices, with major enablers being research and development (R&D) in battery chemistry and scaling up of battery production for EVs in manufacturing plants. The fall in battery prices is essentially due to the increased economies of scale created by a booming EV market.
Power utilities use energy storage technologies in a range of applications such as time-shifts and supply capacity in order to meet the demand–supply gap efficiently.
Sneha Susan Elias, Senior Analyst of Power at GlobalData, comments: “Power companies are showing increased interest in EV programs. Utility programs are offering discounts and rebates on the purchase of EVs or charging equipment, free smart charge installation, along with EV time-of-use plans (on-peak and off-peak rate plans) for EV owners. Power utilities are collaborating with EV manufacturers for boosting their offerings in areas such as EV charging, vehicle-to-grid (V2G) services, energy storage and renewable energy sources."
V2G systems enable plug-in EVs, particularly their batteries, to play a major role in balancing energy demand and supply and leads to two-way power flow between an EV and the electricity grid. Through this V2G concept, plug-in EVs could be utilized together with electricity storage during emergency conditions or extreme events such as supply shortages, for supplying power back to the electricity grid.