The global world of transportation is undergoing an evolution as dramatic as the implementation of the steam engine during the industrialization of modern civilization.
The number of electric and hybrid vehicles has increased rapidly in the US and the world over the past few years, and continues to accelerate. The 500,000 electric vehicles in 2016 are expected to reach 65 million new electric vehicles sold in 2040. The electricity consumption that accompanies that will rise by 30,000% – from 6TWh in 2016 to 1,800TWh in 2040, or 5% of global power. That will require a change in electric vehicle efficiency, electricity pricing for vehicle charging, as well as new storage and efficiency solutions.