Title: Electric vehicle trends 2020: Top 6 factors impacting fleet electrification | Geotab
Headings: Electric vehicle trends 2020: Top 6 factors impacting fleet electrification
Electric vehicle trends 2020: Top 6 factors impacting fleet electrification
Published on February 3, 2020
Introduction
The future trends impacting fleet electrification
1. The EV price tag will continue to drop as battery costs fall
Improvements in battery technology
Industrial policies supporting battery development
Increasing production capacity
2. Electrification will spread into the heavier vehicle segments
Commercial electric vans
Electric buses
Medium and heavy-duty trucks
3. Updates to policy and regulation
Zero-emission vehicle deployment
Fuel economy and emissions standards
City access restrictions
4. Increase in public charger availability and capacity
The dawn of the mega-charger in heavy duty
Investments in public charging infrastructure
5. Collaboration accelerates EV adoption
Public and private sectors show their intent
6. EVs to dominate shared mobility services
Hurdles to market penetration
The benefits of going green
Conclusion
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Content: Integrating electric or hybrid electric vehicles into the fleet portfolio helps address sustainability and environmental goals. As environmental regulations will only become more binding over the next decade, many fleets recognize that a staged procurement strategy will enable them to support efficient operations and business continuity. The future trends impacting fleet electrification
Deloitte estimates that EVs will represent 10% of the total automotive market share by 2024. The International Energy Agency (IEA) reports rapid growth in electric car deployment, particularly in China. If the pledges related to the Electric Vehicle Initiative’s EV30@30 Campaign (to reach 30% market share for EVs by 2030) hold true, then the IEA forecasts that EV stock would reach more than 250 million, reducing oil demand by an estimated 4.3 million barrels per day (mb/d). This white paper explores six important trends that will impact fleet electrification in 2020 and beyond. 1. The EV price tag will continue to drop as battery costs fall
The cost drop on lithium-ion batteries since 2010 has been substantial, and continues to do so. To illustrate the point, in 2010, the price of an EV battery pack was $1,160/kWh (USD), compare that with the 2018 average price of $176/kWh. BloombergNEF predicts that this price will fall to around $94/kWh by 2024, and then to $62/kWh by 2030.