Electric cars and electric buses will increase global power demand by 6% in 2040, as they require 2,000 TWh

According to data from Bloomberg New Energy Finance (BNEF) , electric vehicles and electric buses will increase global power demand by 6% in 2040, as they require 2,000 TWh of electricity .

BNEF's latest forecast shows that global electric vehicle sales will increase from 1.1 million in 2017 to 11 million in 2025 and 30 million in 2030. Correspondingly, the share of electric vehicles in the global light vehicle market will expand to 11% in 2025, 28% in 2030, 55% by 2040, and 33% of the global automotive market.

"The sales prospects for electric vehicles will be affected by the rapid expansion of charging infrastructure in key markets and the growth of shared traffic," BNEF said.

The application of electric buses will be more rapid. By 2030, 84% of all passenger cars sold will be electric buses. BNEF pointed out that China already has more than 300,000 electric buses.

BNEF said that by 2030, electric vehicles will account for 44% of European light vehicle sales, China 41%, the United States 34%, Japan 17%, India only 7%.

The growth of electric vehicles will also create opportunities for lithium-ion battery manufacturers, mainly in China-led markets. As of 2018, China's lithium-ion battery capacity accounted for 59% of the global total capacity, and is expected to increase to 73% by 2021.