Cumulative electric vehicle (EV) sales are set to increase to 34 million across the world in 2025, forecasts a study by Frost & Sullivan.
The study also says that the number will reach 121.2 million in 2030, and 636.7 million by 2040.
With the growth of the electric vehicles, cumulative power demand will increase to 19,756.8 TWh in 2040 from 11,612.6 TWh in 2018, further says the business consulting firm.
According to the study, with the demands for electrification of vehicles increasing and rise of the disruptive technologies in the automotive sector like Vehicle-to-Grid (V2G) and peer-to-peer blockchain trading, smart charging stations are expected to increase to cope with the growing need for energy.
China and U.S are two major markets for the electric vehicles, and these two countries will face a supply gap in the early to mid-2030s, predicts the study that covers U.S, Europe, the U.K, Germany, China, and Japan.
It also says that Germany and Japan too will face a similar situation after around five years.
The study indicates that electric vehicles will bring considerable load on the grid and it brings an opportunity for new investment in the sector in the 2020s to handle the upcoming surge in demand.