Visualizing the Global Electric Vehicle Market
Connect with us


Visualizing the Global Electric Vehicle Market



The following content is sponsored by Scotch Creek Ventures.

Electric vehicle market

Visualizing the Global Electric Vehicle Market

Electric vehicles (EVs) are a key piece of the net-zero carbon future puzzle, and the electric vehicle market is growing exponentially.

Countries and governments around the world are recognizing the importance of these zero-emission vehicles and consequently including them in their decarbonization plans. But some countries are far ahead in the EV race, while others are yet to fully embrace EV adoption.

This infographic from our sponsor Scotch Creek Ventures provides an overview of the global EV market and the potential for growth in the United States.

The World’s Largest EV Markets

In 2020, global EV and plug-in hybrid sales crossed the 3 million mark for the first time, and data from the first half of 2021 suggests that we may be in for another year of record-high sales.

Europe and China have been the leading EV markets in both years, with over 80% of plug-in hybrid and battery electric vehicle (BEV) sales occurring in these two regions.

Country/Region2020 sales2020 H1 sales
Europe 🇪🇺 1,390,0001,060,000
China 🇨🇳 1,330,0001,149,000
U.S. 🇺🇸 328,000297,000
Rest of the World 🌎 180,000147,000

Although country populations are the driver of absolute sales potential, government incentives have played a key role in expanding EV adoption in the interim. For example, several European countries offer tax benefits for purchasing and owning EVs, in addition to incentives like road toll exemptions. Similarly, China’s EV subsidies reimburse buyers different amounts depending on the range of the vehicle purchased.

European countries also dominate the leaderboard for EV penetration rates, which represent the share of EVs in new passenger car sales. The top 10 countries for EV penetration in 2020 were all European, with Norway taking the top spot.

While the U.S. is the world’s third-largest market for EVs, its sales are only a fraction of those made in Europe and China, and its EV penetration rate sits at just 2%. However, the American EV market is growing rapidly, with plenty of potential for expansion.

Electrification Potential: The U.S. EV Market

Both automakers and the government are supporting America’s shift toward EVs.

The country is home to one of the world’s largest battery megafactories in Tesla’s Giga Nevada, which has the capacity to produce 37 gigawatt-hours (GWh) worth of batteries annually. Other battery makers have announced plans to build larger factories in the coming years.

Consequently, battery manufacturing capacity in the U.S. is expected to reach 224 GWh by 2025, up from 59 GWh in 2020. Here are some of the operational and planned battery factories in the country:

LG Chem and GM*70 GWhSpring Hill, Tennessee
Tesla Gigafactory 137 GWhSparks, Nevada
LG Chem and GM*30 GWhLordstown, Ohio
Tesla Gigafactory 5*25 GWhAustin, Texas
SK Innovation*12 GWhCommerce, Georgia
SK Innovation*10 GWhCommerce, Georgia
Tesla Pilot10 GWhFremont, California
LG Chem8 GWhHolland, Michigan
Envision AESC3 GWhSmyrna, Tennessee

*Represents planned, announced, or under-construction factories.

The government is also doing its part to support EV adoption. The recently-passed trillion-dollar infrastructure bill supports the White House’s electrification plan, with $7.5 billion allocated to building a network of EV charging stations, and another $5 billion for low and zero-emission buses. Earlier this year, President Biden signed an executive order that aims to make 50% of all new vehicle sales electric by 2030, providing another catalyst for the switch to EVs.

As a result, EV sales are set to grow in the United States. However, more EVs require more batteries, and more batteries need more raw materials—especially lithium.

The Impact on Lithium Demand

Batteries accounted for 81% of lithium consumption in 2020, and they are in increasing demand.

According to Bloomberg, the world could require 2,000 GWh of lithium-ion batteries annually by 2030, up from 223 GWh in 2020. Given that lithium is a key ingredient in these batteries, the impact on lithium demand will be massive.

In fact, global lithium demand is expected to outstrip supply in 2025. Furthermore, with 200 battery megafactories in the pipeline to 2030, the world could require 3 million tonnes of lithium annually, which is roughly 37 times current production.

Meeting the rising need for lithium will require new sources of production as the global electric vehicle market expands. This is especially true for the United States, which strives to build a domestic battery supply chain but hosts only one lithium-producing mine.

Scotch Creek Ventures is developing two lithium mining projects in Clayton Valley, Nevada, to supply lithium for the green future.

Click for Comments


The Road to Decarbonization: How Asphalt is Affecting the Planet

The U.S. alone generates ∼12 million tons of asphalt shingles tear-off waste and installation scrap every year and more than 90% of it is dumped into landfills.



Road to Decarbonization - How Asphalt is Affecting the Planet

The Road to Decarbonization: How Asphalt is Affecting the Planet

Asphalt, also known as bitumen, has various applications in the modern economy, with annual demand reaching 110 million tons globally.

Until the 20th century, natural asphalt made from decomposed plants accounted for the majority of asphalt production. Today, most asphalt is refined from crude oil.

This graphic, sponsored by Northstar Clean Technologies, shows how new technologies to reuse and recycle asphalt can help protect the environment.

The Impact of Climate Change

Pollution from vehicles is expected to decline as electric vehicles replace internal combustion engines.

But pollution from asphalt could actually increase in the next decades because of rising temperatures in some parts of the Earth. When subjected to extreme temperatures, asphalt releases harmful greenhouse gases (GHG) into the atmosphere.

Emissions from Road Construction (Source) CO2 equivalent (%)
Asphalt 28%
Excavators and Haulers16%
Crushing Plant 10%
Galvanized Steel 6%
Reinforced Steel6%
Plastic Piping 2%

Asphalt paved surfaces and roofs make up approximately 45% and 20% of surfaces in U.S. cities, respectively. Furthermore, 75% of single-family detached homes in Canada and the U.S. have asphalt shingles on their roofs.

Reducing the Environmental Impact of Asphalt

Similar to roads, asphalt shingles have oil as the primary component, which is especially harmful to the environment.

Shingles do not decompose or biodegrade. The U.S. alone generates ∼12 million tons of asphalt shingles tear-off waste and installation scrap every year and more than 90% of it is dumped into landfills, the equivalent of 20 million barrels of oil.

But most of it can be reused, rather than taking up valuable landfill space.

Using technology, the primary components in shingles can be repurposed into liquid asphalt, aggregate, and fiber, for use in road construction, embankments, and new shingles.

Providing the construction industry with clean, sustainable processing solutions is also a big business opportunity. Canada alone is a $1.3 billion market for recovering and reprocessing shingles.

Northstar Clean Technologies is the only public company that repurposes 99% of asphalt shingles components that otherwise go to landfills.

Continue Reading


A Visual Guide to the Science Behind Cultured Meat

Cultured meat could become a $25 billion market by 2030, but investment into the technologies that underpin the industry is required.



A Visual Guide to the Science Behind Cultured Meat

Cultured foods—also known as cell-based foods—are expected to turn our global food system as we know it on its head.

In fact, the cultured meat market is estimated to reach an eye-watering $25 billion by 2030 according to McKinsey, but only if it can overcome hurdles such as price parity and consumer acceptance. To do so, significant innovation in the science behind these products will be crucial for the industry’s growth.

In the graphic above from our sponsor CULT Food Science, we provide a visual overview of some of the technologies behind the creation of cultured meat products.

What is Cultured Meat?

To start, cultured meat is defined as a genuine animal meat product that is created by cultivating animal cells in a controlled lab environment—eliminating the need to farm animals for food almost entirely.

“Cultured meat has all the same fat, muscles, and tendons as any animal…All this can be done with little or no greenhouse gas emissions, aside from the electricity you need to power the land where the process is done.”
—Bill Gates

Because cultured meat is made of the same cell types and structure found in animal tissue, the sensory and nutritional profiles are like-for-like. Let’s dive into how these products are made.

The Science and Technology Behind Cultured Meat

The main challenge facing the cultured meat market is producing products at scale. But thanks to the vast amount of research in the stem cell biology space, the science behind cultured foods is not entirely new.

Given that we are in the very early days of applying these learnings to producing food products, those looking to invest in companies contributing to the industry’s growth stand to benefit. Here is an overview of some of the technologies that underpin the industry that you should know:

1. Bioprocess Design

This is the process of using living cells and their components to create new products. According to experts like the Good Food Institute, bioprocess design holds the key to unlocking cultured meat production at scale.

Specifically, innovation in bioreactor (where the cells grow) design represents a massive opportunity for companies and investors alike.

2. Tissue Engineering

Tissue engineering techniques are used to produce cultured meat that resembles real meat textures and flavors. The first step is taking tissue from the animal for the purpose of extracting stem cells and creating cell lines.

The extracted stem cell lines are then cultivated in a nutrient rich environment, mimicking in-animal tissue growth and producing muscle fibers inside a bioreactor. The muscle fibers are processed and mixed with additional fats and ingredients to assemble the finished meat product.

3. Cell Lines

Cell lines refer to the different types of cells that can be propagated repeatedly and sometimes indefinitely.

Access to cell lines is a major challenge facing the industry today and is an area that requires significantly more research. This is because there is not just one cell type that can be used in cellular agriculture to produce cultured food products.

4. Cell Culture Media

Cells (or cell cultures) require very specific environmental conditions. Cell culture media is a gel or liquid that contains the nutrients needed to support growth outside of the body.

More research in this space is needed to determine optimized formulations and make these products more affordable.

5. Scaffolding

Scaffolds are 3D cell culture platforms that mimic the structure of complex biological tissues, such as skeletal muscle. This platforms can be created through the use of 3D Bioprinting.

Scaffolds are predominantly made up of collagen and gelatin. The problem is these are both animal-derived ingredients which defeats the purpose of cell-based products. Therefore, more sustainable plant-derived options are also being explored.

Investing in the Future of Cultured Meat

CULT Food Science is an innovative investment platform advancing the technology behind the future of food with an exclusive focus on cultured meat, cultured dairy, and cell-based foods.

The company’s global portfolio spans four continents and includes exposure to a diverse pipeline:

  • Cell lines
  • End products
  • Scaffolding technology
  • Growth medium
  • Intellectual property

>>>Want to stay updated? Click here to subscribe to the CULT Food Science mailing list.

Continue Reading