Visualizing the Global Electric Vehicle Market
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Visualizing the Global Electric Vehicle Market

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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
Total3,228,0002,653,000

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:

Factory/CompanyCapacityLocation
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.

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A Breakdown of Americans’ Monthly Credit Card Spending

Do you know where your money goes? From travel to gas, we break down Americans’ monthly credit card spending by category.

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Credit Card Spending

Americans’ Monthly Credit Card Spending

If you were fortunate enough to keep your job during the pandemic, you probably noticed a financial benefit: you spent less. Amid restrictions, credit card spending on fun activities—like going out for dinner—became less frequent.

Looking ahead, the majority of Americans plan to continue at least one budget change post-pandemic, including eating out less (49%), buying fewer clothes and shoes (41%), and traveling less (37%). Of course, the first step in budgeting is tracking where your money is going.

In the above graphic from Personal Capital, we break down Americans’ monthly credit card spending by category. It’s the first in a three-part series that will explore the spending and saving of Americans.

Behind the Numbers

Credit card spending is based on anonymized data from Personal Capital users, who tend to have a higher-than-average net worth. For this particular subset of users, people had an average net worth of $1.3 million and a median net worth of $405,000. Therefore, the credit card spending amounts may be higher than those of the general U.S. population.

It’s also worth noting that the data reflects credit card spending only. It does not include expenses such as mortgage or rental payments, which are typically paid through other methods.

Credit Card Spending by Category

Here’s a breakdown of monthly credit card spending, based on averaged data from November 2020 to October 2021.

CategoryMonthly Spend% of Monthly Spend
Travel$82216.9%
General Merchandise$81516.7%
Restaurants$56711.6%
Groceries$56211.5%
Clothing/Shoes$52210.7%
Home Improvement$51910.7%
Healthcare$3587.4%
Online Services$3316.8%
Entertainment$2104.3%
Gas$1683.4%
Total$4,874100.0%

Users with no transactions in a particular category were excluded from the average spending amounts. Data is statistically weighted by age to ensure accurate and reliable representation of the total U.S. population, 20 years of age and older.

As border restrictions ease, Americans are spending the most on travel. In fact, 83% of Americans say they are excited to plan a trip in a post-pandemic world. The most popular merchant within travel is Airbnb, followed by airlines such as Delta and United as air travel recovers from its pandemic slump. However, this recovery could be in jeopardy amid fresh concerns over the Omicron variant.

Travel is closely followed by general merchandise, at places like Amazon, Costco, Walmart, and Target. Monthly spending in this category has averaged at $815 over the last year. Of course, this could climb even higher near year-end due to the holiday spending boom typically seen in the U.S. every year.

On the other hand, Americans spend the least on online services (such as Google and Facebook), entertainment, and gas. Though the average monthly spending on gas was the lowest of all categories, it increased by 60% from November 2020 to October 2021. This is likely due to gas being one of the categories hit hardest by inflation, along with increased travel.

Turning Reduced Spending Into Savings

With the swipe of a credit card, it can be easy to underestimate how quickly eating out and online shopping add up. However, by taking a closer look at your credit card spending, you can get a sense of where your money is going.

Like most Americans, you may also decide to carry over at least one budget change post-pandemic. What do Americans want to do with the extra cash? Over half plan to put it towards savings, and 16% aim to contribute more to retirement savings or investments.

In Part 2 of the Americans’ Spending and Saving series, we’ll break down Americans’ financial assets by age.

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Copper’s Essential Role in Protecting Public Health

Copper can kill up to 99.9% of bacteria on surfaces within two hours of exposure and slow the spread of diseases.

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Copper’s Essential Role in Protecting Public Health

Every day, high-touch surfaces present health risks to people in public spaces, and especially the most vulnerable in healthcare. In fact, of every 100 hospitalized patients at any given time, seven will get at least one healthcare-acquired or “hospital infection”.

With naturally antimicrobial properties, copper can kill up to 99.9% of bacteria on surfaces within two hours of exposure and slow the spread of diseases.

In this infographic from our sponsor Teck, we explore copper’s bacteria-fighting abilities and its crucial role in public health.

How Copper Kills Bacteria

Due to its powerful antimicrobial properties, copper kills bacteria in sequential steps:

  • First, copper ions on the surface are recognized by the bacteria as an essential nutrient and enter cell.
  • Then, a lethal dose of copper ions interferes with normal cell functions.
  • Finally, the copper binds to the enzymes, impeding the cell from breathing, eating, digesting, or creating energy.

This rapid killing mechanism prevents cells from replicating on copper surfaces and significantly reduces the amount of bacteria living on the surface.

Antimicrobial copper is effective against bacteria that causes common diseases like staph infections and E. coli that causes foodborne illness. The metal continuously kills bacteria and never wears out.

Besides bacteria, researchers are currently studying copper’s impacts on the virus that causes COVID-19. A previous study suggested that SARS-CoV-2 was completely destroyed within four hours on copper surfaces, as compared to 24 hours on cardboard, and up to three days on plastic and stainless steel. Pre-pandemic studies also demonstrated copper’s ability to kill other coronaviruses.

The Applications of Antimicrobial Copper

Institutions around the world have already deployed antimicrobial copper solutions relating to hospitals, fitness centers, mass transit systems, schools, professional sports teams, office buildings, restaurants, and more.

To date, antimicrobial copper has been installed in more than 300 healthcare facilities around the world. Taking the reduced costs of shorter patient stay and treatment into consideration, the payback time for installing copper fittings is only two months, according to an independent study by the University of York’s Health Economics Consortium.

In Canada, Teck has worked with its partners to install antimicrobial copper coatings on high-touch surfaces in hospitals, educational buildings and transit.

The Stanley Cup champions Los Angeles Kings have installed antimicrobial copper surfaces in their strength and training facility in California. Furthermore, over 50 water bottle filling stations made from antimicrobial copper can also be found throughout the Hartsfield-Jackson International Airport in Atlanta.

Copper’s Role in Public Health

While many hospitals and other institutions are already using copper fittings, others are still not aware of its impactful properties.

As awareness increases, copper can become a simple but effective material to help control the spread of infections.

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