Supported by ramped-up government policies and consumer interest, electric vehicle market is heating up. While government announced “Made-in-America” policy in spurring domestic EV manufacturing, federal government also provide incentives passed through in the Inflation Reduction Act. Statistics shows that electric market revenue is projected to reach US $70.1bn in 2023. Revenue is expected to show an annual growth rate of 18.17%, resulting in a projected market volume of US $ 161.6 bn by 2028. However, the momentous push triggers some crucial questions that: How can the charging infrastructure be built quickly enough to adequately support the anticipated acceleration of EV adoption, and how can sustainable sourcing of raw materials fulfill the manufacturing of EVs?
The accessibility of charging infrastructure is one key factor affecting the market adoption rate of EVs, according to Transportation Research Record (TRR). A robust charging network empowers consumers to embrace EVs, their expectations of convenience and user-friendliness will influence their buying decisions. So, an underdeveloped charging infrastructure might hinder the growth of the EV market.
Besides consumer willingness to purchase EVs, the EVs provision requires stable semiconductors assembly and raw materials sourcing, such as cobalt, lithium, nickel and copper, which are key metals for making EV batteries. Since extraction, processing and transportation of components from different locations introduce complexity to the EV supply chain. One potential strategy to overcome these challenges and ramp up production is to recycle old batteries.
Governmental and private sectors collaborate to address these issues. The US Department of Transportation is authorizing $100 million , and Wood Mackenzie report forecasts 18 million chargers will be installed nationwide by 2027. ChargePoint has launched an app for real-time charging status update and established Network Operations Center to secure charging networks’ reliability. American Battery Technology Company(ABTC) disassembles EV batteries using a standardized process to increase material recovery and reduce processing costs. Since EV market expansion hinges on sectors identifying and prioritizing issues to find practical solutions, which indicates an immense growth potential in EV labor market.
