Electric Vehicle EV Global Electricity Demand Expected to Surge by 630 by 2030

In spite of a slowdown in the electric vehicle (EV) industry in 2024, there has been significant progress in their adoption over the past decade.
Research conducted by Finbold, using data from the International Energy Agency (IEA), revealed that the global electricity demand from electric cars surged by 3,630.77% from 2,600 gigawatt hours (GWh) annually in 2013 to 97,000 GWh in 2023.
Projections based on the Stated Policies Scenario (STEPS), which uses current trends and scheduled policies, indicate that global electricity demand from EV adoption will increase by 631.96% by 2030, reaching 710,000 GWh.
China leads the EV energy demand
As evidenced by the strong sales figures from the Chinese electric and hybrid vehicle manufacturer BYD Company Limited, China has been at the forefront of EV-related energy demand.
In 2013, the country required 470 GWh to power its electric cars. By 2023, this number had risen to 38,000 GWh. By 2030, China is expected to account for 32.39% of the global EV electricity demand, reaching 230,000 GWh.
While the country experienced the largest demand increase in absolute terms between 2022 and 2023 – from 23,000 GWh to 38,000 GWh – the most significant year in relative terms was 2014, with a 142.42% increase in demand.
However, when considering its large population, China’s per-capita EV-related electricity demand was 0.00002695 GWh (26.95 kWh) in 2023.
U.S. expected to recover by 2030
The United States, which led in 2013 with an annual electricity demand of 560 GWh, has fallen behind in recent years and is the only one of the three major regions examined to have experienced negative growth in 2020.
By 2023, the United States’ EV-related electricity demand had risen to 22,000 GWh. This represents a significant increase from the 7,200 GWh in 2022 but places the country behind both China (38,000 GWh) and Europe (29,000 GWh), respectively.
However, on a per capita basis, the U.S. remains the leader with a demand of 0.0647 GWh (64.7 kWh) in the previous year.
In comparison, Europe’s per capita demand amounted to 0.04342 GWh (43.42 kWh) by 2023.
Furthermore, the U.S. is projected to achieve parity with China by 2030, with forecasted EV-driven electricity demand reaching 230,000 GWh.
EV adoption alone is not sufficient
Another way to highlight the significant levels of EV adoption is the reduction in the need for oil as a result of people driving electric cars.
Using the raw conversion – one barrel of oil is enough to produce approximately 1,700 kWh of electricity – the current EV electricity demand equates to approximately 57 million barrels of oil annually. This figure is projected to increase to nearly 420 million barrels by 2030.
The International Energy Agency estimates an even greater impact, with oil displacement due to EV adoption at 255 million barrels in 2023, projected to increase to 2.847 billion in 2030.
It is important to note that the world burned an estimated 37 billion barrels of oil in 2023 and over 11 billion for road transportation.
Additionally, electric vehicles alone are not the entire solution. Much of the electricity used to power EVs is still generated by burning fossil fuels, and the controversial mining of lithium – a key material used in producing lithium-ion batteries – continues to be a topic of concern.
However, the IEA’s 2023 report indicates that investments in clean energy, such as solar, have decisively surpassed investments in fossil fuels. When combined with other potential energy sources, such as nuclear fusion, exemplified by the International Thermonuclear Experimental Reactor (ITER), EVs are likely to have an even greater impact.