An electric car (EV) is a vehicle primarily propelled by electrical energy. While the term commonly refers to battery electric vehicles (BEVs) powered solely by on-board batteries, it encompasses plug-in hybrid electric vehicles (PHEVs), range-extended electric vehicles (REEVs), and fuel cell electric vehicles (FCEVs). These alternatives generate electricity from other sources, like fuel cells, to supplement or replace battery power.
The used electric vehicle market is experiencing a surge due to an influx of off-lease EVs, driving down prices and expanding consumer options. Despite decreased new EV sales, the used EV market booms as affordable alternatives emerge.
As of 2024, over 700 million people lack electricity, primarily in sub-Saharan Africa. There are just over 20,000 electric vehicles and less than 1,000 charging stations in Africa.
By 2030, the World Bank and the African Development Bank plan to provide electricity access to 300 million people in sub-Saharan Africa. By this time, EV manufacturers are planning to have built production plants in 21 African countries.
In 2030, Deloitte predicted total global EV sales would reach 31.1 million. The International Energy Agency also predicted that the total global stock of EVs would reach almost 145 million under current policies, or 230 million if Sustainable Development policies were adopted.
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