The growing reliance on electric cars, as one of the fastest growing sectors in the world, comes at the top of energy transformations from its traditional sources to its renewable sources. In one week of 2021, electric cars were sold throughout 2012, and sales of this sector in the same year amounted to 6.6 million cars, more than three times its market share compared to the previous two years, 2019 and 2020, according to estimates by the International Energy Agency.
Although electric cars in the Hashemite Kingdom of Jordan constitute less than 2% of the 1.5 million cars, the data of the Jordan Free Zones Association confirmed the change in consumer behavior of cars as a result of the high global energy costs and the reduction of taxes, as 7,050 electric cars were imported to Jordan in The first half of this year, which is an increase of 200 percent, and the clearance of gasoline cars decreased by 15 percent compared to 2021.
Mobility will change at an accelerating pace in the coming decades, and consumers will have to choose between electric cars. According to Bloomberg New Energy Finance, 58% of new passenger car sales in 2040 will be electric vehicles. It takes regarding 10 hours to fully recharge the electric car at home, while at fast charging stations, the speed of chargers reaches regarding 20-40 minutes.
It was expected that the prices of electric cars would decline following the average cost of their batteries, which is the most expensive component, decreased, but the prices of cars did not drop significantly as a result of the shortage of semiconductors and the closure of factories during the Corona pandemic. Therefore, an integrated plan must be prepared to keep pace with the increasing demand for the use of electric cars in Jordan, as we need to take advantage of opportunities and invest in the electricity network to support the expansion of charging electric vehicles.
With the availability of solar and wind energy resources, in addition to the existing mining infrastructure, which may be one of its components, the lithium iron phosphate and cobalt battery, the Kingdom has capabilities that qualify it to lead an environmentally friendly transportation revolution, through smart industrial planning and attracting foreign partnerships to form strong engines that support the automotive sector. It is established to manufacture electric car batteries in Jordan, to be among the targeted efforts to see economic modernization with the aim of enhancing the quality of life, reducing carbon emissions, encouraging the use of sustainable transportation, and increasing the number of environmentally friendly cars.
The global electric vehicle market has reached $246.70 billion in 2020, and the market is expected to grow from $287.36 billion in 2021 to $1 trillion and 318.22 billion in 2028, with a compound annual growth rate of 24.3%, according to a report published by the “Fortune Business” platform. Recently, Fortune Business Insights.
Also, investments of between 75 and 125 billion dollars will be required to add one million to two million chargers across the supply chain for the electric power sector by 2030 (Brattle Group), the investment will add 60-95 TWh of annual electricity demand and 10-20 GW of peak Load, which requires 12-18 gigawatts of renewable generation capacity to service 20 million electric vehicles, this will create a significant opportunity for the electricity industry to increase sales and investments in infrastructure.
Despite all this momentum that the global electric car market is currently witnessing, there are several determinants that will shape this market in the near future. The first of these determinants and the most influential is the conditions of the global energy market. The persistence of sharp fluctuations in the fossil fuel markets, and the continuous rise in prices of fossil fuels due to the multiplicity of global crises, weaken the quality of forecasts needed by expansion plans for conventional fuel cars, in favor of the plans of electric car producers. However, the development in the technology of production and operation of electric cars, especially battery technologies and technologies for developing the transportation infrastructure for electric vehicles, represents a very important determinant of what the market for these cars will be like in the future.
The path relies on government resources and capabilities and defines a regulatory framework that articulates policies, regulations, standards and certifications for the automotive, battery and charger industries, to enable and push the private sector towards global leadership in electric power and clean hydrogen technologies to be globally competitive.
