Global energy markets are rapidly changing. Renewable energy technologies now constitute more than half of the new power plants built worldwide each year stalling growth rate for Coal based power projects globally including China . Currently, oil and coal prices are at record lows, which has halted the development of most new coal and oil mining projects.
Electric vehicles still have a negligible share of global car transport this is likely to change as most international car manufacturers prepare for a massive shift toward electric vehicles. It is possible that the market for electric vehicles could follow the same exponential development pathways as the solar photovoltaic (PV) market.
Solar photovoltaic at the household level is now cheaper than retail electricity prices (tariffs) in most industrialized countries. Between 2010 and 2015 solar technology suddenly took off, with increasing market shares and a significant drop in investment costs. As such, it is now cost-effective for many households to produce their own power.