Projected global energy demand has been on the rise, with a 2.3% increase per year forecast for the 2018?2050 period. Electricity, vehicles, and industries are the dominant consumer sectors, while natural gas, crude oil, and gas are the dominant producer sectors. Renewable energy sources other than hydro are set to be in the top three supplies, with photovoltaics (PVs) and wind turbines (WTs) as the alternatives. Global scenarios for renewable energy include a target 26% increase, while the goal for WTs and PVs is 37% and 23.4%, respectively. In Indonesia, the use of renewable energy is set to rise 18% from the installed capacity in 2018 to 23% for new and renewable energy in 2025 and 31% in 2050. When the penetration of renewable energy grows significantly, electricity prices will decrease, and electric vehicles (EVs) will be the cheaper option compared to internal combustion engines (ICEs). The EV market share will rise after the price of batteries goes down.
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Asfani et al. (2020) studied this question.