Final answer:
Demand for cobalt has increased since 2000 primarily due to the production of electric vehicles and smartphones. In the future, demand is expected to grow as EVs become more popular. Challenges such as managing electrical demand for EV charging and consumer concerns over battery lifespan could impact cobalt demand.
Step-by-step explanation:
The demand for cobalt has changed significantly since 2000. There has been an increased demand for cobalt, particularly due to the rise in production of electric vehicles (EVs). As the automotive industry continues to shift towards electric cars to reduce carbon emissions and depend less on fossil fuels, cobalt, which is a critical component of lithium-ion batteries used in EVs, has seen a surge in demand. While alternative battery technologies are being researched, they have not significantly reduced the demand for cobalt as of yet.
Smartphone production has also contributed to the increased demand for cobalt since these devices also use lithium-ion batteries. Moving forward, the demand for cobalt is expected to continue to rise as the adoption of electric vehicles increases, and the consumer electronics market grows.
In addressing the future of electricity demand for EV charging, residential areas might cope with increases in electrical demand during popular recharge hours through implementing smart grid technologies and time-of-use pricing to incentivize charging at off-peak times. Utilizing solar energy for night-time charging could involve storing solar power generated during the day in batteries and using it at night, though this requires significant advancements in energy storage technology.
As for consumer behavior, it's unclear whether enough people will give up long-range driving capability. Dual-system cars, such as plug-in hybrids, offer a potential solution by providing gas capability for longer trips while still benefitting from electric propulsion. Concerns over battery decline and costly replacements may impact consumer preferences, but improvements in battery technology and reductions in costs over time could mitigate these issues.