Monday, June 1, 2020

Explosive growth of EVs global fleet over the next 20 years

The global EV fleet passed the 5‑million mark in 2018, which represents more than tenfold growth since 2013 (IEA, 2019). Despite the phenomenal recent growth, EVs still represent less than 0.5% of the total world stock of the cars on the road, estimated in the range of 1.2-1.4 billion (BNEF, 2019; carsguide, 2018).
BloomberNEF’s analysis slows that over the next 20 years fast growth of EVs will continue in all road transport vehicle segments (see the diagram above). It is expected that the shares of electric cars and electric buses will reach 30% and 65% in 2040, respectively.
Among commercial vehicles, a higher share of freight moves to smaller vehicles due to urbanization, city restrictions, and economics.