The future of the global electric vehicle (EV) market is portrayed in vibrant shades of development and revolution in a recent research issued by Drive Electric. According to the survey, the significant acceleration of EV sales can be ascribed to government legislation and the global phase-out of internal combustion engine (ICE) vehicles.
According to projections by the International Energy Agency (IEA), the electric vehicle market is poised for significant expansion. By 2030, annual plug-in passenger vehicle sales are expected to soar to an impressive 37 million units. This marks a remarkable shift, with plug-in vehicles projected to comprise 36% of all passenger vehicle sales by the same year. Furthermore, the IEA envisions a future where 226 million light EVs will roam the world’s roads by 2030, a staggering increase of 200 million from 2022.
Legacy Carmakers Join the EV Revolution
The report underscores the disruptive impact of new entrants like BYD and Tesla, who have propelled the electric vehicle industry into the mainstream. However, it’s not just newcomers driving this transformation. Legacy automakers are embracing electrification, particularly in Europe. The years 2022-2023 have witnessed a flurry of electrification commitments, ranging from fully electric fleets to more affordable EV options. These commitments are backed by substantial investments from an expanding cohort of manufacturers across all price points.
Reuters reports that automakers collectively aim to produce a jaw-dropping 54 million battery electric vehicles (BEVs) by 2030, constituting over 50% of the global vehicle production. If these ambitious commitments come to fruition, they would likely surpass even the IEA’s optimistic projections for 2030.
A Flourishing Landscape of EV Models
With this rapid growth comes a broader array of choices for consumers. The report anticipates that the number of available EV models will at least double, if not more, given the historical volume of ICE models entering the market annually. As the EV market matures, these models will undergo continuous enhancements in terms of performance and efficiency, while fierce competition will steadily drive purchase prices lower.
In conclusion, the Drive Electric report offers an exciting glimpse into the future of the global EV market. With governments worldwide promoting EV adoption and automakers making unprecedented commitments to electrification, the electric vehicle landscape is set for a remarkable transformation. As consumers witness an influx of new EV options and improvements in technology, the shift towards sustainable transportation is poised to accelerate like never before.
Source: E-Mobility in New Zealand 2023 | Drive Electric