The latest long-term forecast from Bloomberg New Energy Finance (BNEF) shows sales of electric vehicles (EVs) increasing from a record 1.1 million worldwide last year to 11 million in 2025, and then surging to 30 million in 2030 as they establish cost advantage over internal combustion engine (ICE) cars. China will lead this transition, with sales there accounting for almost 50% of the global EV market in 2025 and 39% in 2030.
The pace of electrification in transport will vary by country, particularly over the next 12 years as some markets jump ahead of others. BNEF forecasts that in 2030, EVs will make up 44% of European light-duty vehicle sales, 41% of those in China, 34% in the U.S., and 17% in Japan. However, a shortage of charging infrastructure and a lack of affordable models will hold back the market in India, so that EVs will make up just 7% of new car sales in 2030 there.
BNEF’s projections imply big opportunities for lithium-ion battery manufacturers. China is already dominant in this market, with a 59% global share of production capacity in 2018, and this is forecast to rise to 73% by 2021.
The number of combustion engined (ICE) vehicles sold per year (gasoline or diesel) is expected to start declining in the mid-2020s, as EVs bite hard into their market. In 2040 some 60 million EVs are projected to be sold, equivalent to 55% of the global light-duty vehicle market. Shared mobility cars will be a small but growing element.
E-buses. The advance of e-buses will be even more rapid than for electric cars, according to BNEF’s analysis. It shows electric buses in almost all charging configurations having a lower total cost of ownership than conventional municipal buses by 2019. There are already more than 300,000 e-buses on the road in China, and electric models are on track to dominate the global market by the late 2020s.
Read more at E-buses to Surge Even Faster than EVs; Supply of Cobalt Potential Risk to the Pace of Growth
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