EV Growth Expected to Continue

November 24, 2021

A recent report released by BloombergNEF called the “Zero-Emission Vehicles Factbook” worldwide momentum toward zero-emission vehicles has grown substantially since 2019.  

In 2019, Electric Vehicle (EV) sales were 2.1 million. In 2020, that number rose to 3.1 million, and in 2021, they are projected toward roughly 5.6 million. 7.2 percent of global new car sales throughout the first half of 2021 were electric, a jump from 4.3 percent in 2020 and 2.6 percent in 2019.

Fueled by automakers that have committed to selling 40 million EVs by 2030, 27 percent of automakers have also planned to phase out combustion engines at that time.

The report states, “The global clean road transport market will be worth around $244 billion this year,” but cautioned, “Most of them [automakers] still have a long way to go before we can be confident that we are on a zero-emissions trajectory. Manufacturers and technology companies will need to accelerate the development and deployment of vehicles and supporting technology, such as batteries, infrastructure, and software.”

A policy paper published by COP26 titled “COP26 Declaration on Accelerating the Transition to 100 Percent Zero Emission Cars and Vans” promised, “As representatives of governments, businesses, and other organizations with an influence over the future of the automobile industry and road transportation, we commit to rapidly accelerating the transition to zero-emission vehicles to achieve the goals of the Paris Agreement. Together, we will work towards all sales of new cars and vans being zero emission globally by 2040 or earlier, or by no later than 2036 in leading markets.”

Major governments, city, state, and regional governments, auto manufacturers, business fleet owners and operators, investors, and financial institutions signed the agreement. Throughout the United States, 13 states signed the agreement, as well as 11 automobile manufacturers.

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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.