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EVs Could Claim 35% of Global Car Sales by 2040
Sales of electric vehicles could hike their share of the global auto market from 1% today to somewhere between 15% and 35% by 2040, according to IHS Markit.
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Sales of electric vehicles could hike their share of the global auto market from 1% today to somewhere between 15% and 35% by 2040, according to IHS Markit.
The forecast is part of the research group’s new Reinventing the Wheel project that will conducted from mid-December through the first half of 2017.
The study is expected to confirm that transportation is heading for a transformative shift comparable to the one that created the auto industry at the beginning of the 20th century. The project promises a “system-wide” analysis that focuses on the Chinese, European and U.S. markets, describes the impact on consumers and multiple industries, and assesses the effect on the global economy.
IHS Markit says factors affecting EV market development include advances in battery, government aid, regulation and the behavior of Millennial-age consumers. In regions such as China and Europe, where policies favor electrification, EV market penetration could exceed 50% by 2040, according to the researchers.
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