The electric vehicle sales market will surge over the next decade, with sales expected to jump from 2 million units in 2018 to 4 million in 2020, 12 million in 2025, and 21 million units in 2030.
The information is based on ReportsnReports’ Global and China Electric Vehicle (BEV, PHEV) Industry Report, 2019-2025. In a news release, the company said the market will reach a tipping point in 2022, when the cost of an EV will be the same as a fuel-powered vehicle — thus leading to a significant expansion of the EV market.
“By 2030, battery electric vehicles will account for 70 per cent of electric vehicles. Amid the burgeoning sales of electric vehicles, the sales volume of fuel vehicles will stabilize, and start to take a nosedive from 2024,” said ReportsnReports. “Policies will serve as a stimulus for the electric vehicle industry in a long period of time, and the fuel economy and emission standards of the world’s major automotive markets have been finalized.”
The EV market is forecasted to evolve greatly through fleets; plug-in hybrid and battery EVs will up 10 per cent and 22 of the global vehicle sales volume by 2025 (and 22 per cent by 2030), and battery EVs will make up more than half of those sales.
The report also reveals that China will become the “main battlefield” for the EV market within the next twenty years, during which time the U.S. and European governments will continue to promote the development of these vehicles and technology.
“In 2025, China’s EV sales will reach 5 million units, a 20 per cent share of China’s automobile sales. By 2040, China’s EV sales will occupy 68 per cent of the global automobile sales,” said ReportsnReports.
