On a global scale, passenger electric vehicles shot up from 450,000 to 2.1 million in 2019. According to A BloombergNEF report, there was a brief slump in 2020, sending the figure down to 1.7 million.

By 2025, however, it is estimated that sales will reach 8.5 million as new markets open up and battery prices drop. The figure is projected to rise to 26 million by 2030, more than doubling to 54 million by 2040.

According to the report, by 2040, 50% of passenger vehicles will be powered by electricity. As of 2020, the global penetration rate stands at 2.7%. It is set to increase to 10% by 2025, further to 28% by 2030 and reach 58% by 2040.

The penetration rate in markets like China and Europe is much higher than the global average. However, it is dragged down by emerging markets where adoption is still limited.

China will continue accounting for the lion’s share of global EV sales, reaching 54% in 2025. But as adoption becomes more widespread, the share will drop to 49% in 2030 and further down to 33% by 2040.

Despite the impressive growth in electric vehicle sales, there is a risk that the market could become crowded. BloombergNEF estimates that there could be up to 500 models of EVs available globally by 2022.

During the year 2020, Toyota Motor North America (TMNA) posted sales of 2.11 million vehicles. Compared to its 2019 performance, it marked a decline of 11.3% in sales volume.

For the 21st consecutive year, it was the top manufacturer globally when it comes to alternative vehicle sales. These include all-electric, fuel cell and hybrid vehicles.

According to the research data analyzed and published by Sijoitusrahastot, in the hybrid vehicle segment, Toyota sold a total of 337,036 cars during the year, an increase of 22.7% year-over-year (YoY). Compared to the total sales volume, hybrid sales accounted for a 16% share.

With the inclusion of the new Venza, Mirai and Sienna models, the company now has a total of 14 alternative vehicles on its lineup.

Though hybrids have been around for about two decades, they are experiencing a gradual resurgence. Toyota is not the only automaker keen on capitalizing on the trend.

Volkswagen reported having sold a total of 190,500 hybrid plug-ins in 2020, marking a 175% increase over 2019.

BMW hybrid sales totaled 148,000 during the year, marking an increase of nearly 40% compared to the previous year. Comparatively, its fully electric vehicle sales soared by 13% and overall vehicle sales plummeted by 8%.

Its lineup of alternative energy vehicles stood at 13 models by the end of 2020. The automaker plans to increase the number to 25 by 2023.

Daimler’s Mercedes Benz sold a combined total of 160,000 hybrids and fully electric vehicles. Compared to the previous year, this was a 228.8% increase. Its share of the vehicles rose from 2% in 2019 to 7.4% in 2020 and is set to grow to 13% in 2021.

Electric Vehicles Accounted for 54.3% of Norway Auto Sales in 2020

Alternative energy vehicle sales thrived in key markets during the year. In China, the top electric vehicle (EV) market globally, EV sales reached an estimated 1.3 million, up by 8% year-over-year (YoY) according to SP Global.

These included 1.1 million full EVs as well as 251,000 plug-in hybrids. In the month of December 2020 alone, sales of these new energy vehicles soared by 50% to 248,000 units.

SP Global projects that in 2021, EV sales could soar by up to 40% to reach 1.8 million units. In contrast, total vehicle sales could rise by 4% to 26 million units during the year. Growth in China’s electric vehicle sales is expected to remain stable in the coming years, to reach 6 million by 2025.

On the other hand, in Europe, EV sales surged to 500,000 in the first ten months of 2020, compared to 354,000 in the whole of 2019. Sales of plug-in cars, including hybrids, crossed the 1 million thresholds during the year.

The upsurge comes amid tightening regulations on vehicle emissions. By 2030, new cars that run solely on diesel or petrol will be banned in the region.

These regulations drove remarkable growth in Norway, where EVs accounted for 54.3% of all new cars sold during 2020. To highlight the massive growth, their share of the country’s auto market was 42.4% in 2019 and only 1% 10 years ago.

It is now the first country in the world where sales of new energy vehicles have surpassed those of hybrid, petrol and diesel-powered engines. In December 2020, these vehicles captured a 66.7% share of the country’s overall auto market

.

https://brandspurng.com/2021/01/20/50-of-passenger-vehicles-will-be-electric-by-2040/

Countries that are over depending on oil will not like this.
Nigeria my country what is the way forward

Wahala for my country wey still dey depend on crude oil and still even looking for oil in the north.. Light we no get, sense we neva wan get

Electrical installation on cars
well it's God make that time comes
I pray make PHCN head correct during that time
and Nigeria and other countries wey dey supply oil.. their eye go clear

I hope so

2040 abi? It’s ok

Nigeria wey no get electricity nko, how we go dey charge the car when nepa no bring light. Abi we go on generator dey charge car

I trust our own INNOSON, the silent operator, to be already working on this auto alternative.

Meanwhile, with massive population of the world and unequal infrastructural differences among developed countries, emerging economies and third world countries, demand for petroleum products will continue for a long time to come. Dangote didn't put billions of Dollars in his new refinery without proper research and analyses.

More money for Elon musk and co.

BTW,
Dell and HP UK used laptops now available with a discount price of #4 8k with warranty
Contact in signature

I hope NEPA is reading this

The remaining 50% projected to still run on gas fuel will be in developing and underdeveloped nations.

omo



____

NEW YEAR DISCOUNT FOR BUSINESS OWNERS!!

Get a unique and quality logo that represents the values and vision of your brand/business at up to 70% off!

Instead of ₦10,000, Get the following at just ₦2,990!;

• A high quality logo that is attention grabbing. With this, you'd get more prospects and customers for your business.
• A transparent version of your logo which you can use to watermark images of your products and services.
• A plain version of your logo for letter heads, business cards, Identity cards, etc.
• 3 variations of a 3D version of your logo that distinguishes your logo from that of your competitors, thereby giving you an edge over them.
• A PDF copy of your logo.

Contact us on WhatsApp via the number on the flyer below to take advantage of this discount before it ends.

Many people will still be riding on top of cows and camels in Nigeria then.

24 hrs electricity will still be a problem by then so outdated petrol cars will still be the norm. I wonder how much 1 litre of petrol will be by then.

My MSC research is on Electric Vehicle

Meow meow..


I’m impressed....


Let the world continue leaving you Nigerians behind...

Statement from a forward thinking nation.

See our former vice president too running away to enjoy good plan

Ok

Nigeria follow? We never get light o, unless tiger generator go charger am

Not in Nigeria please.

Skynet45:
Nigeria wey no get electricity nko, how we go dey charge the car when nepa no bring light. Abi we go on generator dey charge car

Na to create generator space for inside the booth oo

In their dreams

Irijosa777:
Countries that are over depending on oil will not like this.
Nigeria my country what is the way forward

Buhari is the way forward.

What will be come Nigeria oil and our power sector and this cars

Where Nigeria is still busy doing oil exploration.

Hybrid is even more considerable but full electric car a no no for me & Nigeria as a whole.
You go dey drive go work, Karu-AYA holdup alone go finish your battery charge.

And dangote dey build refinery

Tesla tinz

By then Nigeria will become very very poor!

samwheel:
And dangote dey build refinery

e go still sell

The world is really moving fast... We are sure to expect this though, looking back at the days of Coal powered machines....

Get prepared for more advancements in technology and innovations....

Now for those in the Affiliate marketing and online business....

My Secrete Affilliate Marketing system Mentorship video training program is up....In this training I show to you how you can be making consistent $500 Weekly Promoting Affiliates offers using Instagram and Twitter without Any Single Followers.....

This is an underground traffic system that alots of gurus don't want you to know about, but my video mentorship is up...and it's for selected people....

contact me on whatsApp to opt-in for this Affiliate marketing training...

Get my WhatsApp contact from via my Signature