Electric vehicle adoption is accelerating thanks to improvements in battery density and cost, more charging points, and government policies that make driving dirty cars more difficult. Still, if any country is going to meet its net-zero emissions targets in the next 30 years, more needs to be done to clean up road transportation. Here’s BloombergNEF’s view on where the EV industry is headed now.
Picking Up Speed
Passenger EV sales are projected to increase sharply, rising from 3 million in 2020 to 66 million in 2040, according to BloombergNEF’s Economic Transition Scenario. Globally, EVs will represent more than two-thirds of passenger vehicle sales in 2040. Europe and China are leading the transition.
Battery prices fell with manufacturing and tech upgrades and higher demand.