Electric vehicles (EV) and hybrid electric vehicles (HEV)

Electric engine-powered cars, knows as electric vehicles (EV) or battery electric vehicles (BEV), make no emissions to air, so they are fully environmentally neutral if use power from renewable sources.

Global EV market

A total of above 2 million electric vehicles were sold globally in 2018, as compared to just several thousand in 2010, and there is no evidence of deceleration of the growth. Despite a rapid growth, EVs are accounting for only 0.5% of 1.68 billion vehicles used globally.

EV market prospects

The number of passenger EVs is to rise to 500 million units, and the number of commercial vehicles to over 40 million units until 2040. The number of combustion engine cars will continue increasing until 2030, but then the trend will reverse.

EVs will account for 57% of all sales in the passenger transport segment and for over 30% of the world’s passenger vehicles in 2040. Annual sales of passenger electric vehicles are expected to reach 10 million units in 2025, 28 million units in 2030, and 56 million units in 2040.

Sales of combustion engine cars have passed the peak and may never return to the figures unless governments of large states including China decide to stimulate the market.

Such an extensive growth is directly linked to falling batteries prices. Further reduction of the prices will even up the prices for EVs and combustion engine cars by mid-2020s despite high market fragmentation depending on the geography.

Stricter environmental policies are another factor that supports the electric mobility market.

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