Electric Vehicle Market Is Accelerating Worldwide

Photo by CHUTTERSNAP on Unsplash
Published On
Nov 22, 2021

As an important asset in the fight against global warming, electric vehicles (EVs) are expanding their role.

A report from Bloomberg New Energy Finance (NEF), a market research provider, reveals that EV sales are globally on the rise. “Zero Emissions Factbook” was released on Nov. 10, 2021 for the COP26 conference in Glasgow, Scotland.

Data in the report shows that global sales of EVs are “accelerating significantly.” EVs, including battery electric plug-in hybrids, made up 7.2% of global car sales in the first half of 2021. That is an increase of nearly 3 percentage points, from 4.3% in 2020, and an even greater jump from 2.6% in 2019.

In real numbers, that equates to nearly 5.6 million EVs sold in 2021. The figure is up from 3.1 million in 2020 and 2.1 million in 2019. According to Bloomberg NEF, the global clean road transport market will be worth around $244 billion this year.

Several factors fuel an optimistic outlook for future growth. For example, the Bloomberg report notes that there are more than 500 zero-emission vehicle models available to buy globally. That statistic is also on the upswing. It has increased by 37% in the last two years.

Government support for EVs will also contribute to growth in the industry. Bloomberg notes that proposed and confirmed rules in the United States, European Union and China could bring EV sales to roughly 20%–30% of total car sales in those countries as soon as 2025.

Governments are joined by auto manufacturers that signed onto an agreement to boost zero emission vehicle sales to 100% of all new vehicle sales globally by 2040. The pledge was signed as part of the COP26 conference.

Of course, the increase in EV sales leads to more EVs on the road. According to Bloomberg NEF, at present there are nearly 13 million EVs on the road across the globe. EVs still have a way to go because this represents slightly less than 1% of the more than 1.5 billion vehicles on the road.

About the Author

Rick Laezman

Freelance Writer

Rick Laezman is a Los Angeles-based freelance writer who has been covering renewable power for more than 10 years. He may be reached at richardlaezman@msn.com.

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