The latest Electric Vehicle Outlook from BloombergNEF reveals a remarkable story of the booming electric vehicle (EV) industry. Electric vehicle sales are growing rapidly worldwide, outshining traditional markets and driving us towards a greener transportation future.
EVs in 2022
In 2022, passenger electric vehicle sales skyrocketed by over 60% globally. This growth was observed in all major markets. Australia, the United States, and Europe also recorded significant growth of 90%, 50%, and 17% respectively.
More notably, even smaller EV markets like India and Southeast Asia witnessed sales surge by over 200%. This signifies rapid areas of growth as EV infrastructure starts to become more established in younger emobility regions. Japan saw a 100% increase, while China, the largest EV market, experienced a near 100% rise.
Renewable Energy
Over 40% of global electricity is now from renewable sources. However, EVs currently account for just 1.7% of total passenger vehicle kilometres driven. This gap is expected to rapidly diminish as the power sector continues its decarbonisation efforts.
By 2050, over three-quarters of all driving will be done in EVs, fueled by more than 80% zero-emission energy. These converging trends indicate a future where EVs dominate the roads, powered by cleaner energy sources.
The report also highlights the fact that EVs are currently displacing 1.5 million barrels of oil usage per day. So, while the 1.7% figure remains low, the immediate carbon-saving effect of EVs is already apparent.
Long-Range EVs?
In just a few years, the availability of long-range EVs has transformed significantly. In 2015, only nine EV models could offer a range of at least 400 kilometers (249 miles). However, that figure has soared to over 200 models worldwide.
China emerged as the leader on range, boasting an impressive 141 long-range EVs. North America followed with 56 models, and Europe with 61.
It’s important to note that these long-range EVs generally come with a higher price tag, typically around 30% more expensive than their internal combustion engine counterparts. However, to cater to a wider customer base, we’re already beginning to see more affordable models hit the market.
The BloombergNEF Electric Vehicle Outlook provides a comprehensive analysis of the thriving EV revolution. With global sales skyrocketing and EVs poised to dominate transportation, a greener future is within reach. As countries prioritize sustainable transportation and technology advances, the widespread adoption of electric vehicles will accelerate, driving us towards a zero-emission transportation ecosystem.
