Global electric vehicle sales to soar to 22m in 2025 as adoption gathers momentum

28th July 2023

By: Irma Venter

Creamer Media Senior Deputy Editor


Font size: - +

Electric vehicle (EV) adoption is set to soar in the coming years, with more than 100-million passenger EVs expected on the roads by 2026, and more than 700-million by 2040.

This is a significant increase from the 27-million units recorded at the beginning of this year.

This is according to research company BloombergNEF’s (BNEF’s) latest yearly long-term Electric Vehicle Outlook (EVO) report.

Electrification is now spreading quickly to all sectors of road transport, from rickshaws to heavy trucks, and is also picking up in emerging economies like India, Thailand and Indonesia.

As momentum grows, new economic opportunities are taking shape, notes the report.

The document also notes that EV sales are set to rise sharply.

In the Economic Transition Scenario – BNEF’s base-case scenario which assumes no new policies are implemented – passenger EV sales will rise from 10.5-million units in 2022, to 22-million in 2025 (26% of sales), 42-million in 2030 (44% of sales) and 75-million in 2040 (75% of sales).

Some countries will move much faster, including the Nordics, China, Germany, South Korea, France and the UK.

By 2030, there will be 244-million EVs on the road, rising to 731-million by 2040 (46% of the fleet).

The cumulative value of EV sales across all segments will hit $8.8-trillion by 2030 and $57-trillion by 2050 in BNEF’s base-case Economic Transition Scenario.

“EVs and batteries are now a central part of many countries’ industrial policy, and competition to attract investment will increase in the coming years,” says the EVO.

“Direct electrification via batteries is the most efficient, cost-effective and commercially available route to fully decarbonising road transport,” says BNEF EV head Aleksandra O’Donovan.

“Still, a stronger push is needed on areas like heavy trucking, charging infrastructure and raw material supply.”

ICE Sales in Decline
The EVO report also found that oil demand from road transport was very close to its peak.

The rise of EVs will lead to a peak in overall road fuel demand in 2027.

Demand in the US and Europe has already peaked, while demand in China is set to peak next year.

Sales of internal combustion engine vehicles reached its apex in 2017 and are now in long-term decline.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor




VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa


Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.189 0.248s - 162pq - 2rq
Subscribe Now