Globally, these cleaner cars and trucks will continue to eat away at gas-guzzlers’ market share as costs decline, consumer options expand and charging stations proliferate.
Despite all the hubbub about the EV slowdown last year, worldwide sales of battery EVs and plug-in hybrids are likely reached a record high Around 17 million vehicles in 2024 and expected to grow about 20% This year, according to market research firm BloombergNEF.
In addition, numerous automakers are gearing up to deliver a variety of affordable models to auto showrooms around the world. In turn, both oil demand and greenhouse-gas emissions from vehicles on the road are likely to peak in the next few years.
Growth, to be sure rate EV sales have declined, as consumers in many regions continue to wait for more affordable options and more convenient charging solutions.
It also didn’t help that a handful of nations, like China, Germany and New ZealandSubsidies that fueled the rollout of low-emission vehicles have eased back. And it certainly won’t do the sector any favors if President-elect Donald Trump follows through on his campaign promises to eliminate government support for EVs and eliminate trade barriers that would raise the cost of producing or purchasing them.
Industry experts and climate scientists argue that the opposite should be done now. An important part of any realistic strategy to curb climate change is to completely replace internal-combustion vehicles by 2050. Without tougher mandates or more generous support for EVs, the world won’t be on track to meet that goal, Bloomberg reports. Finds And others confirm.
“We have to push the car companies—and we also have to help them with incentives, R&D and infrastructure,” says Gil Tal, director of the EV Research Center at the University of California, Davis.
But ultimately, the future of EV sales will depend on specific dynamics in specific regions. Here’s a closer look at what could drive the sector in three of the world’s biggest markets: the US, the EU and China.
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