Electric vehicle outlook remains positive despite rough start to 2020

Electric vehicle (EVs) sales have been predicted to recover strongly from a weaker than normal 2020 after the COVID-19 pandemic took a toll on the global EV market.

According to the Long-Term Electric Vehicle Outlook, published this week by research company Bloomberg-NEF, EV sales will experience negative growth for the first time in 10 years in 2020, falling by 18 per cent to 1.7 million.

However, the long-term outlook remains strong, with EVs predicted to make up approximately seven per cent of global car sales by 2023 (up from three per cent in 2020), before jumping to 58 per cent by 2040.

With a growing demand for the electric technology in the coming years, pressure is on manufacturers to deliver adequate charging infrastructure to cope with the increase in EVs on the road, according to Aleksandra O’Donovan, head of electrified transport at Bloomberg-NEF.

“We estimate that the world will need around 290 million charging points by 2040, including 12 million in public places, involving cumulative investment of $US500 billion,” said O’Donovan.

The long-term electric vehicle outlook report has also predicted the rise of autonomous and shared mobility in the coming decade, which will see overall passenger vehicle sales go backwards in addition to just combustion engine vehicles.

With autonomous technologies continuing to make advancements, including in advanced driver assistance systems and sensors, autonomous vehicles are predicted to start taking over the roads in the late 2030’s.

Passenger vehicles on the other hand are expected to peak in 2036, before beginning their descent as autonomous vehicles become more popular.

Source: The Australian (subscription required) | Electric vehicle sales plummet, but long-term outlook looks good

20 May 2020