Low-decibel and torquey electric vehicles could be ubiquitous by the end of the decade. Zero emissions vehicles are on track to enjoy a global market share between 62-86 percent by 2030, as per Rocky Mountain Institute’s report.
Global oil demand for cars is past its peak and will be in freefall by the end of the decade, as per RMI. The EV community is no stranger to the stark sales growth over the last few years. As per the, 14 percent of all cars sold in 2022 were electric, up from nine percent in 2021, and just 5 percent in 2020.
The boom is led by China, the world’s largest EV market, and Northern Europe, where countries like Norway are leading the charge with 71 percent EV market share, as per. China had a 27 percent EV market share, Europe 20.8 percent, and USA 7.2 percent in 2022. Among the fastest-growing EV markets are Indonesia, India, and New Zealand.
So what exactly is driving this surge? RMI’s report suggests that economics is the new driver. Price parity with internal combustion engine vehicles has been reached already in terms of total ownership costs, and global markets are on track to achieve sticker price parity by 2030. TheMoreover, competition among carmakers is also driving change, with enough EV battery and car factories already under construction for ample supply by the end of the decade.
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