Can Electric Vehicle Targets Be Met?
By 2040, just 38% of the automotive market will be made up of battery electric vehicles (BEVs). The problem is, this number needs to hit at least 65% in order to reach net-zero targets.
The above infographic sponsored by KGP Auto explores this theory further, and breaks down some of the key reasons why the EV market needs to urgently shift gears in order to make mass adoption a reality. First, let’s take a bird’s eye view of the market for context.
The EV Market So Far
In 2021, global electric vehicle sales doubled—however some regions contributed a lot more than others.
China, Europe, and the U.S. made up nearly two-thirds of the EV market and 95% of total electric car sales in 2021. In fact, China sold more electric cars in 2021 than the rest of the world combined in 2020.
Global forecasts for EV rollouts vary, with countries around the world pledging targets for 2035 and 2040. At The UN Climate Change Conference (COP26), more than 100 stakeholders signed a declaration to speed up the transition to 100% zero emission cars and vans by 2035-2040.
Why Is It Unlikely We Will Meet Targets?
Even as pledges vow to increase the forecast share of EV adoption, we still need to (Read more…)