The prospects for electric vehicles (EVs) continue to look good amid the ongoing drive towards zero-emission.
It is estimated that there are currently about three million EVs on the world’s roads, with sales growing at close to 75% a year.
According to analysts, the number of EV on the world’s roads will continue to rise on an accelerated pace.
The International Energy Agency, for one, predicts there will be 125 million EVs worldwide by 2030. The number, it says, can potentially double to high as 220 million if governments stepped up the pace of legislative change to encourage the adoption of EVs.
At present, Asia remains the leading growth market for EVs, driven predominantly by China, with South Korea and Japan trailing behind. Meanwhile, India is now also seeing demand for EVs rising, and contributing to the market growth in the region.
Last year, 2.1 million new EVs were sold worldwide, with China accounting for 57% of the share, or 1.2 million units.
The United States came in second, accounting for 17%, or 361,000 units, of new EVs sold globally, driven by the launch of new Tesla 3 model.
US-based Tesla is one the key players of the global EV industry. The other key players in the market include Volkswagen, BMW, Mercedes, Toyota, General Motors, Ford, Nissan, Mitsubishi and Hyundai.
Meanwhile, the growing pressure to go green has prompted several European countries to implement a ban on the sale of new fossil-fuelled vehicles in the longer term. For instance, Germany will reportedly stop the sale of new petrol and diesel fuelled cars by 2030. Scotland is expected to follow suit by 2032, and France by 2040.
All this points to a bright future for EVs. It is unsurprising therefore that there is a rush by so many companies to enter the EV industry.