According to a recent forecast from Wood Mackenzie, a global energy, chemicals, and renewables consultancy, EV sales are expected to surpass 320 million unit sales globally by 2040. With current volumes just under 10 million, the forecasted growth would make the EV market 35 times bigger than it is now. [Read: The perfect Rolls-Royce is this electric restomod from 1961] By 2040, Wood Mackenzie also expects global annual EV sales to be around 45 million units per year. If overall car sales continue to decline, EV sales could account for more than half of annual global car sales by unit volume. The consultancy credits the fall in battery prices and growth of EV charging infrastructure as being responsible for the increased uptake in electrified vehicles. By 2024, the firm says batteries should cost $100 per kWh, which would put EVs on price parity with combustion engined vehicles. With nations like the UK setting to ban the sale of new combustion engined vehicles in the next 15 years, some countries will have to make the shift to EVs sooner than others. HT – Edie, Statista So you like our media brand SHIFT? You should join our SHIFT event track at TNW2020, where you’ll hear how data, autonomy, and connectivity are fueling the future of mobility. SHIFT is brought to you by Polestar. It’s time to accelerate the shift to sustainable mobility. That is why Polestar combines electric driving with cutting-edge design and thrilling performance. Find out how.
