Electric vehicles set to fall 18% in 2020 but long-term prospects remain undimmed

FuturENERGY April-May 2020

Sales of electric passenger vehicles are forecast to fall 18% in 2020, to 1.7 million worldwide – with the coronavirus crisis interrupting ten successive years of strong growth. However, sales of combustion engine cars are set to drop even faster this year (by 23%), while the long-term electrification of transport is projected to accelerate in the years ahead.

The latest annual Long-Term Electric Vehicle Outlook, published by BloombergNEF (BNEF), shows electric models accounting for 58% of new passenger car sales globally by 2040, which represents 31% of the whole car fleet. They will also make up 67% of all municipal buses on the road by that year, plus 47% of two-wheelers (electric mopeds, scooters and motorcycles, but excluding e-bikes) and 24% of light commercial vehicles.