Road transport is the primary decarbonisation target at global level. It was responsible for more than 40% of all oil
demand in 2019 and over half of the total growth in demand for oil since 2000 can be attributed to road transport. With the aim of decarbonising road transport, electric and hybrid commercial and private vehicles have been developed to transport goods.
Some 3 million electric cars were sold worldwide in 2020 (a sales share of 4.6%). Electric bus and truck registrations also grew in the leading markets, achieving global stocks of 600,000 and 31,000 respectively.
This initial (but accelerating) stage of market development is being driven by a combination of the increase in the product range, in the overall demand for ecological alternatives to fossil fuel technologies, and to government policies for a more sustainable future. According to the International Energy Agency, acceptance is also being encouraged through the subsidies. In addition, widespread concern for the droughts, floods, wildfires and extreme weather events is on the rise, which is driving the urgency to radically reduce CO2 emissions by all possible means.
CEO of Siemens Financial Services, Spain