The total sales of electric vehicles in 2021 exceeded 6.7 million units globally.
According to the Paris-based International Energy Agency (IEA), an intergovernmental organization, this is a 108% jump from the previous year; and this number is expected to grow exponentially over the next decade.
In fact, according to the IEA’s prediction, by the end of this decade, more than 300 million electric vehicles will be in service globally and will account for 60% of new car purchases, up from 4.6% today.
The electric vehicle market continues to grow rapidly and the current surge in oil prices further underscores this upcoming shift.
In fact, over the next decade, automakers plan to convert their the bulk of their fleets to electric, with most announcing targets for all-electric vehicles within five years. This is despite challenges and headwinds stemming from ever-changing industry standards vis-à-vis safety, emissions control, and fuel economy.
There is a growing need for more electric powertrains and HEV/EV solutions that address safety, regulatory and environmental concerns. This significant shift in consumer spending represents a seismic shift in thinking as well as operations and leads to a number of challenges, including pressures on the power grid and the need for sustainable and environmentally friendly materials.
By the end of the decade, the IEA predicts that more than 300 million electric vehicles will be in service and will account for 60% of new car purchases, up from 4.6% today. While the electric vehicle market continues to grow, the recent surge in oil prices further underscores this upcoming shift.
Over the next decade, many automakers plan to convert their fleets to electric, with some announcing targets for all-electric vehicles within five years. Automakers produce products that meet ever-changing industry standards for safety, emissions control, and fuel economy. They need electric powertrains and HEV/EV solutions that address safety, regulatory and environmental concerns. This dramatic shift represents a seismic shift in thinking as well as operations and leads to a number of challenges such as pressures on the power grid and the need for sustainable and environmentally friendly materials.
According to the Paris-based International Energy Agency (IEA), an intergovernmental organization, this is a 108% jump from the previous year; and this number is expected to grow exponentially over the next decade.
In fact, according to the IEA’s prediction, by the end of this decade, more than 300 million electric vehicles will be in service globally and will account for 60% of new car purchases, up from 4.6% today.
The electric vehicle market continues to grow rapidly and the current surge in oil prices further underscores this upcoming shift.
In fact, over the next decade, automakers plan to convert their the bulk of their fleets to electric, with most announcing targets for all-electric vehicles within five years. This is despite challenges and headwinds stemming from ever-changing industry standards vis-à-vis safety, emissions control, and fuel economy.
There is a growing need for more electric powertrains and HEV/EV solutions that address safety, regulatory and environmental concerns. This significant shift in consumer spending represents a seismic shift in thinking as well as operations and leads to a number of challenges, including pressures on the power grid and the need for sustainable and environmentally friendly materials.
By the end of the decade, the IEA predicts that more than 300 million electric vehicles will be in service and will account for 60% of new car purchases, up from 4.6% today. While the electric vehicle market continues to grow, the recent surge in oil prices further underscores this upcoming shift.
Over the next decade, many automakers plan to convert their fleets to electric, with some announcing targets for all-electric vehicles within five years. Automakers produce products that meet ever-changing industry standards for safety, emissions control, and fuel economy. They need electric powertrains and HEV/EV solutions that address safety, regulatory and environmental concerns. This dramatic shift represents a seismic shift in thinking as well as operations and leads to a number of challenges such as pressures on the power grid and the need for sustainable and environmentally friendly materials.