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Globally, these cleaner cars and trucks will continue to eat into the market share of gasoline consumers as costs fall, consumer options increase, and filling stations become more numerous.
Despite all the hubbub about the EV slowdown last year, global sales of battery-powered EVs and plug-in hybrids are likely to reached a record of almost 17 million vehicles in 2024 and is expected to grow about 20% this year, according to market research firm BloombergNEF.
In addition, a number of car manufacturers are preparing to deliver various cheaper models to showrooms around the world. On the other hand, both oil demand and greenhouse gas emissions from vehicles on the road are likely to peak over the next few years.
To be sure, growth rate Electric vehicle sales have cooled as consumers in many regions continue to wait for more affordable options and more convenient charging solutions.
It also didn’t help that several nations, such as China, Germany and New Zealandthey reduced subsidies that accelerated the introduction of low-emission vehicles. And it certainly won’t do the sector any favors if President-elect Donald Trump follows through on his campaign promises to eliminate government support for electric vehicles and raise trade barriers that would raise the cost of making or buying them.
Industry experts and climate scientists argue that the opposite should be happening right now. A critical part of any realistic strategy to keep climate change under control is the complete replacement of internal combustion vehicles by around 2050. Without stricter mandates or more generous support for electric vehicles, the world will not be on track to meet that goal, BloombergNEF findings and others confirm.
“We have to push the car companies — and we also have to help them with incentives, research and development, and infrastructure,” says Gil Tal, director of the Center for Electric Vehicle Research at the University of California, Davis.
But ultimately, the fate of electric vehicle sales will depend on certain dynamics within certain regions. Here’s a closer look at what’s likely to drive the sector in the world’s three biggest markets: the US, the EU and China.