The BMW X5 plug-in was one of several SUV electric options on display at the 2018 Canadian International Auto Show in Toronto.
Last year, one million electric vehicles were sold. In 2032, experts predict 70 million will be sold – accounting for half of all consumer vehicles sold according to a new report.
“We are witnessing a seismic shift in the auto market that parallels the mobile phone revolution,” said Naqi Jaffery, the lead author of the market research report, Global Market for Battery-Electric Vehicles from Information Trends. Besides the transition to electrified vehicles, this shift encompasses autonomous driving and connected vehicles.
Government incentives and subsidies will be the leading push behind EV growth, the report says. Economies of scale will eventually take over, lowering costs and making such government efforts unnecessary.
“While battery-electric vehicles are the short-term beneficiaries of the transition to clean energy, we will eventually see widespread adoption of battery-electric/fuel-cell hybrid vehicles,” Jaffery said.
Beyond the typical benefits of EVs, such as environmental, hybrid vehicles will be able to double the range of traditional internal combustion engines. With charging infrastructure expected to solidify, consumers will feel more comfortable purchasing these types of vehicles, according to Information Trends.
China will account for the biggest share of the pie, with 30 per cent of purchases being made there. Europe will account or 22 per cent, the Asia-Pacific market will make up 20 per cent and North American will see 12 per cent of the share.