Why EVs are (mostly) set for solid growth this year

Globally, these cleaner cars and trucks will continue to eat into the market share of gas-guzzlers as costs fall, consumer choice expands and charging stations proliferate.

Despite last year’s hoopla about a slowdown in electric vehicles, global sales of pure electric vehicles and plug-in hybrids are likely to grow record high By 2024, the number of cars will be close to 17 million, and it is expected to increase about 20% This year, according to market research firm BloombergNEF.

In addition, many car manufacturers are preparing to offer a variety of cheaper models to car showrooms around the world. In turn, oil demand and greenhouse gas emissions from vehicles on the road are likely to peak in the coming years.

To be sure, growth speed Electric vehicle sales have cooled as consumers in many areas continue to wait for more affordable options and more convenient charging solutions.

It also doesn’t help a few countries like China, Germany, New Zealandrelaxing subsidies to accelerate the introduction of low-emission vehicles. It would certainly not do the industry any favors if President-elect Donald Trump follows through on his campaign promise to eliminate government support for electric vehicles and erect trade barriers that would raise the cost of producing or buying them.

Industry experts and climate scientists believe the opposite should be happening now. A key part of any realistic strategy to control climate change is the complete replacement of internal combustion engine cars by around 2050. Discover Confirmed by others.

“We have to push the car companies, and we also have to help them with incentives, R&D and infrastructure,” said Jill Tarr, director of the Electric Vehicle Research Center at the University of California, Davis.

But ultimately, the fate of EV sales will depend on the specific dynamics of a given region. Here’s a closer look at where the industry might go in the world’s three largest markets: the United States, the European Union and China.