According to International Energy Agency (IEA) predictions, the count of electric vehicles on the road will reach 125mn by 2030. The policy advisor to energy-consuming nations forecast said the increase in purchase will largely attribute to policies that encourage drivers and companies to own them.
The IEA report said: “The uptake of electric vehicles is still largely driven by the policy environment. The 10 leading countries in electric vehicle adoption all have a range of policies in place to promote the uptake of electric cars.”
In 2017, the IEA determined the total car count in use to be roughly 3.1mn, up 54% from the previous year. Additionally, the report reviewed that policies will enable China and Europe to become the largest adopters in the world.
The financial opportunities in China will boost electric vehicle’s growth to more than a quarter of the car market by 2030. Likewise, emission standards and high fuel taxes in Europe will absorb 23% of the market.
The CNBC report reads: “China is already becoming a behemoth in the space. New electric car sales surged by 72%, or 580,000 units, in 2017, pushing total ownership over 1 million vehicles. The country is also driving growth in electric buses and two-wheeled vehicles, accounting for about 99% of the world’s stock of the fast-growing categories.”
However, Norway is the only member of the IEA’s Electric Vehicle Initiative that witnessed fall in annual sales and market share during 2013 and 2017.