According to a new research from the American consultancy group Wood Mackenzie, the falling costs of batteries and charging infrastructures, as well as heightened regulatory pushes, will boost the EV market with 323 million sales by 2040 – 45 million units per year. Wood Mackenzie previously estimated that the market would surpass 2% more than 323 million sales, but revised its figures downward due to the coronavirus pandemic, delaying total vehicle sales globally by around two years. Commercial EV sales should top 5.5 million per year.
According to Wood Mackenzie, electric buses will lead the electrification of the global commercial sector until 2026 ; then, the pick-up trucks will take over the charge.
The lack of infrastructures and the high price of electric cars are still considered barriers to EV acceptance. But the consultancy group sees progress on both fronts: it expects prices to drop below US$100/KWh by 2024, and projects cumulative residential and public charging points to be growing to 32.5 million and 5.4 million outlets by 2030.