Global EV market expected to reach 320M vehicles by 2040 - The Fact Factory

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Friday, 21 August 2020

Global EV market expected to reach 320M vehicles by 2040


With governments around the world implementing legislation and offering subsidies that push us towards electric vehicles over combustion engined equivalents, the market is surely set to grow. But by how much? According to a recent forecast from Wood Mackenzie, a global energy, chemicals, and renewables consultancy, EV sales are expected to surpass 320 million unit sales globally by 2040. With current volumes just under 10 million, the forecasted growth would make the EV market 35 times bigger than it is now. [Read: The perfect Rolls-Royce is this electric restomod from 1961] By 2040, Wood Mackenzie also expects global annual EV…

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