EV sales will grow 20% compared to 2019, estimated Bloomberg New Energy Finance (BNEF). This amount will reach the number of 2,500,000 by the end of this year.
China is the main purpose and market of EV’s sales. If the country sold 1,200,000 cars this year, it could meet its target of 5 million EVs on the road by the end of the year. By doing so the country will account for close to 50% of the global EVs on the road. According to BNEF, there will continue to be an oversupply of credits in China’s New Energy Vehicle credit system, which means growth will have to come in large part from government and public sector purchases and from cities with combustion vehicle restrictions. It seems to us these intensives are to help pollution in Chinese big cities.
After that, Europe follows its main rival with 800,000 numbers. It will approximately allot one-third of the global EV passenger sales in the year. 2020 will be a breakout year for EVs in Europe. Most automakers are on track to miss their 2020-2021 fleet-wide CO2 targets and will need to sell significantly more plug-in vehicles than the 500,000 they moved in 2019.
Finally, the United States’s EV sales will have experienced a flat year, without ups and downs. The country’s sales will be under 400,000 numbers. Except Tesla’s upcoming model, Model Y, there are few new high-volume models hitting the U.S. market in 2020.
Eventually, 2020 will be the boom time for EVs.
These numbers are fascinating, but also a threat that brings opportunities for renewable energy decision-makers and the market. With these numbers of active EVs growing over the near future, there would be a considerable press on the city grids for electricity consumption. Without a proper plan for new green electricity production capacity, the shift to EVs might not help that much, considering the environmental progress we are expecting.
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Source of Information:@BloombergNEF & @Solar_Edition
Photo:@Solar_Edition
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