GlobalData report: Electric Vehicles on road could rise to 300M by 2040

GlobalData report: Electric Vehicles on road could rise to 300M by 2040

Data and analytics firm GlobalData has projected in a recently-released report titled ‘Electric vehicles – Thematic Research’ that the total number of electric vehicles (EVs) across the world will increase to a whopping 300 million units by the year 2040.

The projections by GlobalData are noteworthy because there are presently only 3 million EVs on road globally.

Along with projecting a staggering increase in the number of EVs globally over the next two decades, GlobalData has also predicted that the percentage of new EV registrations will likely increase to more than 15% of global passenger vehicles by 2030, from barely 1% in 2017.

The latest GlobalData projections are not surprising because the adoption of EVs is increasing at a rapid pace worldwide. In fact, EVs -- together with the connected car, autonomous driving technology, and transport-as-a-service -- are one of the four main things which are causing disruptions in the legacy automotive industry.

With the GlobalData report also predicting that several present EV manufacturers may not be able to survive the ever-changing technology disruption scenario because of monetary reasons, GlobalData’s Thematic Research head Cyrus Mewawalla said: “We are at the very beginning of the cycle, but over the next decade the automotive value chain will be transformed by the electric vehicle theme.”