There are now 12 million passenger EVs on the road worldwide, one million commercial EVs and over 260 million electric two and three-wheelers, write Ulrik Fugmann and Edward Lees of the BNP Paribas Asset Management Environmental Strategies Group.
The shift to EVs is accelerating thanks to a number of factors:
- Government support.
- Technological improvements.
- Falling battery costs.
- More charging infrastructure.
- Commitments from carmakers.
In fact, BloombergNEF predicts passenger EV sales should reach 14 million by 20251
before accelerating even faster in the rest of the decade.Reference
1 BloombergNEF, Electric Vehicle Outlook 2021
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