The most recent estimate from BloombergNEF (BNEF) projects that there will be more than 100 million electric vehicles (EV) on the road by 2026 and that there will be 700 million by 2040. These projections show a sharp increase from the 27 million EVs registered at the start of this year.

The electrification trend quickly spreads to all areas of road transport, affecting everything from rickshaws to large trucks. Notably, the use of EVs has increased noticeably in growing economies like India, Thailand, and Indonesia.

In India, EV sales increased by almost 300% from the 322,877 units sold in 2021 to an astonishing one million units in 2022.

Numerous new business opportunities are arising as the popularity of EVs grows. According to BNEF's base-case Economic Transition Scenario, sales of all types of EVs are expected to total a remarkable $8.8 trillion by 2030 and a staggering $57 trillion by 2050.

This scenario emphasises the crucial role that EVs and batteries play in many countries' industrial policy and makes the assumption that no new policies are introduced. As a result, it is anticipated that in the coming years, rivalry between countries to entice investment into this developing industry will increase.