Electric Vehicle Fleet to Hit 700 million by 2040
POWER & RENEWABLE ENERGY

Electric Vehicle Fleet to Hit 700 million by 2040

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.

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.

Next Story
Infrastructure Urban

bauma Inspires Progress

bauma reaffirmed its position as the heartbeat of the construction machinery industry. With 6,00,000 visitors and 3,601 exhibitors, the event spotlighted sustainability and digitalisation. Amid global challenges, it fuelled optimism, and future-ready solutions...

Next Story
Infrastructure Urban

IMPACCT.Info: AI Powered Business Intelligence

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors.To read the full article Click Here ..

Next Story
Equipment

Better Concrete Handling

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select WellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?