Bloomberg is forecasting sales of electric vehicles (EVs) increasing from 1.1 million worldwide in 2017, to 11 million in 2025 and then surging to 30 million in 2030 as they become cheaper to make than internal combustion engine (ICE) cars.
If electric vehicles become cheaper than combustion engine cars at an earlier date then the predicted surge in electric cars could happen sooner.
China is leading the shift to electric vehicles. China has been accounting for about 50% of the global EV market today and this expected to continue through 2025 before slipping to 39% in 2030. China will lead on percentage adoption, with EVs accounting for 19% of all passenger vehicle sales in China in 2025. Europe is predicted to be next at 14%, followed by the U.S. at 11%.
Electric car market share in China for May 2018 us already record 5%.
China electric car sales were 95,000 in May 2018, up 128% on May 2017.
China’s year to date 2018 EV share is 3% versus 2.1% for 2017. EV sales in China are expected to pick up significantly as the year advances, the 2018 PEV share should be over the 5% level for the full year and December possibly reaching 7%.
Bloomberg is forecasting $70 per kwh for battery pricing in 2030.
Bloomberg projects 559 million electric cars on the roads in 2040.
Overall electric car sales should be about 1.6 to 1.9 million in 2018.