Electric vehicle (EV) sales could account for 20% of global light-duty (LD) vehicles purchased by 2030.
This is according to a recent report by global research firm Guidehouse Insights that notes an increase in LDEV and hybrid EV (HEV) sales since 2019.
The report suggests that the surplus sales indicate a positive uptake for EVs over the next decade.
Despite plug-in EVs witnessing a dip in demand in North America, the report notes that newer EV models in the European and North American market could hike demand.
Continued enhancements to EV technologies, battery innovations and government subsidies to encourage adoption of low carbon vehicles are attributed as additional reasons behind the increased demand.
Despite this positive outlook, the report also stresses issues such as limited charging infrastructure and low EV incentives must be addressed to remove barriers to adoption.