Almost 323 million electric vehicles (EVs) are expected to be in operation around the world by 2040.
That’s according to a new report by the consultancy group Wood Mackenzie, which predicts EV sales will reach 45 million units every year by 2040.
The research notes these estimates are down by 2% when compared to pre-coronavirus forecasts, with the pandemic delaying total vehicle sales by two years.
Findings also reveal commercial EV sales are projected to top 5.5 million a year by 2040, with the global stock hitting 40 million by this time.
Analysts argue buses will lead the electrification of the global commercial segment until 2026 – after this point light-duty trucks will take over the charge.
Cumulative residential and public charging points are forecast to grow to 32.5 million and 5.4 million outlets respectively by 2030, drawing investment of $2.7 billion (£2bn) and $3.3 billion (£2.5bn).
Ram Chandrasekaran, Wood Mackenzie Principal Analyst, commented: “Despite EV stock growing to 35 times its current size, the transport emissions curve will flatten and not fall. The global carbon dioxide emissions contribution of transport will increase by 1.3 megatonnes between now and 2040.
“Major automakers have set their sights on being climate neutral by 2050 and view battery electric vehicles (BEVs) as the strongest lever to achieving that target.”