Regulation & Policy Jul 5, 2021 5:24 PM
Research from Wood Mackenzie said that Battery Electric Vehicles (BEVs) will be the dominant form of road transportation by 2050.
The research said that BEV sales will account for 56% of all vehicle sales in that year, Valora Analitik reported.
Wood Mackenzie estimates that there will be 875 million electric passenger vehicles by 2050, 70 million electric commercial vehicles and five million fuel cell vehicles on the road.
The research said that more than three out of every five vehicles on the road will be Electric Vehicles (EVs) in China, Europe and the US by 2050.
Ram Chandrasekaran, Head of Road Transport at Wood Mackenzie, said that Net-Zero is the new mantra.
“A growing list of countries and automakers are committing to carbon neutral targets and this has completely transformed the global road transport landscape,” Chandrasekaran said.
The expert added that EVs sales soared to nearly 550,000 in 1Q21, representing an increase of 66% compared to same period last year.
Wood Mackenzie indicated that sales of internal combustion engine (ICE) vehicles, including hybrids, will fall to less than 20% of all global sales by 2050.
Policy support, including subsidies and regulations, will guarantee that the EV charging market grows in line with the vehicles themselves.
Bottom-Line: EVs are the future of mobility globally. The country has the challenge of incentivizing charging infrastructure to boost this sector, as this is one of the items holding back sales in Colombia.