Electric vehicle (EV) adoption continues to grow as more automakers and countries around the world announce deadlines for the end of internal combustion engine (ICE) vehicle sales.
A new study estimates that by the year 2050, zero-emission vehicles will be the dominant form of transportation on roads around the world.
According to a report by Wood Mackenzie, there will be a total of 950 million zero-emission vehicles (ZEVs) by mid-century. That number will be made up of 875 million passenger electric vehicles (EVs), 70 million electric commercial vehicles, and 5 million fuel cell vehicles.
That equates to more then three out of every five vehicles being electric, and almost one of every two commercial vehicles being electric in China, Europe, and North America by 2050.
“Net-zero is the new mantra and road transport is one of the low-hanging fruits. A growing list of countries and automakers are committing to carbon neutral targets and this has completely transformed the global road transport landscape,” said Ram Chandrasekaran, Wood Mackenzie Head of Road Transport.
Chandrasekaran also said that the U.S. and China will play key roles in this transformation.
“In Q1 2021 alone, electric vehicle sales rocketed to almost 550,000, which represents a 66% increase over the same period last year. The re-emergence of the US as a climate leader and China’s net-zero target are key to this surge,” he added.
To support the global EV fleet, the number of charging outlets will also grow to an estimated 550 million during the same time period. Approximately 90% of those will be residential chargers.
With the rise in ZEV sales, there will be an equally drastic decline in ICE sales. By 2050 less than 20% of all global vehicle sales will be fossil fuel burning vehicles, including hybrids. The majority of those will be in places like Africa, the Middle East, Latin America, and Russia, according to the report.