Last year, over one million electric cars were sold around the world. There were approximately 760,000 on American roads in addition to approximately 820,000 in Europe with China leading the pack at 1.23 million. With an increasing growth of 53% since 2017, China is expected to reach 2 million by 2020 and a complete ban of internal-combustion engines by 2040.
Around the globe, expansion continues to constantly grow to their highest levels of Electric Vehicle sales. The expected forecast for Electric Vehicle sales will increase to 11 million in 2025, 30 million in 2030, and 60 million in 2040 worldwide, according to Bloomberg New Energy Finance (BNEF).
The United States was surpassed by China as the world’s largest crude oil importer in 2017, In turn, electrifying transportation also improves energy security. Dependence on imported fuel with prices set in a global market creates security and economic risks for China’s government and consumers. Shifting to electricity, which is almost entirely domestically sourced, reduces oil price spike exposure. As stated, China sees 3 domestic benefits in Electric Vehicle expansion: economic opportunity, energy security, and cleaner air.
Although the outlook is optimistic in regards to an electric future, there are many hurdles in the way. Will manufacturers be able to speed up the process of charging your vehicle? Where will consumers put these chargers? Charging Corridors? Electricity prices? These factors may be surmountable but policies may need to put in place as well increasing consumer awareness. As General Motors CEO Mary Barra stated she “sees an all-electric future.” The United States is still one of the world’s greatest car manufacturers. With the transition to electric, market opportunity as well as manufacturing jobs are for the taken.