Aggressive Goals for the EV Industry

While recent years have shown tremendous growth in sales of EVs, aggressive goals announced by governments around the globe require significant efforts to eliminate bottlenecks to the growth trajectory.

Sales of electric cars (including fully electric and plug-in hybrids) doubled in 2021 to a new record of 6.6 million, with more now sold each week than in the whole of 2012, according to the 2022 edition of the IEA’s Global Electric Vehicle Outlook. Despite strains along global supply chains, sales kept rising strongly into 2022, with 2 million electric cars sold worldwide in the first quarter, up by three-quarters from the same period a year earlier. The number of electric cars on the world’s roads by the end of 2021 was about 16.5 million, triple the amount in 2018.

While nearly 10% of all cars sold worldwide in 2021 were electric, the figure for global truck sales was just 0.3%. This share would need to increase to around 10% by 2030 in a scenario aligned with the climate pledges and targets announced to date by countries worldwide – and to 25% by 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. Electric trucks have so far been substantially deployed only in China, thanks to strong government support. But other countries have announced plans for heavy truck electrification, and manufacturers are widening their choice of models. Long-range trucks require high-power charges that are currently expensive and often require grid upgrades. 

While the numbers show significant growth, only time will tell if the pace can continue.