The year 2017 was when electric vehicles (EVs) came of age. EV sales, according to Macquarie Bank, climbed from 740,000 vehicles in 2016 to 1.1 million, an increase of 51%. In terms of market shares, EVs accounted for 1.7% of new car sales in 2017, up from 1.1% in 2016. Although still small in the grand scheme of things, the growth rate was exceptional. All market movers are now taking EVs seriously, as evidenced by a flurry of announcements last year about the plans of major automakers for the EV market. Should these plans come to fruition, we are foreseeing roughly 400 models and 25 million sales of EVs by 2025.
All Science Journal Classification (ASJC) codes
- Energy Engineering and Power Technology
- Electrical and Electronic Engineering