Electric vehicles are interesting, but do consumers want them, are they affordable and are they anything more than a new way to package the same fuels?
Globally, the number of electric vehicles on the road in 2016 was 2 million, according to the International Energy Agency (IEA). China, Europe and the United States make up the three main markets, totaling more than 90 percent of all electric vehicles sold. China alone accounted for over 40 percent of the electric vehicles sold in 2016—and more than twice the volume sold in the United States—due to its lucrative subsidies and large population. Is this the future?
In Europe, Norway had the highest share of the electric vehicle market at 29 percent, followed by the Netherlands with 6.4 percent and Sweden with 3.4 percent. Electric vehicles still made up only 0.2 percent of passenger light-duty vehicles on the roads of the world in 2016. According to the IEA, in order to limit temperature increases to below 2°C by the end of the century, the number of electric cars will need to reach 600 million by 2040—a factor increase of 300.