By 2025, electric vehicles will make up roughly a quarter of all new car sales in the US.
If that trend continues, then by 2040, the number of new electric vehicles worldwide will be as high as 500,000 per year, a new report from Next Big Futures predicts.
The report, published on Tuesday by the Future Transportation Alliance, projects that the number and pace of EVs sold worldwide will increase from just under 1 million vehicles in 2020 to 2.5 million by 2030.
In addition, the report projects that global sales of electric vehicles to be up nearly 20 percent by 2025.
The global growth of EVs is driven by a number of factors.
The rapid expansion of the electric vehicle market has increased consumer awareness and adoption, and the development of better batteries, chargers, and charging stations is helping accelerate the adoption of EVs.
However, a major factor driving the global growth is the rapid expansion in the size and complexity of the EVs market.
In addition to electric vehicles, the global market for high-efficiency vehicles, which include hydrogen fuel cells, has been growing.
High-efficiency hydrogen fuel cell vehicles will become more common, the Future 2020 report says, with an expected growth rate of 5 percent a year by 2025 and a market size of 100 million units annually.
While the US is projected to lead the way with a projected market size between 8 to 10 million EVs by 2030, China will lead the charge with a market market size in excess of 50 million EVs, the company said.
China will lead global EV sales with nearly a billion EVs sold by 2025, up from around 3.5 billion in 2020, it said.
The world will continue to grow rapidly in the coming years, with the market projected to be worth more than $2 trillion by 2025 as a result of the rapid growth of the global EV market.
The Future 2020 Future 2030 report predicts that the global average EV price will be between $4,000 and $5,000 by 2025 compared to $2,000 to $3,000 in 2020.
The average cost per kWh for EVs is projected at $2.80 in 2025, the organization said.
