Electric Vehicles (EVs) surpassed 3.1 million sales in 2020, with majority of demand derived from Europe. Europe represents more than 45% of the global electric car sales, followed by China and the US. Europe surpassed China in EV sales in 2020 with 1.4 million EVs sold. Globally, EV sales grew 40.9% YOY and accounted for 4% of car sales in 2020. However, large scale commercial production of EVs by the big car makers is unlikely to take off until 2025.
The rise of electric vehicles will bring about both enormous opportunities and challenges for the power industry. Power utilities have a major role to play in boosting vehicle electrification and there is ample opportunity for utilities that are willing to invest in EV infrastructure and customer engagement. With planned investments and policies, the utilities will be able to serve new markets.
This report provides a comprehensive overview of the global electric and hybrid light vehicle, major electric and hybrid light vehicle manufacturers, top markets, technology trends and market size forecasts. The automotive electrified vehicle market is segmented into mild hybrid, PHEVs/EREVs, full hybrid, and EVs.
Oil majors are aligning their businesses to facilitate the global transition to EV. The profits that they generate from core oil and gas operations will be used to finance their investment in clean energy technologies, including EV charging infrastructure.
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