EV Sales to Drop in 2020

Electric vehicle sales to fall 18% this year

According to BloombergNEF (BNEF)’s research, the sales of electric vehicles are expected to drop 18% in 2020 due to the COVID-19 crisis. The forecast for EV sales this year is 1.7 million vehicles, a 27% drop from its earlier forecast. After ten consecutive years of EV growth, this is the first time we will se a fall.

The overall car market is expected to shrink by 23% this year, the long-term electrification of transport is projected to accelerate in the years ahead. However, the global EV sales are expected to reach 26 million vehicles by 2030. This is 9% below its 2019 forecast of 28 million vehicles.

Additionally, the research shows that electric models accounting for 58% of new passenger car sales globally by 2040, and 31% of the whole car fleet.

“The Covid-19 pandemic is set to cause a major downturn in global auto sales in 2020. It is raising difficult questions about automakers’ priorities and their ability to fund the transition. The long-term trajectory has not changed, but the market will be bumpy for the next three years.”

Colin McKerracher, head of advanced transport for BNEF said

The global E-mobility market will definitely be affected by the coronavirus crisis. However, we should expect a recovering in the next few years.

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