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In a January 16, 2019 article, BloombergNEF head of advanced transport, Colin McKerracher, predicts that the number of EVs on the road will rise by 40% in the year 2019, down from 70% in 2018. According to the article, there are currently around 5 million electric vehicles on the road globally with another 2.6 million expected to hit the road by the end of the year. Of that 2.6 million, it is expected that 1.5 million will be sold in China, 500,000 in Europe, 425,000 in North America, and Japan and South Korea will combine for around 100,000.

Colin believes that the Chinese “market is in transition, and the recent annual doubling of sales every year looks unlikely to hold in 2019.” One of the main reasons, according to the article, that growth will decrease is because of cuts in subsidies in China, the US, and the UK. As well as, broader macroeconomic factors such as higher interest rates and slowing consumer spending.

Visit the link below to read the other predictions that BloombergNEF has for the year 2019.

Source:

Transition in Energy, Transport – 10 Predictions for 2019

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