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GlobalData, a leading data and analytics firm, says electric vehicles are expected to account for more than
33 percent of global new car sales by 2031.
In recent years, sales of electric vehicles have reached record figures, and due to favorable policies and commitments from automakers, annual sales are expected to increase tenfold over the next 15 years, especially in China and Europe
.
Some 18 countries have set targets to completely phase out the sale of gasoline and diesel passenger vehicles, nearly half of which are by 2030
.
In addition, China aims to have 25% of all car sales be electric by 2025, India aims to have 30% of passenger cars by 2030 be electric, and the United States aims to have electric vehicles account for 50%
of all car sales by 2030.
GlobalData said electric vehicles are one of
many ways oil and gas companies are diversifying their operations to accommodate the energy transition already underway.
Companies such as Shell, Total Energies and Mitsui are developing EV charging, battery manufacturing and other EV value chain capabilities
through acquisitions and partnerships.
Miles Weinstein, Energy Transition Analyst at GlobalData, commented: "Taking another strategy, ExxonMobil turned to solutions to improve EV performance, such as EV battery thermal management
.
The company is also developing fluids, lubricants and cooling solutions
specifically for EV motors.
This is a less risky attempt to enter the EV market than building physical infrastructure and overlaps with the Company's current production of petroleum-based fluids
.
”
Due to higher capital and fuel costs, fuel cell electric vehicles have not yet penetrated the passenger car market
on a large scale.
While the economy is expected to improve, especially given rising gasoline prices, GlobalData expects fuel cell electric vehicles to become more practical in the medium to heavy duty segment due to their longer range and faster
refueling times.
Light electric vehicles, especially passenger cars and non-commercial vehicles, have already surpassed plug-in hybrid electric vehicles in sales, and this gap will widen
further in the coming years.
In fact, the market share of electric vehicles almost doubled
in 2021 compared to 2020.
China and Europe are expected to see the most EV sales, while North America is expected to account for around
60% of those two regions.
GlobalData, a leading data and analytics firm, says electric vehicles are expected to account for more than
33 percent of global new car sales by 2031.
In recent years, sales of electric vehicles have reached record figures, and due to favorable policies and commitments from automakers, annual sales are expected to increase tenfold over the next 15 years, especially in China and Europe
.
Some 18 countries have set targets to completely phase out the sale of gasoline and diesel passenger vehicles, nearly half of which are by 2030
.
In addition, China aims to have 25% of all car sales be electric by 2025, India aims to have 30% of passenger cars by 2030 be electric, and the United States aims to have electric vehicles account for 50%
of all car sales by 2030.
GlobalData said electric vehicles are one of
many ways oil and gas companies are diversifying their operations to accommodate the energy transition already underway.
Companies such as Shell, Total Energies and Mitsui are developing EV charging, battery manufacturing and other EV value chain capabilities
through acquisitions and partnerships.
Miles Weinstein, Energy Transition Analyst at GlobalData, commented: "Taking another strategy, ExxonMobil turned to solutions to improve EV performance, such as EV battery thermal management
.
The company is also developing fluids, lubricants and cooling solutions
specifically for EV motors.
This is a less risky attempt to enter the EV market than building physical infrastructure and overlaps with the Company's current production of petroleum-based fluids
.
”
Due to higher capital and fuel costs, fuel cell electric vehicles have not yet penetrated the passenger car market
on a large scale.
While the economy is expected to improve, especially given rising gasoline prices, GlobalData expects fuel cell electric vehicles to become more practical in the medium to heavy duty segment due to their longer range and faster
refueling times.
Light electric vehicles, especially passenger cars and non-commercial vehicles, have already surpassed plug-in hybrid electric vehicles in sales, and this gap will widen
further in the coming years.
In fact, the market share of electric vehicles almost doubled
in 2021 compared to 2020.
China and Europe are expected to see the most EV sales, while North America is expected to account for around
60% of those two regions.
