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In fact, EV sales are only likely to speed up.
All as the world gears up for a big surge in sales by 2021, says Carin Energy Research Advisers. The firm sees global sales jumping 36% to 3 million vehicles for the first time.
“There’s pent-up demand for electric vehicles,” said Sam Jaffe, managing director of Cairn Energy Research Advisors. “We will see a combination of factors make 2021 an inflection point for the sale of electric vehicles.”
The analyst sees the biggest growth happening in Europe, as governments push to lower carbon dioxide emissions. France, for example, wants to become Europe’s top producer of clean vehicles, says CNBC contributor Phil LeBeau.
According to a new study from the Boston Consulting Group, by 2025 EVs could account for a third of all auto sales. By 2030, EVs could surpass internal combustion engine vehicles with a market share of 51%. By 2040, electric cars will make up 58% of the light vehicle market.
And it’s not just cars, according to Elena Belavina, an assistant professor at Cornell’s School of Hotel Administration.