According to new research from the consultancy firm Avalere Group, electric vehicles are more likely to be the next big thing in the electric vehicle market than the automakers.
According to Avalere, EV demand in 2020 will exceed that of the car market in 2019 and 2030, with electric vehicles expected to make up nearly a quarter of the global EV market by 2032.
That’s up from only 8 percent in 2019.
In addition to being more likely than the car industry to grow in the next decade, EVs are also more likely in their lifetime to be more environmentally friendly, and to be affordable.
The new report finds that in 2020, EVs will generate about 40 percent of global greenhouse gas emissions, and will account for more than half of all electricity generation in the world.
This is up from less than 25 percent in 2020 and less than 11 percent in 2030.
Electric vehicles have already been the fastest-growing segment of the U.S. EV market, growing nearly 40 percent in the past five years.
EVs are now a key component of the electric vehicles market in China, where demand has skyrocketed in the wake of the country’s recent ban on coal use.
EVs have also been gaining momentum in the U, where sales are surging.
The company predicts that EVs will make up more than 10 percent of all new vehicles sold in 2025.
By 2030, the report notes, EVs could account for about a third of all all new vehicle sales in the country.
By that time, EVs can have a similar emissions footprint to gasoline-powered vehicles, meaning the vehicles will be more than twice as expensive to drive, while the economy is projected to see a significant decline in carbon emissions.