It would seem that the age of the internal combustion engine is beginning to draw to a close. After being the main form of vehicle transportation for more than a century, ICE vehicles are poised to be replaced by zero-emission electric cars. According to a new report from Bloomberg New Energy Finance, sales of gas- and diesel-powered vehicles have taken a permanent nose dive as more people opt for plug-in hybrids and battery-electric cars.
The report states that plug-in hybrid sales are expected to triple by 2024. Consumers will buy 20.6 million plug-in electric cars in 2025 compared to 6.6 million in 2022. Furthermore, industry analysts and lead authors of the report Aleksandra O’Donovan and Colin McKerraracher say the market is beginning to rely on organic consumer demand rather than government policy to grow.
Battery electric vehicles (BEVs) will make up 25% of total vehicle sales by 2025, with plug-in hybrids failing to make a major impact outside of the European market. However, the report predicts that the sale of plug-in hybrids will peak in 2026 while fuel-cell vehicles that run on hydrogen will not have a significant footprint in the global passenger vehicle market.
The Bloomberg report notes that while internal combustion vehicle sales are in a decline, gas- and diesel-powered vehicles will still make up a major percentage of total vehicles sold. Several automakers have already committed to electrifying their lineups in anticipation of a completely electric future. Some, including General Motors, have pledged to completely stop making internal combustion engine vehicles by 2035 while others, including Toyota and BMW, have yet to reveal such definite plans.
China, which is currently the largest electric vehicle market in the world, will maintain that position alongside Europe to cumulatively account for 80% of global EV sales in 2025. American sales will make up only 15% of global EV sales. The report notes that despite this, EV sales in the United States will rise sharply over the next decade as local carmakers produce more consumer-friendly electric cars for the American public.
Speaking with CNN Business, McKerraracher said that the American EV market will soon be filled with the kinds of electric cars the public wants to buy in terms of shape, size and price. The Ford F-150, Rivian R-1T and Chevy Silverado pickup are examples of electric cars geared specifically towards the U.S. market.
Either way, the Bloomberg analysts say, there is little chance of ridding road transport of carbon by 2050, even if transportation is 100% emission free. The public needs more solutions if we are to solve the climate crisis before it’s too late, and manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN) can play their part by availing the variety of EVs that the public would buy to reduce the carbon burden upon the planet.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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