EIA sees 230m EVs globally in 2030 with government support

London (Quantum Commodity Intelligence) - Up to 230 million electric vehicles of all types could be on the world's roads by 2030, comprising 12% of the total stock, with the right policy support from governments, said the International Energy Administrations latest Global EV Outlook released Thursday.

Under a standard scenario 145 million electric vehicles, making up 7% of the global road fleet, would be on the road.

The number of EVs hit 10 million last year, a 43% increase on the year, with most of the increase coming from the European market even as the Covid pandemic led to a significant decrease in car sales.

Even with conventional and overall new car registrations falling, the global electric car sales share rose 70% to a record 4.6% in 2020, said the report.

A further predicted acceleration in growth is based on existing supportive government policies and 'increasingly ambitious' plans from major auto manufacturers to switch away from internal combustion engines for most vehicle types.

The larger forecast of 230 million vehicles could be reached if governments accelerate efforts to reach climate goals per the IEA's Sustainable Development Scenario which entails a major transformation of the global energy system, said the report.

This would entail a vast policy shift to support a no more than 1.8 degree rise in temperatures by 2050 requiring early adoption of innovative technologies and large increases in investment in both new and existing technologies for renewable power and infrastructure.