The ongoing coronavirus crisis has put a dent o the demand of electric vehicle for the first time in decade, interrupting ten successive years of strong growth, a media outlet said in its latest report.
According to the report, sales of electric passenger vehicles are forecast to fall 18% in 2020, to 1.7 million worldwide.
The latest annual Long-Term Electric Vehicle Outlook, it shows electric models accounting for 58% of new passenger car sales globally by 2040, and 31% of the whole car fleet.
" They (EV) will also make up 67% of all municipal buses on the road by that year, plus 47% of two-wheelers and 24% of light commercial vehicles," it said.
The research company highlighted that the figures have major implications for oil and electricity markets. Transport electrification, particularly in the form of two-wheelers, is already taking out almost 1 million barrels of oil demand per day and by 2040 it will remove 17.6 million barrels per day, it mentioned. "Electric vehicles (EVs) of all types are seen adding 5.2% to global electricity demand by 2040," it added.
A senior indvidual at the media firm commented "The COVID-19 pandemic is set to cause a major downturn in global auto sales in 2020. It is raising difficult questions about automakers' priorities and their ability to fund the transition. The long-term trajectory has not changed, but the market will be bumpy for the next three years."