Electric vehicle (EV) sales are expected to reach 62 million units per year by 2050, with a total global EV stock of 700 million, according to new research from Wood Mackenzie published Feb. 8.
The forecast comes as a push for use of cleaner energy to achieve climate goals by governments around the world, particularly in Western Europe, has caused a surge in EV sales during a global pandemic.
“In 2020, global EV sales surged 38% despite a decline of 20% in all car sales,” Wood Mackenzie Principal Analyst Ram Chandrasekaran said in a statement.
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