Wood Mackenzie: Electric vehicles set to dominate global market
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The number of fossil fuel vehicles on roads is expected to nosedive as the net zero transition gathers pace | Credit: iStock
Internal combustion engines sales will be overwhelmingly concentrated in Africa, Middle East, Latin America, and Russia, report predicts, as electrification abounds in Europe, US and China.
Electric vehicles (EVs) will dominate the world's roads by mid-century, accounting for 56 per cent of all vehicle sales, according to a new analysis from Wood Mackenzie.
A report published yesterday by the influential analysis firm estimates that sales of internal combustion engine (ICE) vehicles will fall to under 20 per cent of the global auto market by mid-century, as climate reguations abound and automakers increasingly move to phase out their production lines for fossil fuel models.