China to account for half of global electric vehicle sales until 2030
Mainland manufacturers are likely to lead pure EV market, which will account for 90 per cent of cars sold by 2050, says report by Bank of America Merrill Lynch
Electric vehicles (EVs) will account for 90 per cent of car sales globally by 2050, while China is expected to maintain a 50 per cent share of global pure EV sales until 2030, the Bank of America Merrill Lynch said in a report.
The report, published by a team led by Fraser Hill, who heads autos equity research at the bank, expects EVs to reach a global share of 34 per cent in 2030 and 90 per cent in 2050.
The report also highlights that China will be leading in market share by 2030 as well as 2050. Until 2030, China will have about 50 per cent of the market share.
“Chinese original equipment manufacturers (OEMs) are likely to emerge as leaders in the pure EV market, supported by the government’s favourable subsidies and the recent 2019/2020 new energy vehicle targets,” the report said. “China’s estimated 50 per cent share of global pure EV sales should be maintained up to 2030.”
Europe is expected to be a close second in market share but European OEMs are experiencing a slow start in vehicle electrification.
