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Business Insider Bangladesh

Global demand for electric vehicles to grow by 11-fold within 2035

BI Desk || BusinessInsider

Published: 19:59, 13 September 2021  
Global demand for electric vehicles to grow by 11-fold within 2035

Illustration: Business Insider Bangladesh

It is not far away that electric vehicles will take over the traditional petrol and diesel-run cars as the global manufacturers have focused on making this environment-friendly transport in a bid to bring the carbon emission to zero level.

Fuji Keizai Co, a Japanese research firm, in a recent report said the global demand for electric vehicles is likely to grow 11-fold over the next 15 years by 2035.

It also said by next year hybrid cars will become the largest segment among battery-powered automobiles.

“EV is expected to become the mainstay electrified vehicle in the long term, as prices are falling and more (charging) infrastructure will be available,” Japan Times reports quoting the research firm on Sunday.

“Electric vehicles demand is expected to top that of hybrids as early as 2022,” it said.

The global auto industry is under pressure from key markets to make environmentally-friendly automobiles to tackle global warming.

The European Union is mulling a complete ban on sales of new vehicles with internal combustion engines including hybrids from 2035. China, Japan and other major markets are also taking similar measures.

In the meantime, Toyota Motor Corp., a Japanese giant automobile maker, said last week that it would spend $14 billion by 2030 to gear up the development of batteries for electric and hybrid vehicles and ramp up battery production.

Research shows European and Chinese markets will account for three-fourth growth in worldwide EV sales by 2035.

China alone will consume 9.36 million electric vehicles in the next 15 years from 2020 as car makers will come up with affordable models.

In Europe, sales of electric vehicles will total 8.51 million in 2035.

Nagad
Walton