Tuesday, May 21, 2024
NewsEVs will Make up 31% of the Global Fleet by 2050

EVs will Make up 31% of the Global Fleet by 2050

Electric vehicles will see their proportion of the global fleet increase in the coming years

  • The global fleet is the total number of light duty vehicles on the roads around the world

  • Gasoline and diesel-powered vehicles should peak in 2038

  • OECD countries will have an EV share of 34% and non-OECD countries will have an EV share of 28% in 2050

As more and more electric vehicles are added to the global fleet, older vehicles are retired. This will lead to a greater proportion of EVs in the global fleet, which is expected to reach 31% in 2050.

The global fleet is composed of every light duty vehicle that are on the roads of every country on earth, which came to about 1.31 billion vehicles in 2020.

Light duty vehicles are defined by the US Energy Information Administration (EIA) as any passenger and fleet cars and trucks that have a gross vehicle weight rating of 8,500 lbs or less.

According to the EIA, the increasing popularity of electric vehicles combined with the natural retirement of older vehicles powered by gasoline or diesel will lead to a gradual electrification of the global fleet.

The EIA reports a difference between the countries that are part of the Organisation for Economic Co-operation and Development (OECD) and those that are not.

Countries that are a part of this organisation will have a higher proportion of electric vehicles by 2050, around 34%, but their own fleet will expand much slower.

The countries that are not a part of the OECD will experience a very high increase of their light duty vehicle fleet, but they will have a lower proportion of EVs, at 28%.

Overall, the global fleet of gasoline and diesel powered should peak in 2038, after which more vehicles powered by electricity will be added annually to the global fleet than vehicles powered by any other source.

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