Electric car market shows more resilience than conventional vehicles during the pandemic

According to a report by BNEF (BloombergNEF), sales in the electric car market are being less affected than sales of conventional vehicles, thus increasing the demand for more sustainable and ecological models in the sector.

The company indicated that the market for electric vehicles should mimic renewable energy generation, highlighting its importance during the Covid-19 crisis despite a strong impact on deployment numbers. According to BNEF, sales of eletric cars 18% will fall this year, by 1.7 million units. However, the report points out that sales of conventional cars are expected to fall by 23%.

Electric fleet

The study estimates that the electric vehicles make up 3% of car sales currently, rising to 7% by 2023. The document also points out that there are more than 7 million electric vehicles of passengers in circulation, with more than 500 thousand electronic buses, almost 400 thousand vans and trucks and 184 million mopeds, scooters and electric bicycles

Future

BloombergNEF points to a near-term rebound in traditional car sales after Covid-19 lockdowns ease, but expects electric vehicles to continue to gain ground in the longer term. According to the study, electric cars are expected to provide 58% of sales by 2040. In total, 31% of vehicles in circulation will be electric.