What’s next: Wood Mackenzie forecasts that pure electrics and plug-in hybrids combined will account for 7% of all passenger car sales by 2025, 14% by 2030 and 38% by 2040.
- Of note: That’s less bullish than BloombergNEF, which sees EVs accounting for 57% of passenger car sales in 2040.
The bottom line: “The electrification of transport is redefining a number of metals markets,” Wood Mackenzie said in a release summarizing their analysis.
What they’re saying: Wood Mackenzie research director Gavin Montgomery said battery supply chains could be among the challenges for long-term EV adoption.
- “It’s true that most automotive manufacturers plan to go completely electric by 2050. However, unless battery technology can be developed, tested, commercialised, manufactured and integrated into EVs and their supply chains faster than ever before, it will be impossible for many EV targets and ICE bans to be achieved — posing issues for current EV adoption rate projections,” he said in a statement.