Energy Perspectives Blog by Mike Madere
The popularity of electric vehicles (xEVs) has revved up during the last several years, and a study from Stratas Advisors’ Global Automotive Service expects the trend to continue through 2020. At this point electric vehicles face some logistical barriers, mainly relatively short distances between recharges and a lack of charging stations. But despite those challenges, the global appeal of xEVs continues to grow as evidenced by an uptick in registrations in most parts of the world in 2018. Globally, xEV new registrations were up 79.4% year-over-year. That translates into 1.94 million more xEV registrations in 2018 compared with 2017.
China is the world’s pace-setter in xEVs. Stratas Advisors forecasts that the country will reach 1.67 million xEV registrations by the end of 2019. And by the end of 2020, that amount will zoom to 2.17 million. The United States has the second-largest xEV market. In 2019, Stratas Advisors expects xEV registrations in the US to hit 521,368. In 2020, Stratas sees registrations totaling 696,369.
While xEV registrations are on the upswing, the same cannot be said for the total global automobile market. Stratas Advisors’ Short Term Outlook predicts new registrations in both passenger cars and commercial vehicles will decline during the next eight quarters for nearly half of the top 15 vehicle markets globally.
We’re not saying that the era of gasoline- and diesel-powered vehicles is coming to a halt ─ far from it. But it’s clear that xEVs are on a roll and will continue to remain in the express lane of the future. In the meantime, fill up your gas-guzzler and “Keep on Truckin, baby.”