06-Dec-18, Brink Asia
With stringent emission norms expected to take effect globally, the internal combustion engine is expected to gradually make way for electric vehicles (EVs) and hybrid electric vehicles (HEVs). By 2025, they will account for about 30 percent of all vehicle sales globally, or 8.4 million vehicles, translating into a 7.7 percent market share.
Image: Greg Baker / AFP / Getty Images
A lot of this surge in activity is expected to be driven by Asian economies, particularly China, where the government has put in place policies and initiatives to support the development of the EV industry. Growth in China’s new electric vehicle market is expected to hit 46 percent by 2020, with 2.5 million units produced in that year.