Globally, electric vehicles have expanded significantly in the last decade thanks to advancements in technology and supportive government policies. Sales of electric cars topped 2.1 million worldwide in 2019, surpassing 2018 numbers as the world saw 7.2 million electric cars on its roads. Electric cars continued its growing popularity, accounting for 2.6% of global car sales and 1% of global car stock in 2019 – a 40% year-on-year increase.

At the heart of this transition to EVs are technological innovations, coupled with EV friendly policy frameworks. Policymakers are fast driving the automotive market toward such low-carbon alternatives in a bid to compete for share in a next generation high-value industry. Automakers and large fleet operators are now eyeing EVs as a long-term decarbonisation solution as urbanisation continues its steady march around the world, leading to increased environmental concerns.

EVs are a key enabler towards the fight to reduce air pollution.

EVs are a key enabler towards the fight to reduce air pollution in congested and densely populated urban centres – thus contributing towards energy diversification and greenhouse gas emissions reductions. Some of the benefits of EVs include zero tailpipe emissions, better engine efficiency compared to combustion engines and an industry which is by and large a low-carbon emissions industry. These also attract investment opportunities which in turn help fund such green initiatives in the long term.

Some of the key EV markets in the world include: United States (US), China, South Korea, Japan and Europe.