Electric-vehicle sales are poised to more than double by 2026 but eliminating emissions from road transportation by the middle of this century will require even greater efforts, according to BloombergNEF.
The research firm sees shipments of EVs surging to around 27 million from 10.5 million last year as sales jump in China and the U.S.
That is offsetting slower growth in Europe, where tight supply chains and a cost-of-living crisis are weighing on demand.
While shipments of combustion-engine passenger cars have peaked six years ago, it will take time to replace the roughly 1.3 billion on roads today.
About 30 percent of the global fleet will still burn gasoline and diesel by 2050.
Heavier commercial vehicles are expected to be trailing cars with just 32 percent of the fleet decarbonizing on that timeline.
Investments in zero-emission trucks “should be a priority focus for policymakers,” BNEF analysts led by Colin McKerracher wrote in the researcher’s annual Electric Vehicle Outlook released Thursday.
“Eliminating emissions from road transport will require all hands on deck.”