50% of Passenger Vehicles Will be Electric by 2040

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

50% of Passenger Vehicles Will be Electric by 2040

On a global scale, passenger electric vehicles shot up from 450,000 to 2.1 million in 2019. According to A BloombergNEF report, there was a brief slump in 2020, sending the figure down to 1.7 million.

Total Electric Vehicle Sales Worldwide

Hybrid Car Sales Account for 16% of Toyota 2020 Sales, Up by 23% YoY Brandspurng2
Source: BloombergNef

By 2025, however, it is estimated that sales will reach 8.5 million as new markets open up and battery prices drop. The figure is projected to rise to 26 million by 2030, more than doubling to 54 million by 2040.

Demand for raw materials for electric car batteries set to rise further Brandspurng
Photo by Andrew Roberts on Unsplash

According to the report, by 2040, 50% of passenger vehicles will be powered by electricity. As of 2020, the global penetration rate stands at 2.7%. It is set to increase to 10% by 2025, further to 28% by 2030 and reach 58% by 2040.

- Advertisement -

The penetration rate in markets like China and Europe is much higher than the global average. However, it is dragged down by emerging markets where adoption is still limited.

China will continue accounting for the lion’s share of global EV sales, reaching 54% in 2025. But as adoption becomes more widespread, the share will drop to 49% in 2030 and further down to 33% by 2040.

Despite the impressive growth in electric vehicle sales, there is a risk that the market could become crowded. BloombergNEF estimates that there could be up to 500 models of EVs available globally by 2022.

During the year 2020, Toyota Motor North America (TMNA) posted sales of 2.11 million vehicles. Compared to its 2019 performance, it marked a decline of 11.3% in sales volume.

For the 21st consecutive year, it was the top manufacturer globally when it comes to alternative vehicle sales. These include all-electric, fuel cell and hybrid vehicles.

- Advertisement -

According to the research data analyzed and published by Sijoitusrahastot, in the hybrid vehicle segment, Toyota sold a total of 337,036 cars during the year, an increase of 22.7% year-over-year (YoY). Compared to the total sales volume, hybrid sales accounted for a 16% share.

Toyota Hybrid Car Sales in the US in 2020

Hybrid Car Sales Account for 16% of Toyota 2020 Sales, Up by 23% YoY Brandspurng
Source: Toyota

Hybrid Car Sales Account for 16% of Toyota 2020 Sales, Up by 23% YoY

With the inclusion of the new Venza, Mirai and Sienna models, the company now has a total of 14 alternative vehicles on its lineup.

- Advertisement -

Though hybrids have been around for about two decades, they are experiencing a gradual resurgence. Toyota is not the only automaker keen on capitalizing on the trend.

Volkswagen reported having sold a total of 190,500 hybrid plug-ins in 2020, marking a 175% increase over 2019.


BMW hybrid sales totaled 148,000 during the year, marking an increase of nearly 40% compared to the previous year. Comparatively, its fully electric vehicle sales soared by 13% and overall vehicle sales plummeted by 8%.

Its lineup of alternative energy vehicles stood at 13 models by the end of 2020. The automaker plans to increase the number to 25 by 2023.

Daimler’s Mercedes Benz sold a combined total of 160,000 hybrids and fully electric vehicles. Compared to the previous year, this was a 228.8% increase. Its share of the vehicles rose from 2% in 2019 to 7.4% in 2020 and is set to grow to 13% in 2021.

Electric Vehicles Accounted for 54.3% of Norway Auto Sales in 2020

Alternative energy vehicle sales thrived in key markets during the year. In China, the top electric vehicle (EV) market globally, EV sales reached an estimated 1.3 million, up by 8% year-over-year (YoY) according to SP Global.

These included 1.1 million full EVs as well as 251,000 plug-in hybrids. In the month of December 2020 alone, sales of these new energy vehicles soared by 50% to 248,000 units.

SP Global projects that in 2021, EV sales could soar by up to 40% to reach 1.8 million units. In contrast, total vehicle sales could rise by 4% to 26 million units during the year. Growth in China’s electric vehicle sales is expected to remain stable in the coming years, to reach 6 million by 2025.

On the other hand, in Europe, EV sales surged to 500,000 in the first ten months of 2020, compared to 354,000 in the whole of 2019. Sales of plug-in cars, including hybrids, crossed the 1 million thresholds during the year.

The upsurge comes amid tightening regulations on vehicle emissions. By 2030, new cars that run solely on diesel or petrol will be banned in the region.

These regulations drove remarkable growth in Norway, where EVs accounted for 54.3% of all new cars sold during 2020. To highlight the massive growth, their share of the country’s auto market was 42.4% in 2019 and only 1% 10 years ago.

Total Electric Vehicle (EV) Sales in Norway in 2020

Hybrid Car Sales Account for 16% of Toyota 2020 Sales, Up by 23% YoY Brandspurng1
Source: The Guardian

It is now the first country in the world where sales of new energy vehicles have surpassed those of hybrid, petrol and diesel-powered engines. In December 2020, these vehicles captured a 66.7% share of the country’s overall auto market.

- Advertisement -
50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur

Latest News

Kinaxis Named a Leader in the 2021 Gartner Magic Quadrant for Supply Chain Planning Solutions Report

Kinaxis evaluated on both execution and vision with furthest placement for completeness of vision in the Leaders quadrant


OTTAWA, CANADA - Media OutReach - 4 March 2021 - Kinaxis® Inc. (TSX:KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, today announced it has been named a Leader in the 2021 Gartner Magic Quadrant for Supply Chain Planning Solutions. The company is recognized for both the ability to execute and its completeness of vision. Kinaxis is positioned furthest on the Completeness of Vision axis amongst those in the Leaders quadrant 1.

A complimentary copy of the report can be downloaded from Kinaxis. This is the seventh consecutive time Kinaxis has been named a Leader in a Gartner Magic Quadrant related to supply chain planning 1 .


"In the face of the unprecedented level of disruption over the past year, corporate supply chains have never been more relevant and doing nothing to improve planning has become the biggest risk. Supply chain leaders at companies of all sizes have recognized a need for a transformational shift to agility and resiliency based on a new planning technique -- concurrent planning, that only Kinaxis can provide," said John Sicard, CEO of Kinaxis. "Kinaxis uniquely combines AI, analytics and human intelligence to empower innovative manufacturers to eliminate functional silos and cost-effectively optimize the potential of their supply chains in just a few weeks."

Continued Sicard, "We believe we are the leading innovator based on vision in the market and are thrilled with our positioning for our current, proven RapidResponse platform. Kinaxis takes pride in our talented team, the collaborative relationships we have with our customer and partner community and helping advance the craft of supply chain planning for the benefit of the planet."

Top-tier manufacturers around the world use Kinaxis in the aerospace and defense, automotive, consumer products, high-tech and electronics, industrial, life sciences and retail industries, including Unilever, Schneider Electric, Flex, Merck, Technicolor, Alstom and Honda, and many others.

"Schneider Electric's supply chain digitalization journey, including our work with Kinaxis, has allowed us to function as a truly global enterprise," said Mourad Tamoud, Chief Supply Chain Officer at Schneider Electric. "Through our engagement with Kinaxis, we have found them to be industry-leading, and the partnership has enabled us to have greater transparency, wider collaboration and increasingly autonomous high-quality decision-making throughout the organization."

Kinaxis RapidResponse® is a cloud-based software-as-a-service (SaaS) platform purpose-built for planning, leveraging patented in-memory database technology and always-on algorithms. Combined with Kinaxis' unique concurrent planning technique and AI, RapidResponse helps global manufacturers gain agile and resilient supply chains. The Kinaxis suite of ready-to-deploy planning applications (S&OP / IBP, Demand, Supply, Command & Control Center, Inventory, Live Lens Insights) is optimized with industry best practice processes and robust analytics that are synchronized across long and short-term planning and across the end-to-end network from customers to suppliers. The RapidResponse platform is uniquely extensible to build, access or connect to custom applications, algorithms and external systems across the supply network ecosystem.

Kinaxis helps customers accelerate value realization with multiple deployment options to go-live in as little as six weeks. These seamlessly expandable options allow companies to start now and focus on the most important initiatives. All based on RapidResponse, these options can grow over time to meet budget, team and change management needs along the digital transformation journey.

"Gartner defines a supply chain planning (SCP) solution as a platform that provides technology support which allows a company to manage, link, align, collaborate and share its planning data across an extended supply chain. It supports demand creation through to the detailed supply-side response and from strategic planning through tactical-level planning. An SCP solution is the planning decision repository for a defined end-to-end supply chain and is the environment in which end-to-end integrated supply chains are managed. It establishes a single version of the truth for the plan data and decisions, regardless of the underlying execution technology environment." 1

The SCP market was worth $5.2 billion in 2019 and is projected to grow at a five-year compound annual growth rate (CAGR) of 7.5% according to the Gartner Forecast: Enterprise Application Software, Worldwide, 2018-2024, 4Q20 Update. 2

According to Gartner, "Leaders demonstrate strong SCP solution vision and execution capabilities. They have a broad, deep and differentiated functionality that addresses a broad range of user requirements. Their coverage across the three categories of planning capability -- configure, optimize and respond -- is good enough, with a good balance across the categories now and/or planned for the future. They have a reasonable range of features to support a user's maturity journey. Their visions for supporting the three paradigms of SCP -- algorithmic SCP, digital supply chain planning and resilient planning -- align with Gartner's vision. When these three paradigms are blended together, they build the foundation to support a Level 5 SCP environment. Leaders anticipate where customer demands and markets are moving and identify how innovative technologies can be applied to planning applications. They have strategies to support these emerging requirements to build a future-proof SCP solution. Because leaders are well-established in leading-edge complex user environments, they benefit from a user community that helps them remain in the forefront of emerging needs." 1

For further information, you can access a complimentary copy of the full Magic Quadrant for Supply Chain Planning Solutions report here.

1 Gartner, Magic Quadrant for Supply Chain Planning Solutions, A. Salley, T. Payne, P. Orup Lund, Feb. 22, 2021

Gartner, Magic Quadrant for Sales and Operations Planning System of Differentiation, T. Payne et al, May 7, 2019; Gartner, Magic Quadrant for Supply Chain Planning System of Record, Payne, Tim, Pradhan, Alex, & Salley, Amber, 21 August 2018

2 Gartner, Forecast: Enterprise Application Software, Worldwide, 2018-2024, 4Q20 Update, Amarendra, N. Gupta, B. Abbabatulla, A. Woodward, C. Pang, C. Roth, E. Hunter, J. Hare, K. Quinn, J. Poulter, Y. Dharmasthira, J. Kostoulas, December 22, 2020

Gartner Disclaimer:

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Kinaxis Inc.

Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, visit Kinaxis.com or follow us on LinkedIn or Twitter.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements as to Kinaxis' growth opportunities and the potential benefits of, and demand for, Kinaxis' products and services. These statements are subject to certain assumptions, risks and uncertainties, including our view of the relative position of Kinaxis' products and services compared to competitive offerings in the industry. Readers are cautioned not to place undue reliance on such statements. Kinaxis' actual results, performance, achievements and developments may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Risk factors that may cause the actual results, performance, achievements or developments of Kinaxis to differ materially from the results, performance, achievements or developments expressed or implied by such statements can be found in the public documents filed by Kinaxis with Canadian securities regulatory authorities. Kinaxis assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur50% of Passenger Vehicles Will be Electric by 2040 - Brand Spur