It is expected that sales of new energy passenger vehicles will increase to 73 million in 2040 (73% of total sales), compared to 6.6 million in 2021. Combustion vehicle sales will not return to the peak levels of 2017, while pure electric vehicles (BEVs) will account for more than 50% of total sales by 2033.
Despite the relatively rapid growth, it will take time for new energy vehicles to replace fuel vehicles; in 2040, the number of fuel vehicles will still reach 800 million, down from 1.2 billion in 2021. Based on this situation, the global number of new energy passenger vehicles will grow to 229 million by 2030 (16%), and to 727 million by 2040 (47%), which is comparable to the number of new energy vehicles at the end of 2021. Contrasted with the 16.7 million vehicle ownership.
In 2040, BEVs will account for the highest proportion of new energy vehicles. By then, the number of fuel cell vehicles will only reach 8.6 million, accounting for 0.6% of the global passenger car ownership. Despite significant progress in passenger electrification, the global passenger car fleet is nowhere near the level needed to reach net zero by 2050.
