EVs to make up 50% of all new cars sold by 2033

Electric vehicle parking, EVs
Electric vehicle parking

By 2033, half of all new cars sold globally will be electric, according to DNV GL’s annual Energy Transition Outlook. This growth will follow an S-shaped curve of innovation, with Electric Vehicle (EV) sales increasing from less than 10 per cent to more than 90 per cent within a 10-year period, resembling the fast transition seen with technologies such as digital cameras.

Statistics from the World Economic Forum reveal that several countries, including Germany, Norway, Netherlands, UK, France and India have already set out targets to phase-out or ban petrol and diesel cars in the years to come. The forecasts in DNV GL’s Energy Transition Outlook reveal that these targets are achievable, however, there are challenges facing the uptake of EVs, including cost, range anxiety and concerns about infrastructure.

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With a mission to shift the industry from being policy-driven to market-driven and support its our customers to overcome these challenges, DNV GL has outlined its ambitions for the growing sector. Based on 10 years of experience working with stakeholders across the EV value-chain, including automotive OEMs, charge point operators, network operators, utilities and governments, DNV GL has identified four clear areas of expertise; safety, communication and control, flexibility and emerging technologies.

With a focus on these four areas, DNV GL will support its customers to adopt new technologies, implement policy and make decisions that adapt current technological, economical, and regulatory business models to take advantage of this rapidly growing market.

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CEO of DNV GL – Energy Ditlev Engel said the growth of EVs signals real progress in reducing our carbon emissions globally.

“To overcome the challenges facing the industry, the development of EVs and associated infrastructure will need to go from being only policy-driven to also being market-driven,” he said.

The full Energy Transition Outlook ‘Power Supply and Use’ report is available here.