By 2020, zero-carbon cars are expected to make up a significant share of global vehicle sales, according to a new report from the research firm Future Tense.
The research firm predicts that by 2030, there will be as many as 1 billion zero-fuel vehicles on the road, and as many 5.3 billion in the future.
The report estimates that the market for zero-toxic vehicles could be worth as much as $4.2 trillion over the next decade, and the industry is expected to grow from $2.5 trillion in 2019 to $20.2 billion by 2030.
It also says that the U.S. could become the world’s leading market for electric vehicles by 2040, but that its current electric car regulations, which require a $5,000 sticker price, will only encourage people to buy zero-fossil fuel vehicles instead.
This means that the average American car owner may choose to buy a zero fuel vehicle instead of a conventional one, the report says.
“Zero-fuel vehicle adoption is expected accelerate over the coming decade as demand for the vehicle increases,” the report said.
“As electric vehicle manufacturers, EV manufacturers and utilities move to develop zero- and low-carbon technologies, the demand for these technologies will increase.
For example, EVs and EVs coupled with the emerging clean energy market will enable EVs to achieve market penetration rates of 25 percent or more within the next five years.”
The report also predicts that electric vehicle sales will increase substantially in the next two decades.
“By 2040 the US market for EVs will be worth more than $1.5 billion per year,” the research said.
In 2030, more than 70 percent of the world is expected with electric vehicles on its roads.
The forecast for the U!
market is even more ambitious: nearly 75 percent of all U. S. cars on the roads will be electric by 2034, the firm estimates.
The number of zero-and-low-carbon vehicles on U. s roads is projected to grow to as many 70 million by 2035.
By then, the market is expected the number of electric vehicles sold will be almost twice as large.
In the U., the market could grow to nearly 500 million vehicles by 2025, with electric cars accounting for less than 10 percent of new vehicle sales.
In total, the global market for carbon-neutral vehicles is projected at about $3.7 trillion by 2030 and could reach $8 trillion by 2050.