OPEC Expects Global Share Of Electric Vehicles To Reach 13% By 2040

OPEC Expects Global Share of Electric Vehicles to Reach 13% by 2040

MOSCOW (UrduPoint News / Sputnik - 23rd September, 2018) The share of electric vehicles worldwide is expected to reach 13 percent, the OPEC said in the World Oil Outlook 2040.

"Electric vehicles, including battery electric and plug-in hybrid electric vehicles (PHEVs), are set to experience a significant growth in numbers and are forecast to reach around 320 million units in 2040 ... Combined, the share of electric vehicles in the total fleet is projected at around 13%, while the penetration of alternative fuel vehicles (AFVs, including electric vehicles) is expected to reach around 18% by 2040," the report read.

The cartel also forecasts the overall number of vehicles to grow.

"The total vehicle stock is estimated to grow by around 1.1 billion between 2017 and 2040 to reach 2.4 billion vehicles ... The total commercial stock is forecast to more than double during the period 2017-2040, rising from 230 million vehicles in 2017 to 462 million by 2040," the report read.