According to Wood Mackenzie, there will be 875 million electric passenger vehicles, 70 million electric commercial vehicles and 5 million fuel cell vehicles on the road by 2050. By the middle of the century, the total number of zero-emission vehicles in operation will reach 950 million.

Wood McKenzie’s research suggests that by 2050, three out of every five cars in China, Europe and the US will be electric, while almost one in two commercial vehicles in those regions will be electric.

In the first quarter of 2021 alone, electric vehicle sales surged to nearly 550,000 units, a 66 percent increase over the same period last year. The re-emergence of the United States as a climate leader and China’s net zero goal are key to this surge.”

The expected rise in electric vehicle sales is bad news for diesel cars. Sales of ice cars, including mini/light hybrid vehicles, will fall to less than 20 percent of global sales by 2050, Wood McKenzie said. Almost half of the remaining ice car inventory will be in Africa, the Middle East and Latin America, as well as Russia and the Caspian region, even though these regions accounted for only 18 per cent of global car inventory that year.

With the development of electric vehicles, the number of charging outlets worldwide is expected to grow to 550 million by the middle of the century. The vast majority (90 per cent) of these outlets will still be home chargers. Policy support, including subsidies and regulations, will ensure the growth of the EV charging market is commensurate with the vehicles themselves.

In 2020, the total volume of import and export of automobile commodities was US $151.4 billion, down by 4.0% year on year, and the total volume of automobile imports was 933,000, down by 11.4% year on year.
In terms of auto parts, the growth in December 2020 was not small. The import amount of auto parts was US $3.12 billion, with a month-on-month increase of 1.3% and a year-on-year increase of 8.7%. In 2020, the import amount of auto parts and accessories was US $32.44 billion, up by 0.1% year on year.