Analysis by data specialists McKinsey Energy Insights (MEI) has forecast that every fifth car sold globally will be electric by 2030.
In its 2018 Global Energy Perspective (GEP), McKinsey Energy Insights says sales of electric vehicles (EVs) will rise from 3% in 2020 to 20% by 2030.
The uptake in light-duty electric trucks will be significantly slower, growing by only 1% in 2020 and 12% in 2030.
The report also claims that this increase in EV uptake will not reduce global warming to the required 2 degrees Celsius required to meet Paris Climate Agreement targets.
Ole Rolser, associate partner and solution leader at MEI, said: “Despite the significant momentum around EVs and renewable energy sources taking an increasing share of the power market, energy-related emissions remain flat from 2030 to 2050.
“As developing countries continue to rely heavily on cheap coal, non-OECD energy demand will replace the efficiency gains made by OECD countries. To realize the 2 degrees pathway scenario, we’d have to see much broader, much more disruptive change than what we’re seeing now.”
McKinsey Energy Insights say its GEP data report delivers long-term projections on how the energy transition will unfold to 2050 across 145 countries, 28 sectors, and 57 energy types.