UAE Business: Electric vehicles expected grab 33pc of new car sales by 2031 – Gulf Digital News

UAE Business: Electric vehicles expected grab 33pc of new car sales by 2031 – Gulf Digital News

Electric vehicles (EVs) are expected to account for more than 33% of new car sales worldwide by 2031, says GlobalData, a leading data and analytics company.

EV sales have reached record numbers in recent years, with annual sales projected to increase ten-fold in the next 15 years, especially in China and Europe, due to favourable policies and auto manufacturer commitments.

Some 18 countries have set goals to completely end sales of gasoline and diesel passenger vehicles, nearly half of which are for 2030. In addition, China’s target is that 25% of all vehicle sales be electric by 2025, India’s is for 30% of passenger vehicles by 2030, and the US aims for 50% of all vehicle sales by 2030.

Diversification

GlobalData’s latest report, ‘Oil and Gas Sector Strategies for Electric Vehicles (EV)’, reveals that electric mobility is one of the many ways oil and gas companies are diversifying their business to adapt to the energy transition that is already in motion. Companies including Shell, TotalEnergies, and Mitsui are developing EV charging, battery manufacturing, and other EV value chain capabilities through acquisitions and partnerships.

Miles Weinstein, Energy Transition Analyst at GlobalData, comments: “Taking another tactic, ExxonMobil has so far ignored charging infrastructure in favour of providing