The International Energy Agency (IEA) has just released its latest Global EV Outlook 2020 report, and pegs the global electric vehicle (BEV + PHEV) stock at 7.2 million. That is a significant accomplishment from the estimated 17,000 electric cars that were roaming the world’s roads in 2010.
But to put those 7.2 million EVs in perspective, with an estimated 1.5 billion vehicles on the planet today, that would equal an EV share of only 0.48%. If you just do simple math and use 80 million annual new vehicles purchased, this would mean that if every vehicle purchased today replaced the same number of EVs each year, it would take 19 years to replace all of the ICE vehicles on the planet.
Of course we are decades from reaching 100% annual EV sales share, which would put near 100% of all vehicles being electric (or FCEVs) out well past 2050 (unless cash for clunkers type programs come into effect).