Electric car sales to fall, but not as much as other vehicles, analists say
Worldwide electric car registrations are set to fall 18 percent this year, but those of combustion engine cars are set to drop even faster, analysts BloombergNEF (BNEF) said on Tuesday, as the automotive sector is hammered by the coronavirus crisis.
In a report, BNEF forecast registrations of combustion engine cars would drop 23 percent in 2020.
The temporary closure of showrooms amid lockdowns to contain the spread of the COVID-19 virus has disrupted sales and undermined consumer confidence, BNEF said in its annual global outlook for electric vehicles.
“The COVID-19 pandemic is set to cause a major downturn in global auto sales in 2020,” said Colin McKerracher, head of advanced transport at BNEF.
“The long-term trajectory has not changed, but the market will be bumpy for the next three years,” he added.
BNEF forecast electric models would reach 31 percent of the overall car fleet by 2040 and account for 58 percent of new passenger car sales by that date, as combustion engine cars gradually decline from their peak in 2017.
Electric car sales this year were forecast at 1.7 million, adding to the 7 million already on the road.