Automakers Need To Reimagine a Decades-Old Industry

Automakers – Sales of electric vehicles topped 6.7 million globally in 2021. According to the International Energy Agency (IEA), a Paris-based intergovernmental organization that keeps track of the world’s energy market, that represents a 108% increase from the prior year. Over the course of the next ten years, the IEA predicts that this number will continue to rise quickly.

The IEA predicts that by the end of this decade, there will be more than 300M electric vehicles on the road, making up 60% of all new vehicle purchases, up from 4.6% today. Although the market for electric vehicles has expanded, the recent steep increases in gasoline costs further emphasise this impending transformation.

Many automakers intend to switch their fleets over to electric power during the next ten years, with some setting goals for all electric lineups within the next five.