Worldwide car registrations are set to fall this year as the coronavirus pummels the automotive sector, but gas guzzlers will find themselves taking a bigger hit than electric cars, according to a report.
Registrations of combustion-engine cars will drop 23 percent in 2020, while electric-car registrations will dip by 18 percent, according to analysts at BloombergNEF.
The temporary closure of showrooms amid lockdowns to contain the spread of the coronavirus has disrupted sales and undermined consumer confidence, BNEF said in its annual global outlook for electric vehicles.
“The long-term trajectory has not changed, but the market will be bumpy for the next three years,” analyst Colin McKerracher said.
Electric car sales this year were forecast at 1.7 million, adding to the 7 million already on the road.
BNEF predicts electric models will 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.
It also forecast the world would need around 290 million charging points by 2040, of which 12 million would be in public places and the rest at home, workplaces, or private commercial sites.
With Post wires.
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