Bloomberg - Electric Vehicle Outlook 2023

The report provides valuable insights into the future of road transport and the transformation towards electrification and net-zero emissions. It emphasizes that direct electrification through batteries is the most efficient, cost-effective, and commercially available route to fully decarbonize road transport. While fuel cell vehicles have a role to play in hard-to-electrify long-haul trucking applications, they are not expected to have a meaningful role in the passenger vehicle market. The report highlights that the number of passenger electric vehicles (EVs) on the road is projected to reach 730 million by 2040 in the Economic Transition Scenario. It also predicts that road transport emissions will peak in 2029, indicating a positive trend towards decarbonization. Furthermore, the report explores various aspects of EV adoption, including passenger vehicles, commercial vans and trucks, two- and three-wheeled vehicles, and buses on a global scale. It also examines other drivetrains such as hybrids, natural gas, and fuel cells. The analysis extends beyond the vehicles themselves and delves into the resulting impacts on electricity markets, oil demand, battery materials, charging infrastructure, and CO2 emissions. In terms of market opportunities, the report estimates that the charging infrastructure market will present a significant opportunity, with a value of $1.9 trillion between today and 2050 in the Economic Transition Scenario. This highlights the importance of developing robust and widespread charging infrastructure to support the growing EV market. Overall, the report underscores the importance of electrification in achieving sustainable and decarbonized road transport. It provides valuable insights for policymakers, industry stakeholders, and anyone interested in understanding the future of transportation and the steps needed to achieve a net-zero emissions target by mid-century.