Electric Car Market
Low carbon vehicles will be a bigger market than renewable energy by 2020 according to an HSBC report. The report predicts that some 8.65m electric vehicles and 9.23m plug-in and hybrid electric vehicles will be sold globally by 2020. That will make the market worth $677 (£440bn) a year in 2020. This is up from a 2009 figure of around $113m. This compares to smaller growth in renewable energy predicted to be worth $544bn in 2020.
The lead author of the report put this growth down to growing confidence in the sector and the quality of the vehicles it can produce. Electric cars have be dominating this year’s Frankfurt motor show. Although there is potentially a slight manufacturer leaning towards more hybrids, pure electric vehicles such as the Nissan Leaf are performing well.