TOKYO: Global sales of new electric vehicles are expected to increase by about six times to 57.13 million units in 2040 from about 10.04 million units in 2023, according to a survey by Fuji Keizai Co., a private research firm in Tokyo.

EV sales are likely to post remarkable growth in China, North America and India, driven by government support and the development of advanced batteries and charging infrastructure, Fuji Keizai said.

Sales in China and North America are expected to grow 3.6 times and 9.1 times, respectively, from 2023 to 2024, accounting for about 60 pct of the total. India, which logged 80,000 units in 2023, is expected to grow into a major market with 4.23 million units in 2040.

Sales in Japan are projected to rise to 1.96 million units from 100,000 units. EV sales are expected to overtake those of hybrid vehicles in the middle of the 2030s, Fuji Keizai said.

The bullish outlook for global EV sales reflects technology developments for batteries and an increased effort to reduce carbon emissions across the world, including stronger exhaust gas regulations, Fuji Keizai said.

The International Energy Agency said in its latest forecast that EV sales will increase mainly due to lower battery prices thanks to technological innovation.

JIJI Press