The Electric Vehicle (EV) market is booming and the future looks good
Norway just became the fourth country to surpass the 100,000 electric vehicles (EV) sales mark, joining the U.S.A., China and Japan. Cumulative EV sales world–wide reached the 500,000 mark in 2014, passed the 1 million mark in 2015, and with 50,000–60,000 EVs sold globally each month, could well reach 2 million by the end of 2016. China’s EV sales in May 2016 alone were estimated at over 26,000 – an increase of 119% over May 2015. And this is just the start. Bloomberg New Energy recently released a report that estimates annual EV sales will reach 41 million by 2040, representing 35% market share of all light duty vehicles sold.