Analysts project another record year for sales of electric vehicles, driven largely by surging demand in China, the biggest market for battery-powered cars.
Global sales of plug-in cars are expected to grow by 21 percent this year, according to Bloomberg New Energy Finance. Analysts project sales will total 16.7 million worldwide, including 1.9 million plug-in cars sold in the U.S., 3.4 million in Europe, and 9.7 million in China.
Overall, plug-in cars are expected to account for 20 percent of all car sales globally and 38 percent of new sales in China. Owing to the rapid adoption of electric cars, China is expected to reach peak gasoline demand this year.
This year will also see EV giants tighten their grip on the market. While big automakers such as Ford and General Motors are slowing down EV manufacturing, electric-only carmakers such as Tesla in the U.S. and BYD in China are ratcheting up production, Bloomberg reports.
By offering more affordable EV options, BYD is managing to gain a foothold in emerging economies, where analysts see a growing appetite for plug-in cars. In a sign of the times, BYD will soon start production in a factory in Brazil that had been abandoned by Ford.