The majority of people will still travel by internal combustion engine (ICE) vehicle in 2021. However, electric vehicles (EVs) are rapidly gaining market share and popularity, particularly in certain demographics and regions.
The International Energy Agency (IEA) estimates that there will be more than 10 million electric vehicles on the road by 2020, up from just a few thousand in 2010. Nevertheless, this still only accounts for a sizable portion of the total vehicle inventory, which is dominated by ICE vehicles.
China is the largest market for electric vehicles at the moment, accounting for more than half of global sales by 2020, according to regional trends. Major markets include Europe and the United States, where EV sales are expanding rapidly.
When it comes to demographics, consumers who are younger and more concerned about the environment are more likely to select electric vehicles over ICE vehicles. However, it is likely that electric vehicles will gain popularity among a wider demographic as technology advances and becomes more readily available.
Overall, despite the fact that electric vehicles make up a small portion of the total vehicle inventory, they are rapidly gaining in popularity and market share, and many experts predict that they will eventually replace other modes of transportation as the most common mode of transportation.
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