The results of a new survey of energy market traders conducted by Bloomberg Intelligence revealed radical shifts in the global automotive market landscape. Expectations indicate that electric vehicles will dominate 50% of global car sales by 2035, or even a little earlier.

48% of survey participants expected the share of electric vehicles to reach 50% of global car sales by 2035, while 17% expected to achieve this percentage by 2030. These expectations are due to strong government support and incentives provided, in addition to an increasing diversity in vehicle offers. electric cars by automakers.

Sales of electric and hybrid cars globally witnessed an increase of 31% in 2023, in line with analysts’ expectations, while 40% of participants expect the capital spending of major energy companies in Europe on clean energy to not reach 50% of their total investment expenditures annually, and this is due to the adjustments. The strategy undertaken by companies such as Shell and BP to slow the pace of the energy transition, however, has seen capital spending on clean energy rise significantly, with expectations that it will exceed 20% of annual capital expenditure through 2024.

The percentage of investments in clean energy increased, as global spending on the transition to clean energy in 2023 increased by 17%, reaching $1.8 trillion.

These results indicate an accelerating shift towards clean energy sources, with electric vehicles increasingly dominating the global automobile market.