Three emerging economic forces are expected to drive global electric vehicle production growth and have an impact on the oil, electricity and metals markets, according to a report released by renowned research firm Wood Mackens on Thursday. According to the report, the three major forces are: oil supply shocks triggered by the war between oil producers Russia and Iran, which forced governments to speed up investment in the supply chain; high fuel prices prompted consumers to switch to electric vehicles; and technological innovation. China is making rapid progress in battery technology, including 5-minute fast charging technology, as well as sodium-ion batteries and lithium iron phosphate batteries. Western countries can use government support to drive innovation, the report said. De Mackenzie predicts that due to abundant domestic oil supply in the US, the share of electric vehicles in the market will only increase from 3% today to 20% in 2040. In Europe, which is highly dependent on oil imports, the share of electric vehicles should rise from 3% in 2025 to 35% in 2040.

Three emerging economic forces are expected to drive global electric vehicle production growth and have an impact on the oil, electricity and metals markets, according to a report released by renowned research firm Wood Mackens on Thursday. According to the report, the three major forces are: oil supply shocks triggered by the war between oil producers Russia and Iran, which forced governments to speed up investment in the supply chain; high fuel prices prompted consumers to switch to electric vehicles; and technological innovation. China is making rapid progress in battery technology, including 5-minute fast charging technology, as well as sodium-ion batteries and lithium iron phosphate batteries. Western countries can use government support to drive innovation, the report said. De Mackenzie predicts that due to abundant domestic oil supply in the US, the share of electric vehicles in the market will only increase from 3% today to 20% in 2040. In Europe, which is highly dependent on oil imports, the share of electric vehicles should rise from 3% in 2025 to 35% in 2040.