We were talking just the other day about how slow it is to change the automotive market because of its gigantic size. With around 2 billion cars on the roads around the world and an annual production capacity of roughly 100 million cars, it takes 20 years to update the global fleet. It means that once all new cars sold are equipped with a new technology, like electric propulsion, it can take up to 20 years to refresh the fleet.
Of course, some markets will get there before others. Electric vehicles currently have difficulties reaching 3% market share in most countries. Norway has long been the exception to the rule and it is now breaking more market share records. expand full story