Latest projection from International Energy Agency sees huge growth in EV numbers globally, but the surge could deliver a major shortfall in fuel tax revenues

The number of electric vehicles on the world’s roads is set to triple by the end of the decade and under current national policies may soar to as many as 125 million by 2030, according to the International Energy Agency’s latest e-mobility forecasts.

In 2017 the number of EVs and plug-in hybrids on the road globally exceeded three million, representing a 54 per cent increase on the previous year, the IEA data shows. As the largest global market, China is driving the boomwith China, but the US and Nordic countries are also rapidly expanding their EV fleets.

By 2020, the IEA believes global EV numbers could hit 13 million, driven by supportive policies and declining battery costs, lower price tags and improved performance.

By 2030, there could be as many as 125 million EVs on the road, rising to 220 million if climate policies are strengthened.

Read more: Business Green