Study Suggest EVs Will Outsell Other Cars by 2033
June 30, 2021—Experts are projecting electric vehicles to become the dominant sales driver in the marketplace within the coming decade.
According to predictions from consulting firm Ernst & Young reported by Kelley Blue Book, EVs will make up more than half of all global auto sales by 2033. The firm used a "neural network to examine 'consumer behavior, regulatory trends, technology evolution (vehicle and ecosystem) and manufacturers' announced strategies' to make its predictions," per the report.
Data suggests EV sales in Europe will surpass those of other power trains first in 2028, followed by China in 2033 and then the U.S. in 2036. Researches say internal combustion engine vehicles will account for less than 1 percent of new car sales globally by 2045.
KBB cites increasing government regulations and COVID as two contributing factors to the rapid advancement of EVs, but it also adds that EVs are "rapidly becoming competitive vehicles."