Electric vehicles may control over 50% of major markets in 2030, claims survey
- The US, Japanese and Chinese markets are expected to see 52 per cent dominance by EVs in their total auto sales by 2030.
Electric vehicles are increasingly finding a stronger footprint in the global automobile market. While the electric two-wheelers are spearheading the growth in the global auto market, several car manufacturers too are introducing their range of electric passenger cars. With this trend continuing, half of the auto sales in the major global markets will be controlled by EVs by the end of this decade, claims a survey by research firm KPMG.
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The survey conducted upon automotive executives, claims that as electric vehicles' sticker prices are increasingly reaching parity with petrol-powered cars, EVs will account for half of the auto sales in the world's major markets.
The survey also claims that EVs will make up 52 per cent of auto sales in the US, Japanese and Chinese markets. In Western Europe, EVs would control 49 per cent market share, as the study claims. Currently, EVs contribute less than 10 per cent of total global auto sales. However, as battery-powered electric vehicles are fast achieving cost equality to the traditional ICE vehicles, the situation is likely to change in coming years.
There are multiple factors playing role in this growth prediction for the EVs. One is of course the reducing price of electric vehicles, which is bringing cost parity between EVs and ICE vehicles. Secondly, the reducing charging time of electric vehicles is encouraging consumers to opt for zero-emission vehicles.
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Higher awareness levels about global warming, a wider range of EVs on offer, significantly lower cost of ownership for the BEVs compared to ICE vehicles are some other factors playing crucial roles in consumers' decision to buy EVs. Automakers around the world are pouring billions into electrifying their lineup. Several automakers have also decided to electric vehicles only over the next few decades.
The study claims that EV adoption in many markets has been constrained by the limited number of models available. However, the strong pipeline of new EV models launching next one year will create more options for buyers.