Summary
Research by EY using an AI-enabled model predicts that in ten years, electric cars will make up half of all vehicle sales in Europe, China, and the U.S. despite efforts from carmakers and governments. The forecast takes into account factors like technology changes, policy updates, and vehicle type preferences. China's use of various electric car types helps it excel in electric vehicle adoption.
Key Facts
- EY predicts battery-electric vehicles will be 50% of vehicle sales in key regions by 2033.
- China's electric vehicle sales are expected to be over 50% by 2033 and over 81% by 2044.
- In China, extended-range electric vehicles will have a 40% market share in 2031.
- The cost of electric vehicles in China is expected to be cheaper than traditional cars by 2025.
- In Europe, battery-electric vehicles are expected to reach 50% of sales by 2032, reaching 95% by 2041.
- Hybrids will maintain at least 20% market share in Europe until 2033.
- Importing hybrids and EREVs from China will support Europe's electric vehicle adoption.
- The European Union aims to ban internal combustion engines by 2035.
