One-third of all globally sold cars by 2030 will be electric, a study conducted by Deloitte predicts.
The research estimates that around 31.1 million Electric Vehicles will be sold each year by 2030. This will be 10 million more compared to the last prediction from January of 2019.
In the meantime, another company, Autocar, also says that gasoline and diesel vehicle have already reached their peak in terms of sales.
The global car market isn’t expected to return to pre-pandemic levels until 2024. Furthermore, EV sales are predicted to hit 2.5 million this year alone.
Now, if you apply arithmetic of a compound annual growth rate of 29%, that figure should increase to 11.2 million in 2025 and then 31.1 million by 2030. Then, EVs would account for roughly 81% of all new electrified cars sold.
“The price premium attached to many electric vehicles restricted some early adopters but, as the cost of EVs has converged with petrol and diesel equivalents, the pool of prospective buyers is set to increase,” said Jamie Hamilton, head of EVs at Deloitte.
“A wider range of new electric vehicles, combined with a growing second-hand market, means EVs are becoming a more viable option for many”, Hamilton added.
Additional factors that lead to people buying more EVs include government-backed incentives, stricter emissions regulations, as well as a wider range of models available on the market, as you can buy electric superminis, saloons, SUVs and even hypercars.
According to Deloitte, the only thing that still restricts some buyers is the comparatively low range vs gasoline/diesel and a perceived lack of charging infrastructure.