EVs to make up a third of global new car sales by 2030: Deloitte report
Deloitte estimates that combustion sales have already peaked, and 31.1m EVs will be sold by the end of the decade
Deloitte has predicted that a third of all new cars sold globally will be electrified by the end of the decade, citing a radical shift in consumer sentiment.
The firm estimates that 31.1m electrified vehicles will be sold per year by 2030 – 10 million more than it forecasted in January 2019. The peak of petrol and diesel vehicle sales, it says, is likely to have occurred during the coronavirus pandemic.
Although it expects the global car market not to return to pre-pandemic levels until 2024, electrified vehicle sales, it says, are predicted to reach 2.5 million in 2020. Applying a compound annual growth rate of 29%, this should increase to 11.2m in 2025 and 31.1m by 2030. By this point, pure-electric vehicles will account for some 81% of all new EVs sold.
Deloitte attributes the disparity between its 2019 forecast and this latest prediction to various factors driving growth and the gradual dissipation of obstacles that previously discouraged drivers from making the switch, among them the increasing affordability of mainstream EVs.
Jamie Hamilton, Deloitte’s head of electric vehicles, said: “The price premium attached to many electric vehicles restricted some early adopters but, as the cost of EVs have converged with petrol and diesel equivalents, the pool of prospective buyers is set to increase.
“A wider range of new electric vehicles, combined with a growing second-hand market, means EVs are becoming a more viable option for many.”
Additional factors encouraging EV adoption include various government-backed financial incentives, stricter emissions targets and a more comprehensive array of electric cars on the market, including SUVs, saloons, sports cars and superminis.
Despite this, the firm notes that would-be electric car buyers are still held back by comparatively low driving ranges and a perceived lack of charging infrastructure.
A Deloitte survey of UK drivers found that half would consider an EV as their next car, but that 33% cited the UK’s still-growing charging infrastructure as their biggest concern.
RELATED ARTICLES
Honda reveals new Ye series of EVs for China
A second set of Ye EVs will be revealed in the coming months, completing the six-car line-up for China.
GM awards 94 of its top global suppliers for excellence
While 86 suppliers were recognised with a Supplier of the Year award, an additional eight Overdrive Awards were handed t...
Magna bags five 2023 Supplier of the Year awards from General Motors
Awards secured across four Magna product areas – body & chassis, exteriors, powertrain, seating; GM has recognised Magna...