Electric Cars To Outsell Fuel Vehicles By 2033?
What will be a major game-changer in our lives in the next decade? The answer is global electric cars sale will outpace fuel vehicles sale by 2023.
This is what an Ernst & Young forecast using an AI-powered prediction tool says, at least.
But if ‘global’ here means the United States, China and Europe, then we may say its a big game-changer.
Europe, China and the US are the world’s largest auto markets.
By 2045, non-EV sales will see a drop to less than 1 per cent of the global car market, That will be a huge turn-around for the electric vehicle industry.
CORNERSTONES
These are the main reasons behind this fantastic change.
- The industry is helped by strict government mandates to combat climate change in Europe and China.
- Automakers and consumers face rising financial penalties for selling and buying traditional petrol and diesel-fuelled cars.
- EY sees Europe leading the charge to electric, with zero-emission models outselling all other propulsion systems by 2028.
However, the tipping point in favour of EVs will be in China in 2033 ahead of the U.S.
And that is because former U.S. President Donald Trump eased fuel regulations but since taking office, President Joe Biden is pushing forward with climate change policies.
TESLA’S HOT MACHINE!
Another impact in the U.S. is a growing consumer appetite for EVs, from Tesla’s hot-selling Model 3 and new electric models coming from automakers.