Report: Electric Vehicle Sales Projected to Exceed 50% in the Next Decade

Studies and reports from organizations linked to the automotive industry worldwide highlight the unprecedented boom in electric vehicles.

During 2022, electrified cars accounted for 13% of global sales, with a 55% growth in the previous year, reaching 10.5 million units sold. This is underlined by the most recent report by the professional services firm EY, which was released by the agency Europa Press.

The study “Six Keys to the Definitive Deployment of the Electric Vehicle” forecasts a 38% growth in sales of this segment by 2023, reaching 14.5 million electric and hybrid vehicles sold worldwide. By 2030, they estimate that sales of these cars will reach more than half of the total, 55%.

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Exponential Growth

The EY publication points out that reaching these figures would mean a growth of 74 % in Europe, while in the United States it would be 43%. In any case, to account for 55% of the automotive market in 2030 would be three years ahead of the estimates compared to what was expected in 2021.

In this regard, the report considers that the growing environmental awareness of the buyer, an increasingly favorable regulatory environment and an increase in the variety of supply, are the reasons for increasing demand for vehicles of this type.

According to the Mobility Consumer Index 2022, 52% of users considering buying a vehicle in the next two years will opt for an electric or hybrid vehicle.

The EY study also mentions that work is needed in six key areas for the definitive deployment of electric mobility, because, although consumers have shown a growing interest, a response from the electric mobility ecosystem is necessary to achieve it.

In that line, the first key is resilience in the supply chain, pointing to the need to invest in the optimization and autonomy of the electric car production chain.

It also highlights clean energies to ensure the development and deployment of renewables to decarbonize all mobility processes, as well as implementing a public access charging network for all users and improving the security of the supply network.

If you wish to read the EY report, click here

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