EV Supremacy Coming Sooner Than Expected
June 28, 2021—Global electric vehicle supremacy will arrive by 2033, five years earlier than expected, a new study found.
Bloomberg reported the news, which was drawn from a study done by Ernst & Young LLP, a consulting firm. The firm found EV sales will outpace fossil fuel-burners in 12 years in Europe, China and the U.S. — the world’s largest auto markets. And by 2045, non-EV sales are expected to plummet to less than 1 percent of the global car market.
EY sees Europe leading the charge to electric, with zero-emission models outselling all other propulsion systems by 2028. That tipping point will arrive in China in 2033 and in the U.S. in 2036, EY predicts.
“The regulatory environment from the Biden administration we view as a big contributor, because he has ambitious targets,” Randy Miller, EY’s global advanced manufacturing and mobility leader, said in an interview. “That impact in the Americas will have a supercharging effect.”