We expect the tipping point for e-mobility to be reached by 2026, with increased consumer demand leading to mass adoption of electric vehicles. Our deep expertise across every component of the e-mobility value chain can help you accelerate progress and achieve a winning edge.
A Closer Look at Electric Vehicles
A Closer Look at Electric Vehicles
Sales of battery electric vehicles (BEVs) are expected to account for 38% of global vehicle sales in 2030 and more than 60% in 2035, up from 12% in 2023. Despite regional differences and short-term fluctuations (for example, changes in government subsidies), the industry shift from conventional combustion engine vehicles to battery electric vehicles is clear. Supportive regulatory environments and technological advances will further boost vehicle electrification despite some near-term headwinds.
What does this mean for car manufacturers today? Their commitment to EVs remains strong, with 100+ new models likely to be brought to market over the next three years. Following a temporary surge in battery prices in 2022 due to raw material price hikes, we expect prices to decline through 2030 due to process and technology improvements.
OEMs will need to carefully track a number of signposts that will affect the broad adoption of EVs, including:
- Customer acceptance and willingness to switch to BEVs
- Price parity of BEVs with conventional combustion engine vehicles
- Charging infrastructure
- Vehicle portfolio, including focus on affordable models
- Regulations/incentives
- Buildout of raw material supply chain, especially for EV batteries
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