Most developed countries are hoping for electric vehicle (“EV”) sales to surpass the sale of internal combustion engine (“ICE”) vehicles over the next couple of decades. The United States, China and Europe are currently the largest EV markets in the world, but save for Norway and Southern Chinese city Liuzhou, EV sales in most territories make up a small percentage of total vehicle sales. As such, most of these countries have given themselves years, and in some cases decades, to slowly replace ICE vehicles with zero-emission electric cars.
However, new research from Ernst & Young says that these counties may not have to wait dozens of years for electric vehicles to dominate their roads. According to the consultancy firm, electric vehicle sales in the U.S., China and Europe will surpass other engine models five years sooner than previous predictions had stated. Ernst & Young arrived at this conclusion using an AI-powered forecast modeling tool that can predict how the supply and demand of mobility products and services will evolve through to 2050.
The AI-powered tool found that EV sales would surpass the sale of vehicles powered by other engines by 2033 in the three territories. Specifically, Europe would be the first to achieve this feat, with EV sales in the regional block eclipsing other engine modules in 2028. China would follow in 2033, and the United States would see major EV sales by the year 2036. By 2045, the sale of new nonelectric vehicles will shrink to less than 1% of total vehicle sales, the modeling predicts.
It is not surprising that Europe, which has increasingly led the way in terms of technological growth innovation and growth for the past decade, and even briefly passed China to become the largest EV market, will achieve this feat first. After that, China will take the top spot in terms of EV penetration, leading the charge through 2050. Randall Miller, the Global Advanced Manufacturing & Mobility Leader at EY, credits changing attitudes among consumers, continually evolving technology, and ambitious climate and green energy policies with pushing EV adoption.
To support a mass shift toward electric vehicles, he says, government and energy industries will have to significantly boost their electricity generation capabilities and vastly improve charging infrastructure. With an electric future coming much sooner than expected, investing in energy generation, especially from clean, renewable sources, and building a widespread network of charging networks will help smooth the transition.
The task of enabling motorists to switch to electric mobility is also being aided by new entrants into the EV space such as Net Element (NASDAQ: NETE). These players bring technologies and solutions adapted from other industries.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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