An additional 21 million electric vehicles (EVs) will be on the road globally by 2030, according to data released by Deloitte.
EV adoption is expected to gather pace, rising from two million at present to four million in 2020, then 12 million in 2025. By 2030, Battery Electric Vehicles (BEVs) will account for 70 percent of total EV sales, says the consulting firm.
Growing consumer demand for greener vehicles, coupled with policies offering financial incentives for EV adoption, while restricting the use of diesel and petrol vehicles in inner cities, are seen as the primary factors behind the accelerated adoption of EVs.
Deloitte even predicts that by 2024, the cost to own a BEV will be on a par with that of a petrol or diesel vehicle – that’s just five years away.
Michael Woodward, UK automotive partner at Deloitte, said: “In 2018, we saw global EV sales surpass two million units for the first time; twice those sold in 2017. In the UK, the cost of petrol and diesel vehicle ownership will converge with electric over the next five years.
“Supported by existing government subsidies and technology advances, this tipping point could be reached as early as 2021. From this point, cost will no longer be a barrier to purchase, and owning an EV will become a realistic, viable option for new buyers.”
Woodward continued: “Those that can successfully build trust in their brand, ensure a positive customer experience from initial sale through to aftercare, and reflect consumer shifts towards the sharing economy in future business models will successfully navigate this.
“Equally, continual investment in engineering talent and the formation of partnerships with bespoke battery producers and third-party mechanic networks will also be important.”