Global electric vehicle supremacy will arrive by 2033 — five years earlier than previously expected — as tougher regulations and rising interest drive demand for zero-emissions transportation, according to a new study.
Consultant Ernst & Young LLP now sees EV sales outpacing 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 seen plummeting to less than 1% of the global car market, EY forecast using an AI-powered prediction tool.
Strict government mandates to combat climate change are driving demand in Europe and China, where automakers and consumers face rising financial penalties for selling and buying traditional gasoline and diesel-fueled cars. 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.