EV Sales Will Surpass Gas-Powered Car Sales by 2033
Photo: Mitsubishi Motors
According to a new study by consulting firm Ernst & Young LLP, sales of EV models will finally outpace sales of gas-powered cars by 2033. EY’s estimate is five years earlier than previous estimates made for the auto markets in U.S., Europe, and China.
The Family Green Car of the Year: Mitsubishi Outlander PHEV is recognized for being eco-friendly
How does EY expect car sales to change?
EY used an AI-powered prediction tool to discover that EV sales will surpass gas-powered car sales in only 12 years. This tool also predicts that non-EV sales will decrease to below just 1 percent globally by 2045.
Governments in Europe and China have been implementing increasingly strict mandates in order to fight climate change. For instance, they’ve been hitting buyers and sellers of fossil fuel burners with greater financial penalties. As a result, EY predicts that EVs will outsell non-EV models firstly in Europe by 2028 and then in China by 2033. The U.S. will be the last of the major auto markets to reach this sales objective, with EY estimating it will occur by 2036.
It will take the U.S. so long to catch up to Europe and China because the government lessened its fuel-economy regulations during the Trump administration. Since President Joe Biden has taken office, the U.S. has rejoined the Paris Climate Accord, and he has proposed an increase in spending to accelerate our shift to EVs. These along with government purchase incentives for EVs should lead more Americans to take the plunge and purchase an electric model.
EY also believes that millennials will greatly contribute to an increase in EV sales. Due to the pandemic, many have shied away from public transportation and ride shares, and they are now purchasing cars. Randy Miller, EY’s global advanced manufacturing and mobility leader, anticipates that 30 percent of these millennials will prefer EVs.
A Plug-in Hybrid Model to Consider: A comprehensive overview of the Mitsubishi Outlander PHEV
Only time will tell if the EY study was correct, but with automakers continuously adding new EVs to their lineups, it’s easier than ever for drivers to find an eco-friendly model they want to purchase.
Amanda Drago lives in West Chester, Ohio with her wonderful family, which includes her adorable dog, Coco. Amanda recently graduated from Miami University with degrees in both marketing and creative writing. However, if she was ever forced to change career paths, she imagines that she would train dogs for movies. In her spare time, she enjoys reading, writing, and watching Netflix. She also has a special place in her heart for theatre and purchases tickets to as many shows as she can. See more articles by Amanda.