Electric vehicles have definitely been growing in popularity, but until now it’s been unclear how popular they’ll ever be in the near future. Consulting firm Boston Consulting Group (BGC) said “a switch has been flipped,” and that by 2035 the majority of new vehicle sales will be fully electric.
In a statement to Automotive News, BGC representative Akash Akora asserts that many OEMs have finally made EV development the forefront of their future. The firm predicts that EV adoption will reach 20 percent by 2025, and a whopping 59 percent by 2035. This is a huge shift upwards from the firm’s 2021 prediction that EVs would only capture 41 percent of the market.
Along with an increased focus of OEMs on EV development, BGC says that EU legislation will largely drive EV uptake on the continent. The firm expects the US to lag behind the EU but still keep pace with China, with regard to EV adoption. The firm predicts that by 2035, a whopping 93 percent of all vehicles sold in the European Union will be fully electric. Still, the firm also says the Biden administration’s goal of having half of all vehicles sold in the US to be electric by 2030 will likely be a boon to EV sales.
Still, BGC is adamant that supply chain issues and the cost and availability of battery-building materials may be a cause for concern. Yet, if automakers are serious about selling EVs, they’ll likely continue to invest in and build new mining and production facilities to meet demand. We’ll soon see what the automotive market will look like in this increasingly electrified future.
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