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The automotive industry is on the cusp of a significant shift, with electric vehicles (EVs) poised to become the norm by 2035, according to a new report by Strategy&, the strategy consulting branch of PwC.
By 2030, it is expected that battery electric vehicles (BEVs) will account for around 40% of global car sales, matching the cost of combustion models in all segments. Today, the total cost of ownership (TCO) for BEVs is comparable to many vehicle classes, with this trend continuing to hold true as we approach 2030.
The progress in costs for BEVs is being driven by falling cell prices, increased competition, and economies of scale. Analysts predict that these factors will continue to drive down the costs of EVs, making them increasingly affordable for consumers.
Electric trucks are also predicted to replace diesel trucks by 2030, according to the report. The demand for batteries is expected to increase significantly by 2035, from the current 1.15 TWh to around five TWh, due to the rise in BEV sales.
The driving forces behind the development of electric mobility are new cell chemistries, optimized battery architectures, and more efficient powertrains. A new study by Strategy& titled "Coming of Age: The Next Phase in the eMobility Transformation" suggests that technological advancements could give electric mobility the final breakthrough worldwide in just a few years.
Experts predict an average consumption of 14 kWh per 100 kilometres for electric vehicles. By 2030, it is expected to be possible to recharge an electric vehicle to a range of 400 kilometres in just ten minutes, making long-distance travel more convenient for EV owners.
The gap in prices between electric and combustion vehicles is narrowing in the automotive retail sector. The share of BEVs in global car sales is expected to be around 40% by 2030 and 60% by 2035, signalling a seismic shift in the industry.
As the world moves towards a more sustainable future, the rise of electric vehicles is an exciting development. With advancements in technology and falling costs, it seems that the future of transportation is electric.
