Monday, May 29, 2023

Electrified cars will account for 55% of the market in 2030

Registrations of electric and hybrid vehicles have been growing steadily for several years, although they still have only a token representation in the overall automobile market. However, thanks to new environmental requirements and technological advances, its weight in total registrations will skyrocket in the coming years to represent 55% of global sales by 2030.

This horizon for 2030 represents three years of progress compared to the 2021 forecast. However, not all regions will move at the same pace in adopting this type of eco-friendly mobility, while in Europe the share of these models will be 74% by that date, in the United States the percentage will be around 43%.

Last year, sales of electric-traction vehicles grew by 55%, accounting for 13% of global passenger car registrations, up to 10.5 million electric cars and plug-in hybrids, according to report Six Keys to Fixed Electric Vehicle Deployment . The text estimates that 26.8 million electrified vehicles are currently roaming the world’s roads.

Looking to the end of this year, EY estimates that global registrations of electric and plug-in hybrid vehicles will reach a volume of 14.5 million units, up 38% from last year.

Reports suggest that sales of these types of models will increase due to greater environmental awareness of buyers, an increasingly favorable regulatory environment and a higher supply of vehicles. Thus, the Mobility Consumer Index 2022 highlights that 52% of users considering a vehicle purchase in the next two years will opt for an electric or hybrid model.

Javier Ferre, partner responsible for automotive and transportation in Spain at EY, confirms that digitization in the manufacturing process and the introduction of new technologies will meet two “key challenges”, such as optimizing raw materials to streamline manufacturing and creating a “unique” customer experience “with significant economic and social value.” “Industry 5.0 will represent a paradigm shift in the marketplace,” Ferre insisted.

Six keys

However, the report finds a need for feedback from the mobility ecosystem to make fixed deployment of electric cars a reality and has drawn six different keys. The first is the need to invest in the flexibility of the supply chain and the adaptability and autonomy of the electric car production chain. It is also committed to ensuring the development and deployment of renewable energy to decarbonise mobility, as well as implementing a public access charging network for all future users and modernizing and enhancing the security of the supply network.

Electric cars have already outpaced diesel in Europe

In the first four months of this year, more electric cars were sold in the European market than diesel ones, a sign of progress in this technology and growing consumer demand. Between January and April, deliveries of electric cars in Europe reached 559,733 units, representing a growth of 36.5%. In the same period, 550,391 diesel cars were registered, down 0.5%.

However, the European market for plug-in hybrids declined by 2.5% from January to 299,083 units, while sales of conventional hybrid models continued their positive growth, reaching 1.08 million units and experiencing 26% growth.

For their part, European customers bought 1.59 million gasoline cars as of last April, representing a 17.4% increase, making it the most popular technology.

Overall, car registrations in Europe improved 17.2% to 4.2 million units during the previous quarter, and grew 16.1% in the monthly count to 964,932 units.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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