Electric Vehicle Special Written by Jamie Hamilton, head of electric vehicles at Deloitte
EV MARKET
Electric vehicles expected to account for a third of the market by 2030 Despite the impact of Covid-19, the electric vehicle market’s collective accomplishments over the past two years signal a pattern of ongoing growth, which is expected to continue over the course of the next decade. Jamie Hamilton, head of electric vehicles at Deloitte, explains further Before the COVID-19 pandemic shook up the automotive industry, electric vehicles (EVs) were moving steadily into the spotlight. So much so, a milestone was reached in 2019 when the combined annual sales of battery electric vehicles and plug-in hybrid electric vehicles tipped over the twomillion-vehicle mark for the first time. Despite the impact of COVID-19, the EV market’s collective accomplishments over the past two years signal a pattern of ongoing growth, which is expected to continue over the course of the next decade. In Deloitte’s latest insight report, our global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years. This would see total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. On this trajectory, EVs would secure approximately 32 per cent of the total market share for annual new car sales by the end of the decade.
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The UK will be at the forefront when considering the switch to full electric. of the electric revolution Major investment in infrastructure and In the UK, a mix of favourable government overcoming consumer concerns around the policies and greater consumer awareness availability and accessibility of charging on climate change have been facilities is vital in order for the UK catalysts for EV growth to to keep pace with the leading date. With ambitions to EV regions. However, once the E ncoura meet wider net zero necessary infrastructure is g uptake ing emissions by 2050, and in position, other factors of electric a proposed ban on mean that the UK is well vehicles the sale of polluting placed to see demand w ithin th vehicles brought shift beyond early e fleet market forward to 2035, adopters, reaching wider w i driving ll be a key the stage is set for segments of the market force o further adoption. and potentially surpass f EV growth Deloitte’s analysis the 32 per cent global EV in found that 50 per cent market share by 2030. the UK of UK consumers would consider an EV as their next Companies have an vehicle purchase. However, 33 important role to play per cent indicate that a lack of charging Sales of new cars to businesses represents infrastructure remains the greatest concern a significant proportion of all cars sold,
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