Electric vehicle (EV) sales are accelerating faster than predicted and are now expected to reach 55 per cent of total global vehicle sales by 2030, significantly earlier than previously forecast, according to a new report by consultancy organisation EY.
The study, which highlights six priorities to unlock mainstream EV adoption, said EV sales in Europe are set to eclipse traditional petrol and diesel car sales by 2027, also earlier than expected.
“Car drivers are buying EVs at record pace, not put off by rising EV costs or long lead times. Momentum is building in the bus and truck segments too,” the report said, noting EV sales globally doubled in 2021 and grew by 55 per cent last year, reaching 13 per cent globally, 20 per cent in Europe and 27 per cent in China.
“Surprisingly, this demand for EVs comes despite huge turmoil in supply chains, record prices for battery metals and ongoing Covid-19 pandemic disruptions in China. Economic headwinds, the cost-of-living crisis and rising energy costs have done little to restrain enthusiasm,” it said.
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EY’s study said several factors were feeding into the uptake in eMobility, including regulation, subsidies and incentives, which topped $30 billion in 2021. It also noted that “EVs fit with the societal and political urgency to decarbonise” while car companies and utilities are investing in the technology and the infrastructure.
The purpose of the report was, however, to highlight “six essentials for mainstream EV adoption” including increasing accessible charging infrastructure; developing sufficient clean and green power production; promoting the integration of EVs with smart grid technology; securing resilient supply chains and vital raw materials; developing digital platforms and mobile applications to optimise EV charging; and finding and training the next-generation workforce.
Julia Ann Corkery, EY government and infrastructure advisory director, said: “Globally EV adoption is beating predictions, and the trajectory is steep.
“EV adaption in Ireland has actually outpaced global and European averages, with 33 per cent adopting EVs in 2022, 11 per cent of which were pure EVs.
“To continue this mass market adoption of EVs over the coming years – here in Ireland and globally – requires taking the necessary actions and creating the right conditions.”
