Electric vehicles might account for a massive 33% share of car sales by 2028, according to report.
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According to AlixPartners" estimate, electric vehicle (EV) sales are expected to account for 33% of total car sales by 2028 and 54% by 2035. Global EV sales were 8% of total car sales last year, and will be just under 10% in Q1 CY2022.
According to the analysis, increased demand for electric vehicles obligates automakers and manufacturers to make investments $526 billion in EVs, batteries, and charging infrastructure over the next four years.
Mark Wakefield, co-leader of AlixPartners" automotive group, told Reuters that the boost in investment will fuel demand for EVs even more. However, he continued, the industry has numerous hurdles in accelerating EV normalisation.
Production costs are one of the most prudent worries. The raw materials used to make EVs cost more than twice as much as those used to make ICE automobiles. According to Reuters, an EV costs $8,255 to manufacture in May 2022, whereas an ICE car costs only $3,662.
AlixPartners predicts a rising trend in EV demand due to rising fuel costs around the world, concluding that automakers will have no alternative but to invest more funds in EV research to maintain up supply.
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