The figures are based on calculations by EY's artificial intelligence tool, which provides a look ahead to 2050 for vehicle registrations. The latest projections show that sales of electric and plug-in hybrid cars will exceed those of other vehicles by 2027 in our continent and by 2032 in the United States and Asia.
"Despite the financial and energy challenges of the past period, the electric vehicle revolution will continue, even if they are expected to spread at different speeds in Western and Eastern Europe. Accordingly, it is worthwhile for domestic distributors and dealers to prepare for the change of era as soon as possible, even by bringing in external experts, to gain a competitive advantage in the market," stressed Roland László, head of business advisory at EY Hungary.
"Because electric cars require less servicing, dealers can expect lower revenues in the longer term, which, together with inflation, could further increase the price of new vehicles. For this reason, the sector may need government support in many countries to maintain momentum or accelerate the uptake of electric cars," he added.
Vehicle sales in Europe are already in decline. According to EY analysis, the transition could also be difficult if the energy crisis is not resolved. In China, electric and plug-in hybrid cars will dominate the market by 2032, but self-charging hybrid models could maintain their share until 2050.
Research suggests that by 2040, sales of internal combustion cars will fall to less than 1% of global sales.
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