The world domination of electric cars will take place before 2033 and about five years earlier than expected – as tougher rules and growing interest drive demand for zero-emissions transport soaring, according to new research cited by Bloomberg.
Ernst & Young sees how EV will surpass fuel-powered cars in 12 years in Europe, China and the US – which are also the largest car markets. And by 2045, non-electric cars will sink below 1% of the global market, according to the artificial intelligence tools used in its EY research.
Strict government directives to tackle climate change affect demand in Europe and China, where manufacturers and consumers face financial penalties for selling and buying traditional petrol and diesel cars. EY sees Europe leading the shift towards electrics, with zero-emission models all other models by 2028. China is placed in 2033 and the U.S. in 2026.
The US falls short of other markets because restrictions on fuel policy “eased” during the Trump presidency. Since Joe Biden took office in January, the US has re-entered the Paris climate agreement, and proposed spending $174 billion on climate change. to accelerate the shift to EV, including the installation of 500,000 charging stations across the country.
There is also a growing interest in electric cars from consumers, from Tesla’s Model 3, to other electric models produced by major traditional manufacturers such as General Motors’ battery-powered Hummer, or Ford’s F-150 pickup truck. Investments in battery-powered models reach $230 billion from automakers.