Connect with us

Hi, what are you looking for?

CleanTechnica

Cars

Study: EVs Won’t Gain Serious Traction In Most Markets Until After 2025, To Achieve 14% Market Share By 2030

A new study from the Boston Consulting Group predicts a somewhat slower uptake for all-electric vehicles than some earlier studies have — with the prediction being that all-electric vehicles (EVs) won’t gain “serious traction” in most global markets until after 2025, and that an only 14% of global new vehicle production will be EVs by 2030.

A new study from the Boston Consulting Group predicts a somewhat slower uptake for all-electric vehicles than some earlier studies have — with the prediction being that all-electric vehicles (EVs) won’t gain “serious traction” in most global markets until after 2025, and that an only 14% of global new vehicle production will be EVs by 2030.

To be more specific, the new study predicts sales of all-electric vehicles (EVs) to rise to 6% by 2025, up from around 1% now — largely on the back of dropping prices, improving battery tech, and increasingly aggressive government mandates and/or incentives.

“Eventually, we’ll reach a point where we don’t need incentives anymore” to boost EV sales, stated Xavier Mosquet, BCG senior partner and lead author of the new work. Mosquet continued by arguing that by 2030 or so demand for EVs will be driven by market forces themselves rather than by regulation.

“BCG expects battery costs to fall rapidly after 2020, to as low as $80 per kilowatt-hour by 2025, compared with about $150 today and more than $650 in 2010. Total operating costs also will drop, BCG said, until the cost of owning and operating an electric vehicle over 10 years will fall below that of a comparable combustion-engine vehicles by 2021,” Reuters reports.

“In addition, more stringent environmental targets in many countries will push vehicle manufacturers to add some form of electrification, including hybrid electric-gasoline powertrains, to reduce exhaust emissions after 2020. Even as costs drop and more advanced technology is introduced over the next 12 years, BCG said it expects 86% of new vehicles to continue using some form of combustion engine by 2030.”

The report argues that one of the primary drivers of EV adoption, especially in the US, will be the growing use of on-demand taxi and ride-sharing services in large cities — owing to the fact that EVs will become more economical in such uses relatively fast thanks to relatively low maintenance and operational costs, and greater compatibility with self-driving tech.

Image by Tesla Shuttle

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

Comments

You May Also Like

Batteries

C-suite executives are increasingly focused on decarbonization. If it doesn't cost them anything, or saves them money, that's a bonus, but ESG attention is...

Climate Change

Below are three recent Nexus Media news briefs combined into one article. Boston Redlining Past Visible In Concrete Today The racist legacy of redlining...

Cars

Originally posted on EVANNEX. By Charles Morris In this day and age, just about everyone who’s paying attention — even stalwarts of the auto and oil...

Cars

Hyundai Group says it will invest $7.4 billion to manufacture electric vehicles in the US.

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.