Electric Vehicle Sales Set To Soar By 2030

Electric vehicle sales will likely take 32% market share worldwide by 2030.

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Sales of electric vehicles are set to reach a major milestone by 2030, according to a recent industry report by Deloitte. The study found that electric vehicle sales will likely take 32% market share worldwide by 2030, and the current new petrol and diesel powered variants have ‘peaked’ in terms of sales. By the end of 2020, electric car sales – that include full electrics and plug-in hybrids – are expected to hit 2.5 million, with Deloitte predicting this to increase to 11.2 million in 2025, and 31.1 million in 2030.

Jamie Hamilton, Head of Electric Vehicles at Deloitte, explained the reasons behind the huge expected growth for the electric vehicle market. Wider choice of electric vehicles is likely to increase consumer demand, for example. ‘A wider range of new electric vehicles – combined with a growing second-hand market – means EVs are becoming a viable option for many’, he says.

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Furthermore, Mr Hamilton suggests that EVs are going to become increasingly cheaper as sales progress over the next decade. ‘The price premium attached to many electric cars restricted some early adopters’, he explained. ‘However, as the costs have converged with petrol and diesel equivalents the pool of prospective buyers is set to rise.’

Financial incentives also enhance the appeal of electric vehicles in the United Kingdom. Likely incentives include exemption from pollution charges within cities, cheaper road tax, and cheaper company car tax. Deloitte concludes that, as such, ‘half’ of UK motorists ‘would consider’ an electric vehicle as a next purchase.

Certain issues have to be overcome before motorists fully embrace EVs however, Mr Hamilton suggests. ‘Overcoming consumer concerns around driving range and perceived lack of charging infrastructure will be important factors as more drivers consider the practicalities of switching to electric’, he explains.

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