According to a recent survey of auto industry executives, conducted by accounting and consultancy giant, KPMG; it has been brought out to the notice that EVs sales are going to see a 52% elevation by 2030 in the US, China and Japan.
According to the study, auto industry experts believe electric cars will account for slightly more than half of the new automotive sales in the United States, Japan and China by 2030, and that they will be able to do it without government subsidies.
However, the survey that includes 1000 auto industry representatives, also says that the combustion or hybrid vehicles will continue to have a significantly high share of the automobile market in years to come.
It also added that the sale of electric vehicles in Western European countries, India and Brazil will be comparatively low.
The rate at which manufacturers may phase out petrol & diesel engines and the carbon dioxide emissions they produce is a critical problem for the global vehicle industry.
Earlier this month, a group of manufacturers and nations signed a declaration asking for the global phase-out of combustion vehicles by 2040, and by 2035 in wealthy countries.
Nevertheless, Volkswagen AG and Toyota Motor Corp, the world’s two largest automobile selling firms and top three auto-buying market nations: China, USA and Germany, did not sign the declaration.
But, beyond those aggregate estimates, industry executives have significantly disparate perspectives. Like for China, some auto industry insiders predict that EV sales in the country would be less than 20% of the country’s market, while others estimate that it will be 80% electric by 2030.
So far, government incentives have propelled global electric car sales. However, according to 77 per cent of those surveyed in KPMG’s study, electric vehicles can reach mainstream acceptance within 10 years without government assistance as battery costs fall to parity with fossil fuels engines. On the other hand, 91% of auto executives prefer government subsidies.
According to the poll, 75% of surveyed executives plan to divest non-core assets in order to re-evaluate the sustainability of business lines for electric technology automobiles. Furthermore, 53% of them believe that, despite the pandemic and supply-chain challenges, the industry can see profitable development in the coming 5 years.
The survey also says that the most optimistic executives were in the United States and China, while the most gloomy were in France.
