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Nevada, Minnesota, and Virginia joined California and ten other states in agreeing to establish zero-emission vehicle quotas for new passenger cars. In the US, the Biden administration significantly tightened rules on tailpipe emissions. The regulatory pressures curbing the use of fossil-fuel-powered vehicles have increased in major Western markets. Several factors explain the strong showing. Sales of BEVs and plug-in hybrid electric vehicles (PHEVs) were especially strong, doubling in the US (though from a lower base than in other regions) and tripling in China. By contrast, the share of gasoline and diesel cars dipped 9 percentage points. These vehicles accounted for 20% of all light-vehicle production in 2021, up from 12% the previous year, even as volumes recovered from the COVID-19 pandemic. The past year has been phenomenal for electric vehicles, including hybrids. They will need to take an innovative approach, collaborate more closely with other players, and build effective ecosystems. To win in this market, automakers will have to find ways to resolve problems in their supply chains. In particular, battery supply chain players and providers of charging infrastructure are racing to catch up with demand. For some players, rising consumer demand is creating new challenges or exacerbating old ones. There’s a sting in the tail of this rosy outlook, however. The US, while it still has work to do to achieve its climate goals, is also in a better position than when we last reviewed the sector in early 2021. It puts the bloc on course to hit its 2050 emission reduction targets for transportation. The European Union’s announcement banning sales of new ICE vehicles from 2035 is a game changer for the global automotive industry. Our revised modeling holds out greater hope for the health of the planet as well. Furthermore, we expect global BEV sales to exceed all types of hybrid vehicles combined, and far outweigh those of internal combustion engines (ICEs), by the turn of the decade. According to our forecast, pure battery electric vehicles (BEVs) will be the most popular type of light vehicle sold globally in 2028-three years earlier than we projected in our 2021 report on electric cars. The impact of these developments on sales of EVs will be dramatic. Together, these forces are turbocharging the global market for EVs. Automakers have also raised their game and introduced electric vehicle (EV) options in every part of their product portfolios. Spurred by a renewed sense of urgency, regulators in Europe and the US have set far more demanding goals for curbing greenhouse gas emissions from cars and light vehicles. The world stands on the threshold of a new age of electrified mobility thanks to developments over the past year. To learn more about the challenges and opportunities associated with the EV revolution, read the article here.ĮV adoption is shifting into overdrive-generating fresh challenges for automakers and fueling creative solutions. There is reason for optimism that players across the automotive ecosystem are willing to work together to overcome industry challenges.Although the transition to electrified mobility is rapidly gathering momentum, two short-term risks-a supply shortage of the lithium and nickel needed for EV batteries, and insufficient charging infrastructure-could limit the pace of industry change.A new wave of potential buyers is emerging who will need to lean more heavily on distributed, public infrastructure to charge their vehicles because they don’t have garages for home charging or don’t own a house.The European Union’s ban on the sale of new vehicles powered by internal combustion engines from 2035 puts the bloc on course to hit its 2050 emission reduction targets for transportation, but the US still has work to do to achieve its climate goals.Here are other key insights revealed by our analysis: In our latest report on the EV market, we forecast that battery electric vehicles will be the most popular type of light vehicle sold globally in 2028-three years earlier than projected in our previous report.
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Technology, Media, and TelecommunicationsĮlectric vehicle adoption is accelerating globally thanks to more aggressive action by regulators and greater acceptance among automakers.