Business Transformation

Sales of electric vehicles in Europe will exceed those of conventional ones by 2028 (new survey)

Electric Vehicles

More and more consumers are turning to electric cars. Sales of electric cars are expected to skyrocket during 2022. Almost 40% of consumers who plan to buy a new car in 2022 will choose an electric one. This percentage is increased compared to 2020 and 2021. Even those who already have an electric car, 77% say that their next car will also be electric. In total, 50% predict that they will buy a car (electric or with internal combustion engine), an increase of 17% compared to November 2020. In fact, 65% of them say that they will buy one within the next 12 months.

In addition, according to EY Mobility Consumer Index (MCI) survey, involving more than 9,000 consumers from 13 countries, 7 out of 10 people say they are willing to pay more for an electric vehicle, a rate that rises to 91% for those planning to choose an electric vehicle as their next car. The Covid-19 pandemic made people more conscious. Almost, 80% of the respondents to the survey answered that the top reason for buying an electric car is their concerns about the environment. Furthermore, 53% of those looking to buy an electric vehicle feel that it is their responsibility to reduce their personal environmental impact, and 54% feel that buying an electric car is one way to achieve this.

Due to the Covid-19 pandemic most respondents who own or intend to buy a car say that constant access to a personal car is important to them (56%), and that their safety and wellbeing is best served by a personal car (52%).

According to another analysis by Mobility Lens Forecaster, electric vehicles sales in the US, China and Europe will surpass all other engines five years earlier than expected. The latest forecasts show that by 2028 sales of electric vehicles in Europe will surpass those of other motors, a trend that will be repeated in China by 2033 and in the US by 2036. The analysis also shows that by 2045 sales of non-electric cars will shrink to less than 1% of the total. In terms of sales volume of electric vehicles, Europe is expected to lead the way by 2031, with China taking the lead from 2032 until 2050.

Finally, uncertainty about charging infrastructure is one of the top three concerns for those who do not intend to buy an electric vehicle (32%). Almost, 50% of the respondents believe that there are not enough charging points to invest in buying an electric vehicle.

However, the high cost of an electric car remains the most important problem when someone thinks about obtaining one. According to the analysis by Mobility Lens Forecaster, one in two potential buyers (50%) is considering buying an electric car, but does not decide to get one because of its cost. Only those who are determined to spend a large amount of money decide to get it. Consumers with lower incomes are more likely to eventually choose a conventional model.

The car industry has realized this and is constantly trying to find ways to reduce the overall cost of electric cars. The biggest cost to an electric vehicle is its battery and most manufacturers have focused on that. Diversification of materials, lighter batteries, higher production volume and longer life are the key points that will drop the cost of an electric car. Already, analysts say that in the next 2-3 years their cost will be much lower than today. All estimates are based on this, stating that by 2028, sales of electric vehicles in Europe will exceed conventional ones.

Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at maria-gourtsilidou@ceoworld.biz.