Many markets will become pure BEV/ZEV sales markets by 2040 at the latest with only few exceptions, according to IHS Markit estimates.
The ICE sales era in Europe will be replaced by the BEV sales era between 2035 and 2040.
In China, IHS Markit expects New Energy Vehicles (NEV) sales targets to be around 40% by 2030, greater than 50% by 2035 and up to 100% by 2050 at the latest.
The U.S. will achieve a BEV/ZEV new vehicle sales trend of between 25-30% by 2030 and 45-50% by 2035, according to IHS Markit estimates.
OEMs accelerate their electrification plans with less room for platform, vehicle and powertrain complexities other than BEVs.
“The tipping point for decisions towards an accelerated BEV roadmap or even a full BEV switch has arrived in the board rooms of major OEMs in regulated markets,” said Reinhard Schorsch, Director, OEM Planning Solutions at IHS Markit.
Regulations enforce the move towards BEVs/ZEVs, OEMs plan according to or even beyond regulation compliance, but markets and customers need to be ready.
“Broad consumer acceptance and readiness for BEVs will occur when price and total cost of ownership match with mobility budgets, when real driving ranges match with use cases, and when charging is no longer a concern in consumer’s mind-sets,” he added.