Electric vehicle sales are expected to steadily increase over the next decade, leading to a significant impact on the global vehicle ecosystem.
While electric vehicles (EVs) currently account for a relatively small share of the global auto market, sales have sharply increased in the last few years and should continue to rise in the next decade. EVs may account for up to 40 percent of new sales by 20301 due to government mandates, consumer demand, and financial incentives such as tax credits.2 According to Bloomberg, global EV sales in 2021 are expected to reach a record 6.1 million units.3 With more EVs coming off manufacturing lines, buyers and sellers – particularly in key regions – can expect to see more of them available for resale and at auction.
A recent survey showed that those interested in purchasing an EV overwhelmingly view them as the way of the future, with 85 percent of respondents noting that they are “better for the environment.”4 A majority of those surveyed (70%) also viewed charging an EV as a more affordable alternative to fuel.
Governments around the world are incentivizing manufacturers to help address climate change by eliminating fuel emissions. An Executive Order from President Joe Biden in August 2021 set lofty goals for 2030 that include 50 percent of all new passenger vehicles being electric.5 Time will tell if this target can be reached, but manufacturers are investing billions into all-electric makes and models this decade.6 Audi and Volkswagen each plan to cease selling internal combustion engines (ICE) entirely by 2033.
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