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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