Battery-electric vehicles will account for a majority of new light-vehicle sales worldwide by 2035 as government mandates begin and automakers roll out new models, according to a forecast by Boston Consulting Group.
BCG anticipates 59 percent of all new vehicles sold worldwide will be BEVs by 2035, a double-digit upward revision from its estimate in 2021, which called for a 45 percent market share. Likewise, the consulting firm anticipates BEVs will make up 20 percent of worldwide sales in 2025, up from last year's forecast of 11 percent.
"We really think the switch has been flipped," said Aakash Arora, managing director at BCG. "It used to be a few years ago that for many companies, both OEMs and suppliers, EVs were a very important piece of their strategy but still just a project. Now, we're seeing that EVs are the company and that ICE is the project."
BCG's report …