Electric vehicle sales could reach 33% globally by 2028 and 54% by 2035, as demand accelerates in most major markets, consultant AlixPartners said on Wednesday.
EVs accounted for less than 8% of global sales last year, and just under 10% in the first quarter of 2022.
To support that demand, automakers and suppliers now expect to invest at least $526 billion on EVs and batteries from 2022-2026, the firm said at its annual Global Automotive Outlook briefing. That is more than double the five-year EV investment forecast of $234 billion from 2020-2024.
Those higher investments “have now made EV growth inevitable,” according to Mark Wakefield, co-leader of the firm’s automotive practice.
