Starting next year, a wave of new electric vehicles fromIndustry executives and forecasters do not agree on how rapidly electric vehicles could take over half the global vehicle market, let alone all of it., the world's largest single automotive market, battery electric vehicles have captured about 21% of the market. In Europe, EVs account for about 12% of total passenger vehicle sales. But in the United States, EV market share is only about 6%.
Among the barriers to EV adoption, industry executives and analysts said, were a dearth of public fast-charging infrastructure, and the rising cost of EV, driven by shortages of key materials and uncertainty over government subsidies that have buoyed EV purchases in major markets including the United States, China and Europe.
By 2029, electric vehicles could account for a third of the North American market, and about 26% of vehicles produced worldwide, according to AutoForecast Solutions, a consultancy. Electric vehicle sales likely will not increase in a smooth, ever-ascending curve, said AFS President Joe McCabe. If there is a recession next year, as many economists forecast, that will slow EV adoption.
Wards Intelligence forecasts that combustion vehicles will make up just under 80% of North American sales in 2027. Based on automakers' product plans, Wards analyst Haig Stoddard said at a recent conference that manufacturers"expect strong ICE volume heading into the next decade."
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