BETHESDA, Md. — There is a lot of hype over electric vehicles (EVs) but it will take decades for the next generation of mobility to dominate the car parc.
Economics is the biggest driver in the adoption rate of EVs, followed by government regulations and consumer convenience and behaviors, according to a new industry report.
The 2021 Joint Electrification Forecast, commissioned by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association (ACA), provides projections on the growth of the EV market in North America.
The report predicts EV penetration to increase rapidly after 2030, growing to 36% of the car parc by 2045 under a base case analysis.
By 2045, 79% of all new vehicle sales are expected to be BEVs (battery-electric vehicles) or plug-in hybrid electric vehicles (PHEVs).
"We are looking at evolution, not revolution," AASA President and CEO Paul McCarthy said.