A steady stream of news items indicates that the transition to electric vehicles will take place much faster than many people think. Plug-in vehicle sales have surpassed a 10% market share in California, and Tesla is now estimated to have an impressive 1.7% share of the total US market. As EV sales increase in key regions around the world, industry analysts are gradually revising their forecasts, and most are bringing forward their predicted dates for the end of the Oil Age.

Ernst & Young, one of the venerable Big Four accounting firms, now predict that EV sales in the US, China and Europe will surpass those of fossil-powered vehicles five years sooner than previously expected. The global auto industry is rapidly recovering from the pandemic-induced sales slowdown. The EY Mobility Consumer Index, published in November, showed that almost a third of non-car owners planned to buy a car in the next 6 months. Among all prospective buyers, 30% said they’d prefer an electrified vehicle.

Click here to read the full article posted on July 22^nd, 2021 on Insider EVS.