Abstract:

The sales of battery electric and plug-in hybrid electric cars tipped over the two-million-vehicle mark for the first time in 2019.  Since Deloitte last presented a forecast for electric vehicle (EV) sales, in January 2019, the EV market has made great strides, and not just in terms of sales. OEMs have invested billions to deliver new electrified models, from R&D to factory redesign. Consumer attitudes have evolved. Government interventions have pushed forward and pulled back. But then COVID-19 completely disrupted global sales and manufacturing. In this context, a revised forecast based on updated data was needed. The significant growth of EVs leading up to 2030 will present major opportunities and challenges for traditional original equipment manufacturers (OEMs), new-entrant OEMs, captive finance companies and dealerships. In particular, traditional OEMs will find insights in this report that can help them re-prioritise their customers and strategies in a volatile competitive landscape.