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Summary
- Gas-powered cars are on the decline globally, with internal combustion engine vehicles peaking in 2017 and sales of electric and plug-in hybrid vehicles increasing significantly.
- Sales of electric vehicles are projected to continue growing, with estimates predicting 30.2 million units sold in 2027 and 42 million in 2030.
- Affordability of EVs is improving, with prices falling and total cost of ownership potentially lower than gas-fueled cars in some cases.
The last several months have been messy for the electric vehicle industry, to put it mildly.
Major players like General Motors, Ford and Mercedes-Benz are pumping the brakes on their electrification efforts, citing uneven and unpredictable consumer demand. Many drivers remain hesitant to go electric because they’re worried about a lack of charging stations and insufficient range.
Tesla, the longtime leader in the space, could’ve led the charge this year with new and updated models but is focusing on AI and robotics instead. After years of meteoric growth, the EV powerhouse reported an 8.5% slump in vehicle deliveries in the first quarter of this year. Lately, the conversation around the electric car market has been defined by bad vibes and a murky outlook.
Gas-powered cars are in trouble
The U.S. is seeing a slowdown in the growth of the EV market right now. But globally and over the long-term, sales of plug-in cars are set to soar while conventional gas-guzzlers peter out.
However, when you look past the gloomy headlines and take a broader view, a clear trend emerges: The internal combustion engine is dying out.
Read the full post at Inside EVs.
