The cost of owning an electric vehicle (EV) could match petrol and diesel cars in the next five years. That’s according to new research by Deloitte.
A record two million EVs were sold globally last year and the price parity is expected to help boost demand further – the report forecasts four million EVs to hit the roads by 2020, 12 million by 2025 and 21 million by 2030.
Other factors forecast to accelerate the uptake of EVs are growing consumer demand for greener vehicles, coupled with government policies that offer financial incentives and inner-city restrictions for old, polluting cars.
However, the report projects supply will vastly outweigh consumer demand by around 14 million units over the next decade as manufacturers increase their capacity.
It suggests the gearing up of EV production is driving a wide “expectation gap” and both incumbent and new manufacturers will need to adapt towards the new competitive landscape.