Electric Vehicles Will Control 70 Percent Of Vehicle Markets In 2030, End Of ICE Machines?

This was extraordinary in the third quarter of 2023 when two electric car manufacturers Tesla and BYD managed to sell the EV in the same number. (Doc. BYD Europe)

JAKARTA - The movement of the automotive industry globally takes place quickly with the increasing growth of the electric vehicle market (EV). In 2026, according to the S&P Global Mobility analysis report, it will be a crucial moment for accelerating the adoption of this environmentally friendly vehicle segment for the future.

According to a report by S&P Global Mobility, which was accessed Monday, December 18, in 2030 from the projections that more than one of the four new passenger cars sold were EVs. Many major vehicle manufacturers around the world have also hinted at the end of the internal combustion engine (ICE) era as the zero-emissions vehicle transition increases.

It is estimated that several leading automotive manufacturers will contribute more than 70 percent of EV production globally by 2030. This figure is more than 2022, where this segment accounts for only 10 percent.

In the Battery Electric Vehicle (BEV) segment, this market breakthrough will continue next year. It is estimated that the electric car will account for 16.2 percent of the total global passenger vehicles by 2024.

Meanwhile, sales in the US are expected to increase by 2 percent to 15.9 million units with the Battery Electric Vehicle (BEV) market increasing rapidly. What's more, there will be nearly 100 BEV models sold in Uncle Sam's country towards the end of the year.

In addition, light car sales will jump 4.2 percent or to 26.4 million units in China with sales of new energy vehicles sold across the country expected to increase to 44 percent of total sales, according to data from Carscoops December 17, which also cites the S&P Global Mobility report.

But on the one hand, even though the transition was fast, vehicle users were still overshadowed by concerns about the range, especially for consumers who wanted to travel long distances. Furthermore, public interest regarding the EV market still has not defeated the Internal Combustion Engine (ICE) vehicle segment. The solution requires joint efforts between various parties, ranging from automotive, utility, government, to private companies.

Now when it's all sustainable, vehicle electrification trends are difficult to dam and could mark the end of the ICE vehicle era.