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By 2025, 1 of every 6 cars sold will be electric

01/12/2017
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A study by Swiss global financial services company UBS has revealed that as the electric car industry continues to accelerate, it is predicted that 1 in every 6 cars sold in 2025 will be electric.

The report surveyed approximately 10,000 customers and amongst the findings, noted the buyers’ strong positive interest towards electric cars and their declining interest in diesel engines. It also highlighted the two major issues buyers have when considering electric vehicles, high pricing and the lack of a developed charging station infrastructure. Both of which, UBS believes are becoming smaller road blocks over time.

The high purchase price is the number one reason for not buying an EV and this obstacle should become less relevant as EV powertrain costs are set to reduce faster than expected.  The report, written by several UBS analysts says:

"Our higher EV sales forecast is supported by a wave of investments in new charging infrastructure."

The wave of investment is largely due to the Chinese interest in electric cars. Following the Chinese government’s recent announcement that in the coming years the country is expected to ban the sale of diesel engine cars, the survey revealed that 58% of potential Chinese customers were interested in buying EVs.

Electric vehicle charging stations

China's focus on infrastructure is another big reason why Chinese consumers feel more excited about the chance to buy an electric car, the report states that:

 "In 2013-14, China had only 20k public charging plots, which expanded to 50k by end of 2015 and 141k by end of 2016. As per government forecast, this number would further expand to 300k by end of 2017."

However, there are still a number of unknowns for electric vehicles such as the longevity of their batteries. Although 70% of current electric car owners say that they are satisfied with the life of their battery there is strong speculation that improvements are required.

A best-case scenario for electric cars would see incentives for buying EVs, battery technology development, and a progressed charging station infrastructure. UBS says that:

"in this scenario, every fourth car sold in 2025 would be electric (23.7%)."

Tesla Model 3 Electric Vehicle

(Image sourced from Tesla.com)

Finally, UBS names Tesla as the current market leader however this could all change as existing premium brands are still preferred over Tesla and the lack of a dealer network could pose a threat to their growth.

Telsa has emerged as an early contender for the standard car of the future, however if the analysis from UBS is to be believed, the next few years will be wide open to the competition.

Interested in progressing your career within the Automotive industry? Register your CV with Fircroft today.

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