Electric vehicles will become more popular than ICEs by 2033: Ernst & Young

Electric vehicles will become more popular than ICEs by 2033: Ernst & Young

Ernst & Young Global Limited (EY), a multinational professional services network headquartered in London, has predicted that electric vehicles (EVs) will become more popular than conventional internal combustion engines (ICEs) by 2033, several years earlier than most of the previous estimates from automobile industry experts.

EY made use of an AI-powered forecasting tool, and came to the conclusion that auto manufacturers will be selling more EVs than ICEs by the year of 2033. If the prediction turns into a reality, it would be five years earlier than previous estimates by many other professional services networks.

However, it is worth-mentioning here that EY’s prediction applies only to the United States, Europe, and China. By the year of 1945, the London-headquartered consultancy firm expects sales of ICE-equipped vehicles to drop to under 1 per cent.

Randy Miller, head of advanced manufacturing & mobility at EY, said that strict environment regulations would serve as big contributors to the shift from ICEs to EVs in the coming years. He cited the example of the Biden administration that has already planned to gradually phase out the ICEs.

Speaking on the topic, Miller said, “Many more models that are much more appealing are coming out. You factor that with the incentives, and those are the raw ingredients that are driving this more optimistic view. The view from the millennials that we’re seeing is clearly more inclination to want to buy EVs.”

Of course, the age of ICE vehicles is drawing to an end as a number of governments around the globe have already declared that they would not accept ICE vehicles on their public roads after a certain date. Automakers are being pushed to switch from fossil fuel-powered ICE vehicles to environment-friendly EVs to help cut carbon emissions to tackle the problems of global warming and climate change.

In Europe, the UK government has declared a ban on sale of ICE vehicles after 2030. As many other European countries are following the foot prints of the British government in the field of electrification of vehicles, their governments also expected to declare such decisions sooner than later.

Following suit, a number of major automakers have also announced their respective deadlines for putting an end to ICE vehicles. Audi, for instance, has pledged not to add any new ICE vehicles to its fleet after 2026. After that year, the luxury car brand will only add new electric models to its range and will stop producing ICEs after 2033.