A newly conducted analysis predicts that sales of electric vehicles will outpace combustion vehicles by 2036 in the United States.
Consulting firm EY, formerly Ernst & Young, released an analysis stating that Europe will sell more zero-emission vehicles than combustion vehicles by 2028 and that China and the U.S. are expected to reach that threshold in 2033 and 2036, respectively.
According to EY's predictions, within the next 10 years electric vehicles are expected to outsell combustion vehicles in the main global markets. In the next 25 years, combustion vehicles or nonelectric cars are expected to only make up 1 percent of the global market.
Brands including General Motors and Volvo are credited for the market shift, as they have vowed to implement aggressive policies that will transition the majority of their vehicles to become electric-only. General Motors announced that it will begin only selling electric cars in 2035, and Volvo committed to stop producing combustion vehicles by 2030, according to Business Insider.
The acceleration in electric car sales can also be attributed to government programs and a push from the millennial generation, Business Insider reported.
"The view from the millennials that we're seeing is clearly more inclination to want to buy EVs," Randy Miller, EY's global head of advanced manufacturing and mobility, said, according to the news outlet.
"The Biden administration's regulatory environment will be a big contribution because it has ambitious goals," he added.
White House press secretary Jen PsakiJen PsakiBiden to meet House Dems before Europe trip: report Overnight Defense & National Security — Presented by Boeing — Milley warns of 'Sputnik moment' for China On The Money — Will the billionaire tax survive Joe Manchin? MORE confirmed in May that President BidenJoe BidenBiden to meet House Dems before Europe trip: report 21 House Democrats call for removing IRS bank reporting proposal from spending bill Overnight Health Care — Presented by Altria — Vulnerable House Dems push drug pricing plan MORE is focused on investing in electric vehicle markets.
“I would say to any skeptics, anyone who’s questioning why we’re investing in the electric vehicle markets or why the president’s proposing that that’s where jobs are, that’s where the future of the auto manufacturing is," she said at the time.