While we at Tematica tend not to focus on the precise figures for forecasts that span more than a year or two out, the direction of EV adoption and therefore the need for additional EV charging stations per KPMG’s findings serves as a solid multi-year confirmation point for the Cleaner Transportation aspect our Cleaner Living investment theme and the Cleaner Living index.
Automotive executives think more than half of their sales will be electric vehicles by 2030, in line with President Joe Biden’s EV sales goal, according to a new survey released Tuesday by accounting and consulting firm KPMG.
While estimates varied widely from more than 20% to about 90%, the survey on average that executives expect 52% of new vehicle sales to be all-electric by 2030. The same amount is expected for Japan and China, according to the survey which polls more than 1,100 global automotive executives.
Seventy-three percent of respondents expect that EVs will reach cost parity with internal combustion engines by 2030.
While 77% believe EVs can be widely adopted without government subsidies, 91% said they still support such programs.
Access to charging stations, specifically rapid charging stations for longer travels, remains a hurdle to EV adoption for many consumers. KPMG found 77% of executives expect consumers to require quick charge times of under 30 minutes when traveling. In the U.S., less than 20% of existing public EV chargers are fast chargers, and many of them can’t charge a vehicle to 80% in 30 minutes or less, according to KPMG.