have increased in the last few years and so have EV sales. Electric cars have proven to be the next big thing in the automotive industry, with their benefits wooing many people. Apart from their reduced prices, which makes them economical for most, other advantages include saving on fuel and maintenance.

The future for electric vehicles (EVs) is promising as more manufacturers are quickly embracing EVs after the success of Tesla, and more consumers are going green.

The vision for 50% of new vehicles produced in 2023 being EV is on the horizon.

What is the future of EV sales?

By the end of 2020, the sales of EVs were only 2%. President Biden recently signed a new order aiming for 50% of the new vehicles sold to be EV. According to a recent

CNBC

article, a survey done by KPMG, an accounting and consulting firm, showed that automotive executives believe that having 50% of car sales being EV by 2030 is attainable.

According to the survey, the participating executives' estimates ranged from 20% to 90% of the sales by 2030, bringing an average of 52%.

Gary Silberg, the global head of automotive at KPMG, thinks that most executives believe the goal is possible. This is due to freshly committed capital worth billions and a large number of new vehicles being introduced into the market.

Following a survey done by

Pew Research

, the

future of EVs

is promising, since 39% of America's population consider making their next vehicle an EV. However, it is predicted that the cost of EVs will be the same as that of petrol-driven cars in the next five years. In this case, it will not be a problem for people to transition to EVs.

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Will EV startups survive?

MORE: E-Scooter Company Lime Looks To Expand After Raising $523 Million

There has been an influx of EV startups since the start of the decade, with Tesla being the only EV startup that has managed to stay put in the U.S. market firmly. Despite the non-success and disappointments, more startups like Lime Scooters are willing to venture and expand.

As reported by KPMG's 22nd annual Global Automotive Executive Survey, 60% of the respondents believe that new EV companies will not have a significant effect. Instead, most will end up being bought by larger companies, and only a few will succeed.

On the other hand, 31% believe new EV companies will have an effect, and 8% believe the probability of failing is high. KPMG also mentioned that there are dominant economic presumptions in the survey findings.

73% of the respondents forecast that EVs will attain equal costs as internal combustion engines by the end of the decade.

On the flip side, 77% believe that EVs can be highly embraced without government subsidies; however, 91% still hold such programs.

The prospective profits from EV sales

MORE:

EV Sales Are Growing This Year, Despite the Microchip Shortage

There has been an increase in EV sales in 2021, with the highest growth in China, the U.S., and European markets. The

sales are still expected to increase

because even with the interference of COVID-19, the market still experienced an upsurge in growth.

Further, the survey revealed that 53% of the respondents are confident that the automotive industry will experience increased profits in the next five years. However, 38% were anxious about the forecast of future profits.

The least optimistic executives were from France and India, with 70% from France being somehow unsettled about the possibility of profitable growth. On the other hand, executives from the U.S. were more confident about the future.

Get affordable insurance for your next EV

The transition to electric vehicles (EVs) is happening very fast with president Biden's order making manufacturers invest more in EV production. However, the final decision on when to purchase an EV still lies with the consumer.

If you ask yourself where to get the best car insurance for your next EV,

Jerry

is an excellent place to start, and signing up takes 45 seconds. Jerry’s app does all the work of getting quotes from the best insurance companies and further assists in canceling your old policies.

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