Part 5/10:
As we look further into the future, the predictions become even more daunting for legacy manufacturers. The anticipated crossover point where EVs outstrip ICE sales is not just a technological advancement; it symbolizes a seismic shift in consumer behavior and market dynamics. Industry experts envision that EV sales could grow exponentially in the coming decade, leading to an overwhelming market share that could surpass 90% by 2034.
This surge will create a complicated landscape for vehicle manufacturers, as ICE production costs are expected to rise due to decreasing volumes. With reduced demand, manufacturers will find it increasingly challenging to sustain their ICE operations economically.