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EV Market to Dominate 62% by 2040, Goldman Sachs Predicts

By Athena Xu

5/21, 17:17 EDT
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  • Electric vehicle (EV) sales are projected to rise sharply, reaching 62% of the market by 2040, while internal combustion engine (ICE) and other non-electrified vehicles are expected to decline to 28%.
  • Plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) are forecasted to hold a smaller share of the market, with PHEVs at 10% and HEVs at 4% by 2040, indicating a transition towards fully electric drivetrains.