Sales of electrified vehicles — particularly plug-in hybrids and full battery electrics — are growing faster than expected, according to a new study from Boston Consulting Group.
Electrified vehicles — which stand at about 8 percent of global sales — will account for a third of sales by 2025, according to a report released this month, up from the company’s previously forecast one-fourth of sales.
Aside from plug-ins and full electric vehicles, the company’s definition of electrified includes conventional and mild hybrids.
EV sales are expected to surpass internal-combustion-engine vehicle sales by 2030, taking 51 percent of the market.
This uptick in sales comes as traditional and new automakers have more than 100 electric vehicle models in the pipeline over the next three years. Automakers have committed $300 billion to EV development and continue to invest in vehicle charging infrastructure.