BEV Surge Could Benefit Overall Vehicle Sales
Expert says a move away from ICE models could lift BEV and ICE markets for a time.
An industry boost from BEV production and sales could start in mid-2024 and stretch through 2027.
IMAGE: Getty Images/koya79
At least one automotive industry expert says a ramp-up in battery-electric vehicle production could boost sales of both BEVs and vehicles with internal combustion engines (ICE).
WardsAuto reported that market prediction from a webinar hosted by LMC Automotive, whose President-Americas Operations and Global Vehicle Forecasts Jeff Schuster said that a BEV shot could be injected into the greater industry’s arm from the bandwagon of electrified vehicle production and sales.
WardsAuto said Schuster predicted that two market forces could result from BEV sales increases.
“One is consumers turning in their vehicle sooner than they would have otherwise, to move into an electrified vehicle,” he said in the webinar. “The other side of that could be a consumer that sees their internal-combustion vehicle choice is no longer going to be in production. So, they want to rush out and get that vehicle, that newer version, before the vehicle goes away.”
Schuster projected that such a boost could start in mid-2024 and stretch through 2027, a period that LMC expects annual global light-vehicle production to rise from 90.9 million units to 100.3 million, WardsAuto reported.
READ MORE: Automakers Drive Up Spending on EV and Battery Development
Originally posted on Auto Dealer Today
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