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Europe's Auto Market Predicted To Be 100% Electric By 2035

By Brian Spaen

The electric vehicle takeover seems to be a matter of when and not if at this point. ING, a Dutch bank group headquartered in the Netherlands, is expecting EVs to only be sold by the time 2035 rolls around. That’s a significant ramp-up from other estimations that see the car industry being taken over beyond 2040. The bank also warns that the European market will be affected with the rise of battery production.

ING’s detailed report explains the path of how EVs will 100 percent dominate in less than 20 years. As we’re seeing now, both fast-charging capabilities and the infrastructure on where these vehicles can be charged are growing rapidly. Tesla has sparked this growth by releasing the first mass-market vehicle and attempting to double their charging station potential this year alone.

Over the next few years, the bank believes that range will continue to increase with updated lithium-ion battery technology. However, costs will still be significantly above cars with internal combustion engines. 2024 will see the point where these updated EVs with long range will have equivalent costs to a traditional car. The next decade will see a rapid decline in vehicles with ICEs until they’re out of the ecosystem.