Online market data platform Statista estimates that more than 16 million electric vehicles (EVs) will be sold globally in 2027. If accurate, this would represent a 418% increase since the start of the decade—a strong indication of how quickly the market is developing.
Governments' ambitious environmental standards are providing a strong impetus for the pace of electrification. For example, as part of the Biden Administration’s commitment to sustainability, the US Environmental Protection Agency is pushing for 67% of new passenger vehicles to be electric by 2032—ten-times more than 2023’s figure. Similarly, the EU Parliament is striving for all light vehicles to be zero emissions by 2035, and the UK is charting a similar course.
Despite making rapid progress, many in the industry remain sceptical that such a massive transition from internal combustion engines can be achieved on time. To accelerate electrification efforts, OEMs need a way to maintain innovation momentum, meet impending production targets, and keep costs down. Simulation tools could provide the advantage that the automotive industry urgently requires.
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