Havana good time: will there be unintended consequences of ICE bans?
The push to electrify vehicle fleets and the automotive industry is gaining momentum worldwide. Countries have set targets for electric vehicle (EV) sales, and bans on internal combustion engine (ICE) vehicles are being implemented. However, the current EV market is dominated by higher-income households, hindering broader adoption. The average age of light vehicles is increasing, and the value of used EVs is declining, raising concerns about their longevity and affordability. The ban on ICE vehicles may create a future shortage, driving up prices and benefiting the aftermarket industry. The future of EVs, their lifespan, and the potential social and economic impact of affordability issues require further examination.
The push to electrify both vehicle fleets and the automotive industry is gathering pace around the world. Countries worldwide have announced targets for the percentage of new vehicles sold that will be electric by a certain date.