When will battery electric vehicles (BEVs) reach the tipping point and overtake the internal combustion engine (ICE) as the power source of choice? This question is already agreed by most industry observers as the one defining the modern automotive era.
Some industry analysts claim retail price parity will mark that tipping point. However, this factor is not the only requirement for a mass change in consumer behavior in favor of BEVs. Perhaps the question we should be asking is: “When will the four key elements that make up the entire market framework achieve parity, driving consumers to choose BEVs over ICE?” Each of the four key driving forces is affected by a number of variables, all are often highly regionalized, and they form a complex matrix in which vehicle price is only one part of the equation. Charging infrastructure and regulatory frameworks must align. Whole-of-life costs, reliability, and convenience models must improve, and regulation and legislation must enact changes before any tipping point occurs.