"Uptake of EVs accelerates in all road segments as cost parity of EVs is reached by the early to mid-2020s," according to the McKinsey & Co. "Global Energy Perspective 2019: Reference Case."
The report includes a graph that shows the timing of cost parity of EVs with traditionally fueled vehicles in the EU. According to the report, total cost of ownership parity timing in China and the U.S. is similar to that of the EU, with China slightly earlier and the U.S. slightly later.
The report predicts EV costs will decrease rapidly, attributed largely to lower battery costs.