I think the switch will happen sooner rather than later, considering the progress BYD is making in China (and many of their export markets).
It's true that electric vehicles remain a bit too expensive for many, but most of those people aren't buying brand new ICE vehicles either. Why spend lots of money to buy a brand new car of obsolete technology, when the alternative is to buy used and wait for electric ones to get cheaper? I know literally nobody in my age group (adults in their 30's) who has bought a brand new car in past few years. I live in rich EU country.
It's true that electric vehicles remain a bit too expensive for many, but most of those people aren't buying brand new ICE vehicles either. Why spend lots of money to buy a brand new car of obsolete technology, when the alternative is to buy used and wait for electric ones to get cheaper? I know literally nobody in my age group (adults in their 30's) who has bought a brand new car in past few years. I live in rich EU country.