More than half of new cars will be electric by 2040

electric car charging

Electric cars comprise only a small fraction of the automobiles sold globally, but that will modify quickly, as per an analysis by Bloomberg New Energy Finance.

By 2040, electric cars could comprise up 57% of all passenger car sales globally, the report found. That’s up two percentage points from BNEF’s 2040 projection from 2018. Electric vehicles will comprise a similar percentage of light commercial vehicle sales in the United States, Europe and China under that duration, BNEF predicts.

“We see a real possibility that worldwide sales of standard passenger cars have already passed their peak,” stated Colin McKerracher, head of advanced transport for BNEF.

Electric cars are coming near to matching gasoline- and diesel-powered cars in purchase cost and they already cost low to operate. That means that electric cars will soon overtake internal combustion-powered vehicles as the more economical choice for customers, according to the new report.

During the next two decades, global electric vehicle sales will increase from 2 million last year to 56 million by 2040, BNEF anticipates. At the same time, sales of “conventionally powered” vehicles will drop from 2018’s 85 million to just 42 million worldwide.

The shift will be driven by additional declines in battery prices, that are already falling rapidly. Since 2010, battery costs per kilowatt-hour have dropped 85%, due to improvements in manufacturing and increased economies of scale as more battery factories are constructed.

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