A study by Bloomberg New Energy Finance Agency is saying that EVs will represent 57% of the global car sales by 2040.
The electrification of the global automotive fleet could accelerate rapidly if we rely on a new report published by the BNEF Agency (Bloomberg New Energy Finance). The firm has revised upwards its projections for 2040, saying that electric vehicles would occupy 57% of global car sales over the next two decades.
The agency goes even further by stating that the light commercial vehicle sector could also be predominantly electric by 2040 in the United States, China and Europe.
BNEF believes that the number of electric vehicles sold will reach 56 million units sold in 2040, against 2 million last year. In contrast, vehicles equipped with internal combustion engines will lose market share, from 85 million vehicles assembled last year to only 42 million in 2040. The agency explains its projections citing the rapid development of technology and the price of batteries which should fall further. Since 2010, the price per kWh has decreased by 85%.
Thus, the price of electric vehicles will soon be equivalent to that of vehicles powered by gasoline. Best of all, the price of EVs should be lower than that of traditional cars from the middle of the next decade on purchase, but also in terms of maintenance.