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Bloomberg New Energy Finance has released its annual long-term forecast of the world’s electric vehicle market. The report looks at how economics, technology, policy, and consumer behavior will impact EV adoption between now and 2040.
According to the findings:
Electric vehicles take majority share of new car sales
We estimate that EVs will account for 54% of new car sales by 2040, not 35% as previously forecast.
Tumbling battery prices to drive EV growth
The real take-off for EVs will happen in the second half of the 2020s due to plunging lithium-ion battery prices, which are set to fall by more than 70% by 2030.
Oil displacement ramps up
By 2040, EVs will displace 8 million barrels of transport fuel per day, and add 5% to global electricity consumption.
You can access the full report here.