By 2040, Electric Cars Will Account for about 55% of the Global Sales
The latest Bloomberg report, New Energy Finance, says electric vehicle sales will skyrocket over the next two decades.
The comprehensive report assures us that by 2040, 55% of the world's total car sales will be electric. "Our latest forecast shows that sales of electric cars will reach 11 million by 2025 (from 1.1 million in 2017), then to 30 million in 2030 as they will become cheaper for manufactured than conventional vehicles with an internal combustion engine. China will lead this transformation, with 50% of the world's total electric vehicles being sold in the country in 2025. "
Bloomberg claims that in 2040, 60 million electric vehicles will be sold annually, and then this type of car will account for 33% of the world's car fleet.
One of the key factors for this enormous sales growth will be the drop in their prices. Until 2024, the price of an electric car will compete with a conventional one with an internal combustion engine, without the former benefiting from a state subsidy. By 2029, the cost of producing both types of cars will have reached parity without subsidies.
Moreover, the number of offered electric vehicles will increase many times. Currently, 155 models are available on the world market, but by 2022 the number is expected to reach 289 models.
One of the conclusions of the Bloomberg report does not surprise us: China will be the leader in the sale of electric cars. By 2020, the country could account for 50% of the world's sales of this type of vehicle. In 2025, the electric cars will account for 19% of the total sales of new cars in the country. During the same year, the sale of electric cars in Europe will be 14%, while in the US 11%.
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