The future of cars is electric – but how soon is this future?

According to a new report by BloombergNEF, 58% of global passenger vehicle sales in 2040 will come from electric vehicles, yet they will make up less than 33% of all cars on the road.

BNEF predicts that 500 million passenger EVs will be on the road globally by 2040.

Image: Stadtwerke Heidelberg

Share

From pv magazine International

While popular science fiction has set high the expectations of what the future of transportation will look like, BloombergNEF has painted a picture of how the auto industry will evolve in its latest Long-term Electric Vehicle Outlook report.

BloombergNEF says electric vehicles (EVs) will account for 10% of global passenger vehicle sales in 2025, with that number rising to 28% in 2030 and 58% in 2040. According to the study, EVs currently make up 3% of global car sales.

Beyond just new sales, EVs are predicted to represent 31% of all cars on the road in 2040, making up 67% of municipal buses, 47% of two-wheeled vehicles (scooters, mopeds, motorcycles), and 24% of light commercial vehicles. Compare this to 2020, where EVs account for 33% of municipal buses, 30% of two-wheeled vehicles and 2% of light commercial vehicles. 

In terms of gross vehicle usage, BNEF predicts that 500 million passenger EVs will be on the road globally by 2040, compared to a total passenger vehicle fleet of 1.6 billion. Unfortunately, there will still be more miles driven globally by internal combustion passenger vehicles than EVs.

To read more, please visit our site pv magazine International

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Waaree starts solar module production at its USA facility
20 December 2024 Waaree Solar Americas has started trial production of PV modules at its facility in Texas. The facility is set to fully commission its Phase-1 manufac...