Electric Cars Will Dominate the Market in 2040

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Improvements in battery density and cost, as well as additional charging stations and government rules that make driving pollutive automobiles more difficult, are boosting the adoption of electric vehicles. Even still, more must be done to clean up road traffic if any country is to reach its net-zero emissions objectives in the next 30 years, according to BloombergNEF.

Internal combustion engine (ICE) car sales have already reached their peak. In Europe, battery electric vehicles are reaching parity with ICE vehicles in terms of pricing. Battery prices have dropped as a result of improved production and technology, as well as increased demand.

According to BloombergNEF's Economic Transition Scenario, Passenger EV sales are expected to skyrocket from three million in 2020 to 66 million in 2040. EVs will account for more than two-thirds of passenger car sales globally by 2040, with Europe and China leading the way.

It's worth mentioning that there are more than 500 EV models on the market worldwide.

Moreover, internal combustion engine (ICE) car sales have already reached their peak. In Europe, battery electric vehicles are reaching parity with ICE vehicles in terms of pricing. Battery prices have dropped as a result of improved production and technology, and increased in demand.

There are more than 500 EV models on the market worldwide.

Electric cars released in 2020 may go 359 kilometers (223 miles) on average before needing to be recharged, compared to 166 kilometers in 2012.

In only two years, the number of charging stations in China and Europe has more than doubled.