Electric cars to make up 35% of global sales by 2040

In recent years there has been a gradual growth in electric car purchases. It is still evident however that they only possess a small percentage of global car sales.

Whilst it isn’t expected that the amount of change would happen overnight, energy-industry analysts have reported that a surge in the uptake of electric cars is soon to be upon us.

The report by Bloomberg New Energy Finance (BNEF), has detailed that it expects electric cars and plug-in hybrids to represent 35 percent of global sales by 2040.

Sales growth is set to begin in the 2020s. BNEF have pinpointed this period as the point where there will be a decrease in the cost of lithium-ion battery cells -thus making electric cars cost-competitive and have better internal combustion. The calculations on total cost of ownership show EVs becoming cheaper on an unsubsidized basis than internal combustion engine cars by the mid-2020s.

The impact this will have on the environment is vast. BNEF found that electric vehicles will save approximately 13 million barrels of crude oil per day by 2040, equal to about 14 percent of the total oil market in 2016.

To find out more about the benefits of renting an electric or hybrid vehicle from Green Motion, call us today on 0333 888 4000.