According to BloombergNEF new Long-Term Electric Vehicle Outlook report, electric vehicles (EV) will make up 31% of the total 2040 car fleet. That’s a world away from the current market share of 3%.
By 2040, they forecast, combustion engine cars will hold onto a respectable market share of 42%, but will be overshadowed by EVs at 58% of new car sales.
The outlook for combustion engines to rule other vehicle categories is mixed. Bloomberg is looking at a 67% share for the total bus fleet in 2040, 47% of two-wheeled vehicles, and 24% of light duty commercial vehicles.
A harbinger of things to come may be found in the 2020 COVID-19 crisis. BNEF found that global sales of internal combustion engine cars are on track to drop by 23% this year, compared to a lesser dropoff of 18% for electric vehicles.
Looking at the big picture, BNEF also points out that the transition from petroleum to electric mobility will drive down the demand for oil.
The below mentioned recent US Energy Department maneuvers, will further help in pushing clean technology to the driver’s seat for COVID-19 recovery: –
- A major new energy storage R&D initiative that includes workforce training.
- A new public-private consortium aimed at launching low-cost perovskite solar cells into the market.
- A community solar initiative aimed at ensuring that every household — yes, that’s every household — in the US has access to affordable solar power by 2025. Yes, by 2025.
- A new offshore wind energy study that lays the groundwork for bringing cost-competitive wind power to the Gulf Coast states of Texas, Mississippi, Louisiana, Alabama, and Florida.
Outside of the fossil fuel sector, big business are coming into full force to advocate for a green COVID-19 recovery
Reference- BloombergNEF Report, Clean Technica, Electrek