Electrical vehicles are set to dominate the vehicle market. This info comes in the wake of recent research conducted by BNEF’s Electrical vehicle Outlook 2019, which saw them state how Electrical vehicles are already being forecast to take up nearly 60% of the global vehicle market by 2040.
Electrical buses are predicted to be even more dominant, over 80% of the bus market is set to be dominated with electrical buses by 2040. BNEF believe that diesel and gasoline vehicle sales will only continue to decline as the years pass by.
Head of advanced transport for BNEF, Colin Mckerracher stated: “Our conclusions are stark for fossil fuel use in road transport. Electrification will still take time because the global fleet changes over slowly but, once it gets rolling in the 2020’s, it starts to spread to many other areas of road transport. We see a real possibility that global sales of conventional passenger cars have passed their peak.”
A main driver for the electrification trend over the next 20 years is thought to be the predicted sharp reductions in EV battery costs, this making the cost for electrical cars cheaper than ICE (internal combustion engines) alternatives by at least mid 2020's, for almost every market.
BNEF have predicted that the rise in global sales will be significant for EV. with EV sales rising from just £2 million in 2018, to a predicted £28 million in 2030, and a further £56 million by 2040. This in contrast to conventional vehicle sales, with non EV vehicles dropping from £85 million in 2018, to a predicted £42 million in 2040.
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