33% of Global Car Fleet to be Electric by 2040, Reports Bloomberg
According to Bloomberg New Energy Finance(BNEF) latest report, 33 percent of all the cars globally will be electric by 2040. The recent report also states that 54 percent of all the new car sales by 2040 will be of EVs too.
Although some regions have picked up the pace in terms of building a powerful charging network, BNEF has predicted an “infrastructure capping” during the mid-2030s, around which there will be significantly slower growth.
However, by 2029, the report has undermined that the EV prices will reach unsubsidized parity in regard to the traditional internal combustion engine cars. This is being said as the point when the mass market adoption of EVs will happen at a larger scale.
Two of the biggest drivers for the BNEF predictions, for now, seems to be the commitments from the carmakers for producing EVs and the reducing battery prices.
EVs are great for cities and from the point of the environment, but they require planning and utility challenges. Keeping that in mind, apart from Automakers, some cities too, have started working on infrastructure to prepare them for the surge in EVs on the city roads.
Further planning from the private sector will be required too. Builders and parking lot managers will have to work on incorporating electric vehicles.