Electric vehicles will occupy two-thirds of the global market in 2040.

Electric vehicles will occupy two-thirds of the global market in 2040.
10 August, 2021

The electric car market will make a major breakthrough over the next 19 years, according to Bloomberg experts. According to their forecasts, they will continue to squeeze cars with internal combustion engines out of the market and by 2040 will occupy at least two-thirds of the global car market. In terms of numbers, sales of “green” cars will increase from three million in 2020 to 66 million, thanks to ever-lower prices and infrastructure developments that are fueling their popularity.

Electric cars and hybrids have already noticeably pushed cars with internal combustion engines, and over time, the advantage will be more and more significant, experts are sure. Moreover, starting from 2030, the share of gasoline-electric cars will also begin to decline, yielding more and more space to "clean" electric cars and fuel cell cars. According to Bloomberg, China will become the leader in sales of electric cars - it will account for about a third of all sold cars. In second place will be Europe, which is already preparing for radical changes: from 2035, cars with fuel engines, including hybrids, are planned to be banned from selling in 27 EU countries. The third place will be taken by the USA.

The reasons lay in the development of the electric vehicles themselves: an increase in the range, a decrease in the cost of batteries, an increase in the number of charging stations, as well as support from governments offering subsidies and benefits to those who have switched to environmentally friendly vehicles.

The leadership in the production of lithium-ion batteries used in modern electric cars belongs to China, and it will not be easy to catch up, experts say. Batteries with a total capacity of 479 gigawatt-hours are produced annually in the country, and the number of production sites is only increasing. In Europe, for comparison, this figure is only 39 gigawatt-hours, and by 2025, according to the plan of the authorities, it should grow to 400 gigawatt-hours.

The variety of models is also growing: today more than 500 different electric cars and plug-in hybrids are sold around the world. On average, electric vehicles presented last year travel up to 359 kilometers without recharging - 166 kilometers more than in 2012.

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