In 2040, Electric Cars Will Be Half of All Cars in the World

Dec 20, 2019 12:57 PM EST | Staff Reporter

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Forecast 2040, the Electric Car Will Comprise Half of Car Sales
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In 2040, the big turnaround for the electric car will come and half of all cars will be electric. This same time, SUVS and crossover will lose steam.

The electric car is relatively new, and expectedly the sales from interested early adopters are not as much compared to sales of SUVS. Anyone who wants to buy into sustainable EVs chooses Tesla, and it is gaining steam with its lineup of electric cars that will spawn more electric cars. One SUV set to remake the SUV category is the Tesla Cybertruck, everyone wants it now, but it is not available yet. Recently people witnessed at Model X crossover swiping a Ford F-150 into shame. This stunt is very convincing to those willing to convert to electric, but not all are convinced and doubt its veracity. In 2040 when electric cars are on equal footing with SUVS, it will be different for all buyers with two options.

For now, there are more SUV buyers as the trend goes for now and EVs are only a small percentage of cars bought. Shifting interest to sustainable cars that is not an SUV, by the way, will begin in 2020. As everyone gets interested in new energy vehicles, that has increased sales from 2018 according to Bloomberg New Energy Finance. Despite more buyers getting an EV to get the increased sale, this is just peanuts compared to non-EV sales. As buyers know more about electric cars, the kickoff will send sales to the high profit that will pull in new buyers. This is true for Tesla that is barely keeping up with their deliveries of new cars.

Most buyers of gas-powered cars are now peaking and are slowly eclipsing electric cars as noted by the BNEF. As buyers get EVs with better power packs, problems of discharging and other concerns that are bogging the EV industry should get better. Eventually, more consumers buying EVs should drive prices down, and with cheaper, better power packs that become recyclable. Companies like Tesla will get bigger as consumers ditch SUVS, leaves carmakers without EVs in the lurch.

Read: LA Auto Show 2019: 6 Reasons Why There are More e-SUVs This Year

By the numbers projected by the BNEF, there will be 2 to 56 million electric car users by 2040. The big cooldown of gas-powered cars will cost the SUV industry about 85 to 42 million cars less, lost to adopters of EV cars. People in the next 20 years will be more aware of the benefits of EVs, and the fall of the gas engine will lead to extinction. Buyers who experience the benefits of EVs with reduced prices will whittle down the presence of ICE cars, all over the world. This is all in the name of sustainability and zero emissions that EVs will assist in getting achieved.

One of the key drivers that will shoot up more EVs sales will be Chinese EV buyers, that is one of the biggest markets. In this market are the most buyers who will make more sales, and increase ownership by 2025. By 2040, the customers of EVs in China will not be the top buyers, EV car sales will less be compared to the European market with more buyers of these vehicles. Those opting for EVs will increase in Europe, adding to more of them in use by 2020 that will be more than the US.

Another factor that causes more EV sales is private buyers and fleet services for ride-shares that use electric cars, not gas-powered cars. All of these will be the future, and the electric car will be as best-selling.

Related Article: By 2040, more than half of new cars will be electric

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