By CRM staff
Toronto, Ontario – May 16, 2019 – The world is slowly turning towards more sustainable options, which will ultimately have an impact on the automotive industry. OEMs have really started to push the production of electric vehicles and according to Bloomberg's New Energy Finance (BNEF) annual electric vehicle report, nearly 60 percent of new vehicles will be electric by 2040.
BNEF also predicts that over the next two decades, worldwide electric vehicle sales will increase from 2 million in 2018 to 56 million.
"Electrification will still take time because the global fleet changes over slowly but, once it gets rolling in the 2020s, it starts to spread to many other areas of road transport. We see a real possibility that global sales of conventional passenger cars have already passed their peak," Kerracher said.
James Carter, owner of Vision Mobility, a company that provides insights and information about how technology plays a role in future mobility, told Collision Repair his predictions.
“We won’t be seeing it in the next five or ten years, with our own research, we’ve been saying that 30 percent of the new car market will be electric by 2030. For heavy-duty vehicles, it’s probably a bit higher. But what we’re seeing is OEM’s shifting a lot of their resources towards developing electric vehicles,” Carter said.
With the carbon tax for Canadian drivers and the decline in battery prices, the BNEF said that it will soon be cheaper to own and drive an electric vehicle than an internal-combustion one.
The report stated that if these trends keep up, electric cars will be less expensive than internal-combustion cars by the mid-2020s, creating more of an economic benefit for drivers to go electric.