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Electric cars could in the near future cost the same as traditional cars if recent reports are anything to go by. However, that is not the only hurdle preventing electric cars from becoming the majority. Tesla’s Elan Musk revealed recently that regarding electrifying transport, the fleet is important. On the other hand, experts agree that electric cars would take some time to replace their traditional counterparts. India is among nations that have made some progress in developing electric vehicles. It is also famous for its top-of-the-range sports betting sites. In this sense, bettors in India can visit https://bonuscodeindia.com/ to learn about the top bonus codes you can use on online betting sites. In the meantime, how long before electric cars become predominant?
According to Musk, this is the current situation of the car market:
- There are nearly two billion cars and trucks in use globally.
- The annual car production capacity is approximately 100 million vehicles each year.
- Cars and trucks are used for up to 20 years before being taken to the junkyard.
- Electric cars only account for less than one percent of the global fleet.
- As a result, Tesla needs nearly 40 years before it doesn’t have to do more mining for batteries.
Initially, Musk had revealed how he planned to move more of the fleet to electric more rapidly. In this sense, he stated that he aimed to produce 20 million cars per year by 2030. If he achieves this objective, it would mean that electric cars account for one percent of the global fleet each year. This is an ambitious goal when considering Tesla delivered 367,500 electric cars in 2019.
The biggest challenge of switching to electric cars is vehicle cost. However, there have been some breakthroughs in recent years, thanks to the declining costs of batteries. Reports in 2020 suggested that only 5% of the cars sold were electric cars. It sounds small, but it was a significant increase in the previous year (around 43%).
Other industry players are optimistic that it can shoot up from there. Some experts predict that up to 20% of the cars sold in 2025 will be electric cars, with the number rising to 40% by 2030. After that, they claim that 100% of car sales in 2040 will be electric cars.
Other experts prefer to be more conservative with their figures. For example, some reports claim that 62% of car sales will be electric cars by 2050. This means that 41% of the global fleet will be EVs at that time. In this regard, the report claims that all car sales must shift to all-electric by 2025 to achieve 95% electrification by 2050.
Time will tell whether that is achievable. The UK has taken steps to help quicken the process by banning all-gas-powered cars and vans by 2030. On the other hand, California has revealed plans to disallow the sale of new gas cars by 2035. President Biden aims to achieve 50% EV sales by 2030, but people are pushing him to go an extra mile and declare a long-term ban. With climatic changes becoming a global priority, the motor industry could accelerate the switch to EVs in the foreseeable future!
