Internal Combustion Engines Are Disappearing Quicker Than Anyone Thought
Despite resistance from the more extreme petrol heads and conservatives, electric vehicle sales numbers have been growing significantly recently. In fact, in the early months of the year, the Tesla Model 3 managed to outsell its petrol-powered German 3-Series and C-Class counterparts. With electric cars becoming more and more popular, experts are saying vehicles using internal combustion engines are soon to become a minority.
According to Bloomberg NEF, demand for fossil-fuel may soon hit a peak at which point it will start to reduce. This is reportedly due to a significant reduction in battery prices of over 90 percent since 2010. The report also states this new prediction will help us achieve international climate targets set at the Paris summit in 2016.
The report predicts that sales of passenger vehicles powered by electric powertrains will surpass that of petrol-powered equivalents by just 2028. Currently, it’s Europe and China that host the largest EV share of sales in the world at around 5 percent of every vehicle sold using an electric powertrain.
The drop-in price of battery packs is predicted to continue towards the future. In fact, currently at $176 per kWh, Bloomberg projects that to fall another 65% by 2030 to “reach $87/kWh in 2025 and $62/kWh in 2030.”
According to all these figures, owning an EV will become cheaper than owning a traditional vehicle in just the next three years. Combined with the added benefits of electric cars such as acceleration, a low centre of gravity and lower maintenance costs, electric vehicles are well and truly set for world domination.