Bloomberg has published a report claiming by 2040 25% of cars will be electrically powered globally.
It seems 2022 will be the years when Electric cars will take over a majority of the auto market. Although it was originally believed 2020 would be the years of the Electric Vehicle revolution.
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But now it seems the schedule has been pushed two years forward. Although it’s not a big deal but the schedule has still been changed.
So experts now believe 2022 is the year when electric cars will cost as much to make and buy as internal combustion cars. So the EV Revolution is now slated for 2022 not 2020.
The claims come to lights after a report by Bloomberg on the Electric Revolution. The report even states by 2040 about 25 percent of cars will be powered by electricity.
However currently global market share of electric vehicles is 1 percent. Right now in 2016 the biggest problem with electric cars is they are too expensive.
Bloomberg claims the expense problem will vanish by 2022. Bloomberg states the total cost of ownership of BEVs (battery electric vehicles) will fall. The fall of the price of a BEV will be below the cost of an internal combustion engine vehicle.
The entire equation depends upon the cost of the battery packs. As the battery pack make up one third of the total cost of the vehicle. But since it was found the cost of batteries has been decreasing the problem will end by 2022.
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Battery packs have been going down from $1,000 per kWh to $350 per kWh from 2010 to 2015. So in one year the cost of battery packs has gone down by 65%.