According to a new report, electric cars will be cheaper to own than conventional cars by the year 2022.
Bloomberg New Energy Finance (BNEF) analysts predict that the rapidly decreasing cost of batteries is key in leading to the tipping point, which would start a mass market for electric vehicles.
Increasing the amount of electric vehicles on the roads is seen as vital in both dealing with air pollution – which leads to many premature deaths every year – and cutting the carbon emissions from cars which are a huge driver on climate change.
However, despite subsidies in many countries across the world, electric vehicles remain much more expensive than conventional cars, and the range of battery-only cars is still very limited.
As is stands, just 1% of new cars sold are electric, but analysis published by BNEF predicts that the total cost of ownership when you combine purchase price with running costs of battery-only cars will be lower than those with internal combustion engines by 2022.
They also believe this will still be the case even if the conventional cars improve fuel efficiency by 3.5% a year.
The analysis uses the projected oil price from the US government of $50-$70 (£36-£50) a barrel in the 2020s.
The report projects that 35% of global new car sales – equating to 41 million a year – will be electric vehicles by 2040.
On home soil, the UK government’s official advisers, the Committee on Climate Change, say that 60% of new car sales in the UK should be electric by the year 2030 in order to deliver the nation’s carbon cuts at the least cost.
This may be a long shot, but motorists in the UK are starting to warm to the idea of electric vehicles, according to a new survey commissioned by BMW, 2000 drivers were questioned, and 20% said their next car would be electric. However, 59% were unaware of the £5,000 subsidy on offer from the government.
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