Electric vehicle sales at the tipping point Global sales of electric vehicles rose by 43 per cent in 2020 and, as the price of batteries continue to fall, even faster growth is now being forecast.
Battery prices have been falling consistently and as a consequence the price of electric vehicles is now set to fall below that of petrol and diesel models, in what is being described by some analysts as a âtipping pointâ for the electric vehicle industry. Even without subsidies, this seismic event is likely to happen in around 2-3 years.
Norway, where tax breaks mean electric cars are cheaper, saw the market share of battery-powered cars soar to 54% in 2020 well ahead of most other European countries where sales account for around 5 per cent.
Last modified on Fri 22 Jan 2021 09.19 EST
Electric vehicles are close to the âtipping pointâ of rapid mass adoption thanks to the plummeting cost of batteries, experts say.
Global sales rose 43% in 2020, but even faster growth is anticipated when continuing falls in battery prices bring the price of electric cars dipping below that of equivalent petrol and diesel models, even without subsidies. The latest analyses forecast that to happen some time between 2023 and 2025.
The tipping point has already been passed in Norway, where tax breaks mean electric cars are cheaper. The market share of battery-powered cars soared to 54% in 2020 in the Nordic country, compared with less than 5% in most European nations.
Electric vehicles close to tipping point of mass adoption msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Published: 20 Jan 2021, 04:56
By:
Andy Colthorpe
McKinsey also said that the COVID-19 pandemic s impact on long-term power growth demand will be limited. Image: Solarcentury.
Renewable energy uptake and the falling costs of battery energy storage are “inexorably linked” as the global economy faces a crucial decade ahead in its urgent need to decarbonise, according to work by McKinsey & Company.
Bram Smeets, an associate partner at the prominent management consultancy group told
Energy-Storage.news that continuously falling battery prices will enable the rapid growth of renewable energy capacity. McKinsey’s Global Energy Perspective 2021 report was published earlier this month and predicts that, with many of the world’s leaders putting policies in place to support decarbonisation and technology costs falling, renewable energy will make up around 55% of global power generation by 2035.