Electric vehicles are still rare sightings on most roads today. But in a couple of decades, more than a third of all passenger cars will run on batteries — not on gasoline or diesel, analysts say.
Around 530 million electric vehicles could zip quietly along the world's streets and highways by 2040, Bloomberg New Energy Finance (BNEF) said on Thursday in a new report. That's up from roughly 2 million electric cars today.
When it comes to new car sales, battery-powered vehicles will make up 54 percent of the market, compared to just a tiny fraction now, according to BNEF. The forecast is much more aggressive than 2016's outlook, which saw electric cars accounting for about one-third of new sales by 2040.
"The EV revolution is going to hit the car market even harder and faster than BNEF predicted a year ago," analysts said Thursday in a press release.
