Huge surge in electric vehicles in next 20 years

LONDON: Use of electric vehicles could surge to account for around 35 per cent of the global road transport market over the next two decades and cause a drop in demand for fossil fuels, energy experts reported on Thursday.
Falling costs of electric vehicles and solar technology could mean forecasting models used by major energy companies are “seriously underestimating low-carbon advances,” according to analysis by financial think-tank Carbon Tracker and the Grantham Institute for climate change at Imperial College London.
Electric vehicles are likely to account for some 35 per cent of the road transport market by 2035 and more than two-thirds of the market by 2050, the report said.
It said its expected growth trajectory would see electric vehicles displace some 2 million barrels of oil per day by 2025 — the same volume that caused an oil price collapse in 2014-15 — and 25 million barrels per day by 2050.
Solar photovoltaic (PV) systems, including energy storage costs, could supply 23 per cent of global power generation by 2040 and 29 per cent by 2050, “entirely phasing out coal and leaving natural gas with just a 1 per cent market share,” it said. — dpa