A shift is under way that will lead to widespread adoption of EVs in the next decade.
With all effective technology, there comes a point where purchasing the substitute is unnecessary.
Think of colour TVs from the 1970s, cellphones from the last ten years, or even early 20th-century gasoline automobiles.
Although it might be challenging to predict when these changes will occur, when they do, the entire world is altered.
The 2023s appear to be the decade of the electric vehicle.
According to a recent estimate of the electric-vehicle industry by Bloomberg New Energy Finance,
battery prices dropped by 35% last year and are on a trajectory to make unsubsidized electric vehicles as inexpensive as their gasoline equivalents in the next six years (BNEF).
That will signal the beginning of an actual mass-market launch for electric vehicles.
The predictions state that by 2040, long-range electric automobiles won't cost more than $22,000 (in today's money).
Around the world, 35% of new automobiles will have a plug.
It is simple to understand why oil markets are not making preparations for this. Currently,
the percentage of plug-in vehicles in the global auto market is approximately 0.1 percent.
Even though they are uncommon on the streets of most nations, they are nonetheless far more expensive than comparable gasoline burners.