How Many Vehicles Will Be Electric by 2040?

Answered by

Marian Serrano
Marian SerranoDirector of Outreach

Posted on Feb 24, 2023

1.According to a study by the National Renewable Energy Laboratory, electric vehicles are expected to make up a larger percentage of the automotive market by 2040.

2.The study projects that electric vehicles will account for about a third of all vehicles sold by that time.

3.This is a significant increase from the current market share of electric vehicles, which is only about 1%.

4.Several factors are driving this growth, including advances in technology and increasing awareness of the benefits of electric vehicles.

5.As the cost of electric vehicles continues to decline, we can expect to see even more of them on the road in the years to come.

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