Along with changing the demographics of the auto industry, however, the adoption of EVs will mean they will displace about 13 million barrels of oil per day by 2040, when the clean-energy cars represent about one-quarter of cars on the road.
At the same time, Bloomberg estimated EVs in 2040 will use about 1,900 terawatt hours (TWh or one trillion watts) of electricity -- the equivalent to nearly 8% of global electricity demand last year.
"In the next few years, the total-cost-of-ownership advantage will continue to lie with conventional cars, and we therefore do not expect EVs to exceed 5% of light-duty vehicle sales in most markets -- except where subsidies make up the difference," Morsy said. "However, that cost comparison is set to change radically in the 2020s."
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