Electrification of transportation sector nears tipping point

Transportation accounts for nearly 70 percent of U.S. oil consumption and 28 percent of the country’s greenhouse gas emissions, making it a prime target for technological improvements that can reduce emissions and combat climate change. Electrification of the transportation sector represents one of the highest impact strategies to help achieve that goal.

Demand is rapidly growing for electric vehicles due to long-term cost savings, tax incentives, declining battery costs, and environmental awareness. In 2020, it is anticipated that 2.7 percent of global passenger vehicle sales will be for electric vehicles (EVs). That percentage is expected to grow rapidly – to 10 percent in 2025, 28 percent in 2030 and more than half of all vehicle sales (58 percent) in 2040. In the year 2040, more than 30 percent of passenger vehicles on the road worldwide will be electric. Even stronger gains are expected in electric buses, delivery vans and trucks, mopeds, scooters, and motorcycles. (...) Read more

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