Around half of all light-duty vehicles produced by automakers will be electric by 2040, S&P Global Platts Analytics said Wednesday, although EVs on the road will only be around 23% owing to fleet turnover. In its Long Term Electric Vehicle outlook Platts Analytics said EVs will start to gain market share as unit costs, primarily driven by the price of a battery pack, start to come down and make mass market ownership more viable. “Platts Analytics anticipates that plug-in electric vehicle (PEV) adoption will accelerate in the long term, displacing internal combustion engine vehicles and eventually comprising a majority of global light duty vehicle sales,” it said. “As PEV fleets grow, they will displace oil product demand while driving incremental power load demand.” These rates of electrification imply over 2,000 TWh of additional electricity load per year by 2040, it said. A recent industry poll found a majority expected […]