Triple Pundit Reports!!
Electric vehicles (EVs) will overtake conventional vehicles by 2040 and will create a $2 trillion e-mobility opportunity for utility companies, according to research released today by Accenture.
The global consultancy reached this conclusion after surveying 6,000 consumers in the United States and Europe, combined with scenario modeling undertaken by the authors of the study. Accenture’s report is part of ongoing research trends that suggest EVs are not only here to stay, but will scale up in adoption fast.
The potential for utilities builds. Builds on trends that favor continued growth of the global electric vehicle market. Though the up-front cost of an EV still typically exceeds that of cars powered by the internal combustion engine (ICE). Yet even since this article was written, battery costs have decreased by 80 percent over the past six years. That’s from US$750 per kilowatt-hour (kWh) in 2010. That’s again what Accenture points out. So today, price parity with ICE cars continues to narrow.
In addition, the long-term running costs of EVs are lower than fossil fuel-powered vehicles. So an electric car with a 60 kWh battery achieves an overall lower total cost of ownership. That’s well and significantly before 40,000 miles rolls around. Now compared with a diesel vehicle according to the study.
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