The exponential growth of electric vehicles (EVs) means that ICE (internal combustion engine) sales and gasoline demand have already peaked and will be in freefall by 2030. So, the end of the ICE age has begun, putting at risk half of global oil demand. This is the subject of RMI’s latest report: X-change: Cars.
1. EV Sales are growing exponentially up S-curves
EV sales growth is on an S-curve, and one country after another is taking a similar path. In broad terms it is taking about six years for countries to go from 1 percent to 10 percent market share and then another six years or so for leading countries to get to 80 percent. Globally, nearly one in five car sales in 2023 will be an EV, up from one in ten two years ago.
Exponential is the new normal.
2. Forecasters keep underestimating…
Read the full article originally published at cleantechnica.com.