According to Bloomberg’s, over a half of the global light-duty vehicle fleet will be electrified by 2040.
If recent forecasts are accurate, the electric vehicle market is about to take off. The latest research on EVs from Bloomberg New Energy Finance (BNEF) — which gets more optimistic every year — now estimates “that EVs will account for 54% of new car sales by 2040, not 35% as previously forecast,” which means that “a third of the global light-duty vehicle fleet will be electrified by 2040.”
That means tens of millions of batteries floating around, storing electricity while the cars aren’t in use and releasing it when they are.
Theoretically, all that energy storage could be very useful to the grid, which needs all the storage it can get in order to integrate more variable renewable energy. It needs big, steady, long-term storage, for monthly or yearly variations in sun and wind, but it also needs fast, responsive, short-term storage, to smooth out smaller variations of…
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