Electric vehicles will make up the majority of new car sales worldwide by 2040, and account for 33 per cent of all the light-duty vehicles on the road, according to new research published. The forecast, put together by the advanced transport team at Bloomberg New Energy Finance, draws on detailed analysis of likely future reductions in price for lithium-ion batteries and of prospects for the other cost components in EVs and internal combustion engine. It also factors in the rising EV commitments from automakers and the number of new EV models they plan to launch. The central finding of the research is that the EV revolution is going to hit the car market even harder and faster than BNEF predicted a year ago. The team now estimates that EVs will account for 54 per cent of all new light-duty vehicle sales globally by 2040, not the 35 per cent share it forecast previously.