A recent study by Bloomberg New Energy Finance says that electric vehicles (EVs) will cost the same as their gas-powdered counterparts by the mid 2020s. So if a big price tag has been keeping you from investing in this technology, you need only wait about four more years for EVs to become much more affordable.
As the batteries that power these types of vehicles become cheaper, the overall prices of EVs will continue to fall. This will make them more capable of competing with gasoline-powered cars on the showroom floor, even as the price of oil drops and gasoline continue to stay under $2 per gallon nationally.
The Bloomberg report also predicts that EVs will make up 35 percent of new "light duty vehicles" by the year 2040. That's around 41 million cars and trucks sold annually. This would help to replace about 13 million barrels of crude oil per day.
However, until such a time when EV technology becomes cheaper to manufacturer, they will not become much cheaper to buy or maintain. That advantage still lies with more conventional vehicles. And because gas is so cheap, it seems electric vehicles are likely to keep playing second fiddle to gas-powered cars and trucks because there is no real incentive to paying the extra money just to become slightly more sustainable.
But if this Bloomberg study is correct, the future of the auto industry is right around the corner.