mbustion engine may have peaked.
A report from Bloomberg’s New Energy Finance out today (May 15) estimates conventional car sales are now in decline and more electric vehicles (EVs) will be sold than internal combustion engines by 2037. Many of these fossil-fuel powered vehicles will stay on the road for some time. The one billion or so of the internal combustion engines out there will remain so through 2050 until they wear out over time.
But there’s one type of conventional vehicle that is phasing out much faster—the bus. The humble municipal bus is on the vanguard of the electric evolution, says Colin McKerracher, head of advanced transport for BloombergNEF. In its 2019 electric vehicle outlook, McKerracher estimates almost 70% of the world’s buses will be electric by 2040. That compares to just under 40% for all other types of vehicles.