According to Bloomberg News, electric vehicle sales will start to accelerate by 2020 and overtake combustion engine vehicle sales by 2040. Since 2010, lithium-ion battery costs have decreased by 73%. Bloomberg projects that by 2030, lithium-ion batteries will cost only $73 compared to $1000 in 2010. By 2040, electricity consumption from EVs is projected to consume 5% of global power demand which is about 1,800 terawatt-hours.
By Claire Tran