The popularity of electric vehicles is accelerating due to improvements in battery density and cost, an increase in charging stations, and government policies that make it more difficult to drive fuel-fueled vehicles.

Global sales of passenger electric vehicles are expected to increase from 3 million in 2020 to 66 million by 2040, according to a new report. This means that more than 2/3 of the passenger cars sold worldwide in 2040 will be electric vehicles.

Global sales of diesel locomotives have peaked, the agency said. In Europe, the price of electric cars is nearly the same as that of diesel locomotives.

As manufacturing and technology upgrade and demand increases, battery prices will fall.

As a world leader in lithium-ion battery production, China is benefiting from growing demand for electric vehicle batteries. The European Union is trying to catch up, setting an ambitious goal of providing enough batteries to meet its needs by 2025.

At present, more than 500 electric vehicles have been launched worldwide. On average, electric cars launched in 2020 have a range of 359 kilometers (223 miles), up from 166 kilometers in 2012.

In China and Europe, the number of charging points has more than doubled in two years.

Alternative transmissions, fuel economy and shared travel will affect oil demand; however, countries will not be able to achieve net zero emissions by 2050 without more measures.