The Automotive Market Switches Gears

Over the past several decades, numerous technologies have emerged that could rival and eventually replace the internal combustion engine and, with it, oil. Though vehicles powered by natural gas or hydrogen are gaining ground, particularly in Asia, electric vehicles -- both hybrid and fully battery-powered models -- are poised to give gasoline- and diesel-fueled vehicles the biggest run for their money. Falling costs and rising energy density stand to level the playing field between electric cars and their more traditional counterparts. By 2040, researchers project that fully electric vehicles and hybrids will account for more than half of all new automobiles purchased worldwide. Government initiatives will be crucial to incentivize and facilitate the adoption of electric vehicles, and countries such as France, the United Kingdom and China are doing their part to kick-start the transition....