During the recent 2021 Annual Meeting of Stockholders Tesla's CEO Elon Musk noted that it will take a few decades until the world will switch entirely to battery-electric vehicles.

The main point is that the global vehicle fleet stands at about 2 billion units, and not even 1% is all-electric yet.

That's a gigantic fleet, which will require time to be replaced with battery-electric counterparts. Assuming that 100% of new vehicles would be electric, at 100 million per year, it would still take 20 years from now to replace 2 billion vehicles. This 20-year period might be considered as the age of a vehicle until it finally goes to a junk yard.

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WATCH: Elon Musk Predicts That It Will Take 30 to 40 Years For You To Be Forced Into An EV

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