Global trends nurture EV market
The electric vehicle (EV) market has experienced rapid growth due to several global trends.
Increasing city regulations, a decline in lithium-ion battery prices, and high demand in China are expected to push global EV sales to 1.6 million unit sales, with China leading the market at 49.5% market share, followed by Europe with 25.6%.
Frost & Sullivan expects solid-state batteries to be a game-changer, potentially opening up significant growth opportunities for future battery chemistries due to manufacturers’ claims of an energy density 2.5 times higher than lithium-ion batteries.
The Global Electric Vehicle Market Outlook 2018 analysis identifies growth factors, market opportunities, challenges and barriers to success across key sectors, including EV battery, EV motor, retail sales, launches, incentives and subsidies, fuel cells, charging stations infrastructure, and logistics and eCommerce.
‘With over ten automakers announcing plans for future EV launches and over 165 models currently available, EV sales growth potential could reach 25 million units by 2025 and account for 22.4% of total passenger vehicle sales,’ said Prajyot Sathe, industry manager mobility, Frost & Sullivan. ‘By 2020, EVs will no longer require government support to regulate pricing, and they will cost the same as conventional cars.’
Companies such as Mercedes, Tesla, BMW, VW, and Ford have innovated through a series of proprietary solutions targeting EV range, powertrain, platform architecture, and customer-centric product portfolios.