UNITED KINGDOM The electric vehicle (EV) market is experiencing rapid growth as a result of several global trends says consulting firm, Frost & Sullivan.
Increasing city regulations, a decline in lithium-ion battery prices, and high demand in China are expected to push global EV sales to an unprecedented 1.6m 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.
“With over 10 automakers announcing plans for future EV launches and over 165 models currently available, EV sales growth potential could reach 25m 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.”