Battery electric vehicles could be on the fast track to reach an installed base of over 100 million by 2029, but much of the growth in electrification hinges on battery technology as well as educated and willing consumers.
The electrification of automotive powertrains has accelerated as the world’s automakers come to the realization that traditional ICE (internal combustion engine) vehicles can no longer keep pace with stringent global emissions requirements, especially those in Europe. These tightening global regulations are paving the way for BEV (battery electric vehicle) sales to grow from 1.3% in 2018 to 16.4% in 2029, creating an electric vehicle (EV) installed base of more than 100 million, forecasts global tech market advisory firm, ABI Research.
“Simultaneously, automakers are seeking to alleviate consumer fears about EV range by rapidly increasing battery capacity, using new battery technologies, such as silicon-dominant anodes and solid-state designs, to increase cell-level energy density from 250 W·h/kg to more than 500 W·h/kg within the next 10 years,” said James Hodgson, Principal Analyst at ABI Research.