Full Title: Battery Electric Vehicles
Publication Date: January 1, 2019
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In 2018, electric vehicle (EV) production hit a milestone with approximately 2 million units sold globally. By 2030, we forecast a 950% increase to 21 million units, with battery electric vehicles (BEVs) accounting for a substantial 70% of global sales in the EV market.
Technology, government incentivisation and a shift in consumer behaviour are some of the factors in the growth of the EV market. The research shows by 2022, technological advancements will put the cost of owning an EV on par with traditional petrol or diesel vehicles. This will eliminate one of the greatest barriers to purchase, boosting demand and increasing market growth.
The potential for EVs has attracted an influx of new entrants, predominantly from or operating in China. With the majority of OEMs also announcing their ambitions in the EV market, we predict that the number of manufacturers is unsustainable.
Based on the analysis, by 2030 overall industry capacity will surpass consumer demand for EVs, creating the widening ‘expectation gap’ seen here in a figure extracted from the report.