The electric vehicle market is growing rapidly and Frost & Sullivan predicts solid-state batteries will present significant growth opportunities for future battery chemistries.
Solid state batteries hold an energy density 2.5 times higher than lithium-ion batteries and global EV sales are expected to reach 1.6 million unit sales, reports Frost and Sullivan’s “Global Electric Vehicle Market Outlook 2018”.
“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 per cent of total passenger vehicle sales,” said Frost & Sullivan industry manager mobility Prajyot Sathe.
“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 are already targeting series production of EV ranges.
Frost and Sullivan argues that OEMs should focus on investing in future battery chemistries such as solid-state and lithium/zinc air. The report also suggests focusing on launching long-range battery electric vehicles, acquiring smaller companies that have established themselves in a specific market, transforming dealerships to become customer-focused.
Alongside battery makers, “energy and petrochemical companies have [also]started investing heavily in establishing electric vehicle charging stations as they are likely to be the biggest beneficiaries of the electric vehicle market”.