A recent report predicts that EV sales could be up to 25 million by 2025.
Frost & Sullivan argue that, as soon as 2020, electric cars will reach price parity with traditional gas-powered cars and will no longer need government incentives to compete. Five years after that, EVs will make up 22.4 percent of total passenger vehicle sales, according to the firm's industry manager for mobility, Prajyot Sathe.
Currently, China leads globally in regards to EV sales with a 49.5 percent market share. Europe is next in line, but far off at 25.6 percent. With market share like this, global projections sit at 1.6 million EV sales this year alone.
The above figures already suggest that significant growth lies ahead. However, Frost & Sullivan look to upcoming solid-state batteries to accelerate adoption further. Aside from new battery chemistries, the firm offers up some advice to OEMs for expanding growth:
- Launch long-range battery electric vehicles with more than 200 miles in a single charge with DC charging systems;
- Acquire smaller companies that have established themselves in a specific market;
- Target $100/kWh price and invest in future battery chemistries such as solid-state and lithium/zinc air;
- Develop go-to-market strategies and product positioning through the SUV B-C-D segment, which has attractive and dedicated platforms;
- Transform dealerships to become customer-focused with brand ambassadors to improve customer experience; and
- Invest in smart and connected ecosystems such as car-as-a-service, battery leasing, residential batteries, and mobility services with regional customization.
"Lack of standardization is the biggest challenge for the electric vehicle charging infrastructure market along with high costs and low resale value. Currently, charging stations are prevalent in areas or regions where EV sales are the highest. Energy and petrochemical companies have started investing heavily in establishing electric vehicle charging stations as they are likely to be the biggest beneficiaries of the electric vehicle market."
Source: Green Car Congress