Solid-state batteries are expected to be a game-changer for the growth of the electric vehicle (EV) market. Manufacturers claim an energy density 2.5 times higher than the lithium-ion batteries that are used currently. Frost & Sullivan published the finding in its 2018 Global Electric Vehicle Market Outlook. “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% of total passenger vehicle sales,” said Prajyot Sathe, industry manager mobility at Frost & Sullivan. “By 2020, EVs will no longer require government support to regulate pricing, and they will cost the same as conventional cars.” The report states that the EV market is experiencing rapid growth as a result of several global trends. Increasing city regulations, a decline in lithium-ion battery prices, and high demand in China are expected to push global EV sales to 1.6 million unit sales. China leads the market at 49.5% market share, followed by Europe with 25.6%. The Global Electric Vehicle Market Outlook 2018 analysis identifies growth factors, market opportunities, challenges and barriers to success across key sectors, including EV battery, EV motor, retail sales, launches, incentives and subsidies, fuel cells, charging stations infrastructure, and logistics and eCommerce. 2018 predictions, regional analysis, and critical success factors are also provided. “Lack of standardisation is the biggest challenge for the electric vehicle charging infrastructure market along with high costs and low resale value,” added Sathe. “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.” To boost growth opportunities, Frost & Sullivan highlights key areas for OEMs to focus on:
The electric battery market is set to be disrupted by solid - state batteries , which have 2.5 times the energy density of their lithium - ion counterparts , according to parks & Sullivan 's Global Electric Vehicle Market Outlook report . It said reductions in battery prices , increased regulations and continued high demand from China could help battery sales reach 25 million units by 2025 . However , headwinds to the sector included a lack of standardised pricing , as well as high sales costs and low resale costs .