2019 was the year that the sale of battery-electric as well as plug-in-battery cars first crossed the two million mark according to a report by Deloitte. This very significant milestone of the automotive industry lost its sheen, however on account of the Covid-19 pandemic.
Among the important trends that are likely to emerge with regard to the demand for electrical vehicles are their falling prices in keeping with an accompanying drop in battery prices. This is borne out by the fact that the average price of an EV battery pack fell from $1,160 per kWh in 2010 to $176 per kWh in 2018. Going ahead this could fall to about $94 per kWh in 2024 and $62 per kWh by 2030 according to BloombergNEF. Furthermore they estimate that there will be price parity between electric vehicles and internal combustion engine vehicles as early as 2024.
Electrification of Vehicles to Extend to Heavy Vehicles
Better Access to Public Charging
Increased access to efficient public charging is going to drive the move to electric vehicles to a very large extent. Things like super fast chargers, wireless charging, as well as battery swapping are going to cause a paradigm shift in the way the whole battery charging business is viewed. They will increasingly be viewed no more inconvenient than the time it takes to fuel up an internal combustion engine vehicle.