On April 12th, according to media reports, with the continuous advancement of technology, improvement of charging facilities, and increased willingness to purchase, the demand for electric vehicles is constantly increasing, and sales are continuously rising, leading to the continuous expansion of the global electric vehicle market.
Research firm SNE Research predicts in its report that the global electric vehicle market will increase to $121 billion this year and reach $616 billion in 2035, five times this year’s size.
The expansion of the electric vehicle market also means an increase in demand for critical components such as batteries. The report states that global demand for electric vehicle batteries increased from 28 GWh in 2015 to 492 GWh last year, and is expected to reach 687 GWh this year and 5.3 TWh in 2035.
The report also specifically mentions that six major manufacturers, including LG New Energy, Samsung SDI, and SK On, will hold a considerable share in the battery market. The top six manufacturers are expected to account for 5 TWh of the required 5.3 TWh in 2035.
Recent data shows that the electric vehicle penetration rate (the percentage of electric cars in total car sales) was only about 1% from 2015 to 2017, but reached 13% last year. It is predicted that global electric vehicle sales will reach about 80 million in 2035, with a penetration rate of around 90%.
With the increasing emphasis on electric vehicles and battery production in various countries, more and more batteries will be produced. The share of batteries produced in the United States is expected to increase from the current 6% to 31% in 2035, while the share in Europe is expected to increase from 12% to 27%.
