The Global Electric Vehicle Market
The global automotive industry has been on the verge of significant changes. The industry has already been targeted by high environmental standards and stiff regulations due to its substantial share of the global emissions. However, the changes the industry is currently passing through are beyond the scope of environment. Amongst others, the emergence of electric vehicles is set to reconstitute the whole automotive industry.
The impact from electric vehicle adoption has already started changing the automotive industry landscape. Presently, EVs account for merely 1% of global vehicle sales, though its share is anticipated to jump considerably over the next ten year. So far, financial incentives and stiffening regulations have supported EVs sales in North America, Europe and Asia. As sales have started tractions, almost all major car producers jumped on the bandwagon and announced their future EVs models.
Commodity Inside anticipates that EV charging infrastructure will also see a phenomenal growth over the coming years driven by both residential and commercial markets. Potential risks and opportunities will impact OEMs and raw materials suppliers. For instance, Lithium, which is an essential component in the EV rechargeable battery, has already benefited in terms of prices. Moreover, we are also expecting structural shifts in market shares of polymers, aluminium, steel, copper, glass etc in the EV market going forward.
Commodity Inside automotive analyst Sergej Gavrilov writes “There will be reductions in the car curb weight going forward despite installations of new hardware and features in the car, whereas Autonomous Driving Technologies (ADT) will account for the largest share of the total new additional weight. Most car producers plan to introduce fully autonomous vehicles by 2021 and start mass production by 2025.”