It’s clear that Elon Musk’s Tesla, and battery-powered vehicles in general, are here to stay. In fact, it won’t be long before EVs become mainstream and we start to think of gas-guzzlers as being mere curiosity.
According to Deloitte, the electric vehicle (EV) battery market is expected to explode from 2.5 million units sold in 2020 to 11.2 million units sold in 2025 — and a whopping 31.1 million sold in 2030!
Let’s look at some trends that are driving this growth.
Advancements in lithium-ion technology
Lithium-ion technology dominates the EV battery market, and it is advancing rapidly. Between 1991–2018, the energy density of lithium-ion batteries more than tripled, while the cost per kilowatt-hour plummeted by 97%.
This technology is the clear winner among the high-quality rechargeable battery technologies, and it continues to improve.