A report by ING predicts that Europe's new-car market could be all-electric by 2035. The Dutch bank says new battery technology will improve range to meet consumer expectations from 2020 onwards; speed up charging to a 300 km range in 20 minutes; and reduce cost for EVs to become price-competitive with petrol cars by 2024 – and by 2028 for cars with longer-range batteries.
Also influencing the timing of the tipping point will be the ever stricter regulations on emissions, which will increasingly affect cars with internal combustion engines. Consequently, a near-100% share for battery-electric vehicles of the new-car market by 2035 is increasingly realistic.
The change will have a drastic impact on the European car market, says ING. European manufacturers currently produce 25% of all internal-combustion cars in the world, but only 3% of the lithium-ion cars. As the share of battery-powered cars in Europe increases, it is likely that so will the market presence of the Asian and North American brands, who have a greater supply of resources.
Image: CEphoto, Uwe Aranas; CC BY-SA 3.0