The exciting electric car market will provide a plethora of prospects for adhesives, sealants, and heat transfer materials utilized in battery assembly procedures. Electric vehicles (EVs) have seen fast adoption in recent years, with a global growth rate that is much higher than that of gasoline-powered vehicles. In fact, in 2018, the global stock of electric vehicles topped five million. According to the International Energy Agency, conservative forecasts predict global EV sales of 23 million by 2030, with ambitious estimates predicting 43 million. It should come as no surprise that major automotive OEMs are prepared to invest large resources in the development of their EV product lines as a result of this massive shift. Ford, for example, has declared intentions to introduce 40 new electric and hybrid car models globally by 2022, while Volkswagen aims to release 70 new electric models globally by 2030. Many other major automakers, including Daimler, Toyota, BMW, and General Motors, have made similar announcements. To find more about EVB tape, please visit our website.
EV Market Dynamics
At the macro level, three external forces drive the EV market: economics, the environment, and societal issues. In order to attain the high adoption rates expected, the cost of electric vehicles must fall close to that of gasoline-powered vehicles in the next years. Furthermore, when lifecycle analysis is used, EVs must not only minimize carbon emissions during use but also reduce total carbon footprint. Finally, the public’s expectations must be met in the development and deployment of autonomous driving and infotainment.
Depending on the vehicle’s reliance on the battery as an energy source, electric battery-powered vehicles are divided into three categories: full electric vehicles, hybrid electric vehicles, and plug-in electric vehicles. It should be mentioned that in the case of electric vehicle technology, another sort of energy source, fuel cells, can be used to power automobiles. Fuel cells are mostly utilized in electric buses and some electric cars, and are not as widely employed as batteries. Toyota is largely regarded as the inventor of the hydrogen fuel cell vehicle. You can find more about Flooring systems here.
The pricing pressure within the supply chain is a crucial issue affecting the EV industry. For example, there are numerous battery cell sizes and models on the market today, with at least a dozen manufacturers vying for market share. By 2030, the number of battery cell manufacturers and battery cell technology will need to be concentrated to only a few leading cell models for car OEMs to remain competitive. The number of battery cell chemistries on the market is currently in the double digits; but, as the industry consolidates and mass usage increases, the number will likely be reduced to only a handful.
The value chain for electric vehicle batteries includes raw materials suppliers, unit cell producers, battery packers, and eventually automobile OEMs as end customers. Samsung, LG, and Panasonic are among the leading unit cell makers, while Lishen and A123 are among the smaller companies. CATL, BYD, and Tesla were the top three battery manufacturers in 2019. CATL presently provides or has supply agreements with a number of key OEMs. BYD is a vertically integrated firm that manufactures its own battery packs as well as supplies a few other OEMs.