The Advanced Propulsion Centre (APC) released a report forecasting a growth in electric vehicle (EV) market share over the next decade. The UK will hit the predicted production volumes of EVs by 2035, it said.
Dr Hadi Moztarzadeh, head of technology trends, APC, said focus will turn to supply chains to ensure resilience. More investment in battery cells and sub-components will be needed to cover demand in Europe and the UK.
“We can say with confidence that the outlook for the UK’s production volumes looks positive, despite a shaky past 12 months and continuing near-term numbers stalling compared to what we had previously anticipated,” he said.
However, APC states that demand for EVs will grow at a slower pace, as global forecasts for 2027 and 2030 are reduced by 14% and 12%.
In the short term, hybrid EVs will see increased demand. This is where investment will be crucial, it said.