Solid-state batteries are expected to be a “game changer” for the electric vehicle industry, according to a new report.
The batteries are set to open up “significant growth opportunities for future battery chemistries due to manufacturers’ claims of an energy density 2.5 times higher than lithium-ion batteries”, said market analysts Frost & Sullivan.
The company’s ‘Global Electric Vehicle Market Outlook 2018’ report said “increasing city regulations, a decline in lithium-ion battery prices and high demand in China are expected to push global EV sales to an unprecedented 1.6 million unit sales, with China leading the market at 49.5% market share, followed by Europe with 25.6%”.
Frost & Sullivan industry manager for mobility Prajyot Sathe said: “Lack of standardisation is the biggest challenge for the electric vehicle charging infrastructure market along with high costs and low resale value.”
The report urges original equipment manufacturers to focus on a number of initiatives to boost growth including a “target $100 per kilowatt-hour price” and investing in future battery chemistries such as solid-state and lithium/zinc air.
German automotive giant BMW confirmed earlier this year it had formed a partnership to develop solid-state batteries for its electric vehicles with US-based start-up Solid Power.
In the UK, new research into solid-state batteries has won a share of a GBP42 million ($59.8m) government grant to help accelerate the development of electric vehicle technology.