Vehicle electrification and the transformation of the industry
Electrification and Industry Transformation
Battery electric vehicles gained further market shares. The growth is dominated by the Chinese and Rest-of-World (RoW) markets while US and European market are assumed with...
In 2020, the passenger car market was heavily influenced by the COVID-19 crisis. However, battery electric vehicles gained further market shares, especially in Europe. We expect a fast recovery of the sales volume to pre-COVID-19 scenarios, with an annual growth rate of 1.9%. This growth is dominated by the Chinese and Rest-of-World (RoW) markets while US and European market are assumed with constant volume.
The market growth is dominated by electric powertrain types, such as battery electric and fuel cell powertrains. The sales volume of vehicles with an ICE should decrease by 16% by 2040 compared to 2019. These remaining powertrains with an internal combustion engine (ICE) become electrified as well. We expect mild and full hybrids to be widespread.
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