Electric vehicles and hybrids may be slow to catch on with British buyers reluctant to invest in the new technology, but according to automotive analysts Frost & Sullivan, sales of lithium-ion (Li-ion) batteries are racing ahead.
Last year, the Li-ion battery market earned revenues of $2.13 billion, with F&S estimating that this will increase six-fold over the next six years to reach $12.84 billion in 2019.
It’s not just new electrically powered models being introduced by manufacturers which are generating increased demand, but the inexorable price rises in petrol and diesel which are making potential punters think twice about new vehicle purchases.
F&S have also noted that various Governments are offering a variety of rebates and incentives depending on the country, state and city where these types of vehicles are being encouraged.
Apart from range, the biggest factor working against electric and hybrid vehicle sales, is the cost of the batteries, but with increased production, economies of scale will kick in, and prices may drop (or at least not increase as fast as oil prices!) longer term.
I can hear Wee Eck now, calling for more windmills and more wave power.