EV Demand Growing Says ReportCOVID-19 and a slow start to 2020 did not diminish electric vehicles in an otherwise slumping automotive market, according to Lux Research
BOSTON, June 17, 2021 -- Despite the COVID-19 pandemic causing a sluggish start to vehicle sales in 2020, electric vehicles emerged as a bright spot, according to new data from Lux Research, a leading provider of tech-enabled research and innovation advisory services.
The 2020 update of Lux's "Automotive Battery Tracker" report analyzes key metrics related to the impact of electrification on the automotive industry. Leveraging multiple data sources for vehicle sales, combined with Lux's tracking of technical specifications for electrified vehicles, the Automotive Battery Tracker unearths valuable information about trends in battery chemistries and volumes, key OEMs and their suppliers, and which regions are seeing the fastest growth. This report confirms Lux's assertion from the previous update that COVID-19 wasn't a cause for concern for the future of electric vehicles:
Combined BEV and PHEV sales increased 37% in 2020 compared to 2019, led by 140% growth in Europe as the BEV market took off in several countries.
Tesla remains the most popular BEV maker, but its choice of cells from LG Energy Solution in China means Panasonic lost the market share crown it had held since 2013.
Ni-based cathode chemistries, including NCA (23.9%) and NMC (73%), dominate the BEV market today, but future cell-to-pack designs and supply chain concerns will likely see LFP increase market share in the future.
"In our last battery tracker update, we noted that COVID-19 shouldn't cause pessimism for the future outlook of electric vehicles, as automakers had already invested large sums in building BEV platforms, and governments were still pushing for decarbonization," explains Christopher Robinson, Research Director at Lux Research and lead author of the report. "The dramatic close to 2020 proved this point to be true, although admittedly, Lux missed the mark in timing, as the market came back much faster than expected – and in the process set new quarterly sales and market share records."