The last few years have seen electric cars go from being something niche to being genuine challengers to traditional combustion engine vehicles. This piece looks how that will continue into the future, as electric cars are predicted to surpass sales of 400million vehicles by 2040. By this point they are also predicted to account for over a third of all new car sales. A key aspect of this is the falling price of the battery, which is expected to have dropped in price by four fifths by 2030. A key driver in this is the take up of electric sales in China, which is expected to be by far and away the largest market for new sales of electric cars by 2040.
The dominating figure in the sales of luxury electric vehicles is, of course, Tesla. But other major car makers have taken note of their success and are following suite. Looking beyond the i series of BMWs, we have included some of the most exciting Tesla killers that should hit the market in the coming years. This includes the secretive Faraday Future, a Chinese backed American start up that has already received $1billion of investment.
The auto manufacturing market could be further disrupted by big players from outside of the sector. Google and Apple are the most obvious challengers, but Chinese search Giant Baidu and the innovators at Dyson in the UK are also sizing up the electric car market as one area of expansion.
Infographic via Select Auto Leasing