Electrified Vehicles To Represent $178.9 Billion Market By 2024

IDTechEx believes the global sale of hybrid and pure electric cars will triple to $178.9 billion in 2024 as these vehicles are transformed in most respects.

The IDTechEx market research firm is providing up-to-date ten-year forecasts in their new report titled “Hybrid and Pure Electric Cars 2014-2024.”

The firm stated the report includes extensive chapters on in-wheel motors, fuel cell cars and the transformed battery situation. In-wheel motors are at last appearing in born-electric vehicles optimized for this disruptive change. 140 lithium-ion battery manufacturers and their changing success with EVs and changing chemistry are also analyzed. IDTechEx  said they are now threatened by Tesla planning a mega factory to dwarf all of them. IDTechEx makes an attempt in the report to reveal the winners and losers that may result.

Launches of production models of fuel cell cars are promised around 2015 by companies such as Hyundai, Toyota, Daimler and Tata Motors, bringing these centre stage to the contempt of competitors that consider them to be a dead end, said IDTechEx. New car technologies such as supercapacitors, SiC and GaN power components, switched reluctance motors, merged and structural electric components, contactless charging and harvesting heat, light and vertical movement are presented as options that are likely to be used in one shape or another.

IDTechEx sees a gathering trend towards OEMs making their own key enabling technologies. It reveals that there are far more than the traditional three key enabling technologies now and explains their future.

At the core of IDTechEx’s report are very different options for the elements of an EV. The research firm stated it may be possible to have flexible batteries over the skin of the car in due course. Sometimes such laminar batteries permit faster charging and greater safety. In about ten years structural components – load-bearing supercapacitors and batteries will save even more space and weight in the most advanced vehicles.

IDTechEx  explained vehicle electrics will be a greater part of the cost of the vehicle as they replace hardware and give greater safety and performance. Electrics will change radically from the introduction of wide bandgap power semiconductors to printed electronics. There is scope for energy harvesting from shock absorbers, thermoelectric harvesting which will be viable around 2017 and there will be some local harvesting for devices around the vehicle.

The researchers signing the report added radically new functional systems with previously impossible shapes and functions will transform e-car systems beyond recognition.