According to Goldman Sachs Research , the number of electric cars sold worldwide will grow dramatically over the next twelve years.
The recent study estimates that sales of electric vehicles will rise to around 73 million units in 2040, up from around 2 million in 2020, with electric car sales rising from 2% of the total in 2020 to 61% in 2040.
“We expect the automotive industry to undergo a major transformation until 2030, driven by the increasing adoption of vehicle electrification and autonomous driving,” wrote Kota Yuzawa, part of the research team.
According to the research, sales will be driven by industry change. The authors predict that sales of electric vehicles will grow 32 per cent per year over the 2020-2030 decade with global automotive industry operating profits expected to rise to $418 billion in 2030, up from $315 billion in 2020.ni? The study
Crucial will be the challenges of technological research: ‘Since the initial costs for an electric vehicle are higher than for an internal combustion engine (ICE) vehicle, reducing costs through technological innovation (in areas such as batteries and semiconductors) could trigger a more widespread diffusion of electric vehicles,’ the study states.
In dwelling on these aspects, the study tries to outline an outline of possible changes that could revolutionise the industry: research will make the battery market grow, transmission units and thermal management of cars will become more efficient, and the weight of cars will be reduced over the years. In short, a combination of causes that, when added together, could lead the sector to reach new heights.
It is difficult to say how much the very detailed work of the Goldman Sachs researchers will coincide with the future in the coming years, but it does suggest some very useful hints, ideas and insights for thinking about the electric mobility of tomorrow.