EV sales to account for third of market by end of decade

October 6, 2021 - Global sales of electric vehicles (EVs), estimated at 2.5m units in 2020, are forecast to grow to 31.1m by 2030, around a third of all new vehicle sales. But skilled labour shortages may hamper progress.

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As electric vehicle (EV) sales soar, internal combustion engine vehicle (ICE) sales are forecast to tumble, leading to EVs having a market share of almost a third by the year 2030.

The global auto industry’s shift to EVs has spurred an expansion race among battery makers, leading to a skills shortage, particularly in South Korea where mega-factories make batteries for many of the world’s EVs.

South Korea’s three major players – LG Energy Solution, SK On and Samsung SDI — which dominate a third of the global EV battery market say they are struggling with a shortage of skilled research and engineering workers.

Demand for new battery technology is escalating, in particular, the need to advance development of cutting edge solid state batteries which can recharge in 10 minutes and travel 500km in one go.