The EV market is expecting rapid growth in the 2020s and beyond. According to the report, “Global EV Outlook 2021,” published by the International Energy Agency, EVs are expected to make up 20% of the global fleet by 2030, with up to 230 million vehicles on the road. Unit production will grow globally at a 34% CAGR from 2020-2030.
Several interrelated factors will power this dramatic rise.
- Costs: EVs are becoming more affordable. This is due to a reduction in the cost of battery technology and an increase in the cost of ICE technology related to carbon emission and fuel-efficiency requirements.
- Regulations: Policymakers in the U.S. and abroad are enacting measures to accelerate the adoption of EVs. As an example, California has announced a ban on the sale of ICE vehicles in the state by 2035. Several EU nations, along with the U.K., have announced phaseouts of new ICE vehicle sales. Most of these initiatives are set to start in 2025 or 2030.
- OEM goals: More OEMs are setting time-bound goals to be exclusively electric in response to various factors, including changing consumer tastes and regulatory activity. General Motors has a plan to be all-electric by 2035. Volvo now offers electrified (including hybrid) versions of all its models and aims to have 100% of its sales volume be fully electric by 2030. Tesla delivered nearly 500,000 cars worldwide in 2020. The company aspires to produce 20 million vehicles annually by 2030. These commitments complement significant investments in R&D, engineering, and manufacturing. For example, in September 2021, Ford announced an $11.4 billion investment in electrification. It includes two new campuses devoted to battery production and EV assembly.
- Innovation: Battery technology is improving rapidly. EV range is increasing — and is expected to continue to increase — while charging times decrease. Other factors related to early EV batteries, including safety and durability, are being addressed by engineers.
Concerns that have previously limited EV adoption have been or are being addressed. These include battery costs, safety, reliability, charging station availability, and technology limitations. Battery capacity has doubled in the last five years. Today's batteries charge faster than ever, power is more efficiently converted, and electronics' speed, complexity, connectivity, and processing power have increased.
Yet, key engineering challenges remain related to the most critical component in an EV, the battery pack. EV battery manufacturers must address factors such as electrical shortages, dust and fluid contamination, shock and collision, thermal management, and others. For the EV and eMobility market to continue on its growth path, manufacturers must produce cars and trucks that match or exceed ICE vehicles for safety, reliability, durability, and range.
To help address these challenges, Boyd collaborates closely with leading raw material suppliers to offer the widest range of high performance converted and engineered material solutions for battery compartment protection, sealing, and cooling. With advanced global manufacturing processes and decades of development experience, Boyd solutions address issues relating to flammability, dielectric insulation, cell cushioning, and more.
This focus ensures our EV battery solutions help OEMs and tier suppliers address these challenges and further drive innovation in the marketplace. We engineer customizable and scalable solutions to prevent thermal runaway, extend battery life, optimize energy use, protect against collision, reduce weight, and more.