A decade ago, the electric vehicle market was worth $100 billion, and was expected to be worth $150 billion by 2020, according to a new report by the research firm eMarketer.
This year, however, the market is expected to grow to $2.7 trillion by 2020.
As the technology continues to evolve and the market grows, eMarketers predicts that the electric car market could reach $5 billion in 2019.
This is an improvement over the $2 billion estimate made in March 2018.
In 2019, electric vehicles accounted for about 8% of all car sales.
But the market could be worth more than $1 billion by 2021, when electric vehicles will account for 40% of the market.
EMarketer predicts the market will grow from $1.2 billion in 2020 to $5.2 trillion in 2021.
For comparison, last year’s market was $3.3 billion.
eMarkers forecasts electric vehicle sales will grow by an average of 5% per year from 2019 to 2021, which would put the market at $5 trillion by 2021.
Tesla, for example, says that it will have more than 2 million electric vehicles on the road by 2021 and has set a goal of reaching 40% by 2021; Ford Motor Co. says it will get close to 50% of electric vehicles by 2021 but has yet to achieve that goal; and Toyota Motor Corp. plans to have 30% of its electric vehicles available by 2021 as part of a strategy to double the market share of plug-in hybrids by 2035.
With that in mind, here are 10 predictions that will impact electric vehicle and auto sales in 2021: 1.
The market will see a drop in gasoline prices over the next decade.
According to eMarkets forecasts, the price of gasoline will drop by more than 20 cents per gallon over the course of 2021.
The drop is expected in 2018, when prices were $1 per gallon and were expected to drop by $1 to $1 at the end of 2021, but that price drop has been reversed and prices have continued to increase over the past year.
By 2021, gasoline will be more expensive than diesel, which eMarket says will cost $2 per gallon on average.
The electric vehicle industry will be the most efficient industry.
In the coming years, electric vehicle technologies will lead to greater efficiency, which means the electric industry will have a greater incentive to invest in the infrastructure that enables those technologies to work.
Ecommerce giant Amazon is leading this trend with its Amazon Web Services (AWS) cloud infrastructure, and its Eero platform, which it has invested $10 billion in. eNova, a cloud platform that provides e-commerce-as-a-service (e-aaS) solutions to a variety of companies, is another example of an e-tech company that is working to improve the efficiency of its infrastructure.
ePilot, a startup focused on autonomous driving, also has invested in the Eero cloud platform.
New technologies are on the horizon.
A variety of new technologies will enable electric vehicle technology to be cheaper and more powerful, eNovas cloud-based Eero software platform for autonomous driving and Tesla’s Model 3 electric sedan, which has already hit production, are among the companies that are likely to have the most influence on the electric vehicles market.
Tesla is working on a battery pack that can last five years, while Tesla is building a range of electric vehicle batteries that can go from zero to 100 miles per charge in about half the time that traditional gasoline batteries can.
In 2021, ENAVA will launch a prototype for its technology, and eNovo will be able to make electric cars with its own battery system, as well as for-hire electric vehicles.
eMax, a subsidiary of the German automaker Daimler AG, will use the Eeros cloud platform to deliver battery systems to its electric vehicle customers.
A new technology is on the way.
ENAV is developing a technology that can reduce the cost of energy storage by 50% by 2032, which is a huge step in the right direction, according the eNOVA and Tesla reports.
eMAX will use its technology to provide a battery that will last 25 years and will be built in a factory in China.
New cars will arrive.
While electric vehicles continue to have a huge advantage over gasoline vehicles in terms of fuel efficiency, many of the vehicles coming out in 2021 will have electric engines.
A recent report from the Center for Automotive Research predicts that in 2021, nearly 10% of new cars and trucks will be electric, with about 10% being hybrids.
The next big milestone in this trend will come in 2021 when the market for hybrid electric cars is expected grow from 5.7% in 2020 and reach 18.5% in 2021 according to eNOVas forecasts.
New products are coming to the market in 2021 that will improve