Electric vehicle market to grow to $616 billion by 2035

The research company SNE Research presented its own forecast for the current year in terms of market size

electric vehicles.The company forecasts sales for this year at $121 billion. Over the horizon until 2035, the market will grow to $616 billion, five times the turnover of the current year. Rising sales of electric vehicles will lead to significant growth in related areas, for example, the supply of batteries will increase from 482 GWh last year to 5.3 TWh by 2035. At the same time, the six leading companies will account for the bulk of the supply of batteries, they will provide about 5 TWh of the total output. The penetration rate of electric vehicles will gradually increase from 13% last year to 90% in 2035, when the production volume will reach 80 million electric cars per year. For comparison, in 2017, the penetration of electric vehicles did not exceed 1%.