Electric cars will take over, threatening European car industry
13 July 2017
Electric cars are on a breakthrough, and even faster than we thought. The major reservations people still have – charging infrastructure, range anxiety and pricing – will be overcome within the next seven years, according to the Breakthrough of electric vehicle threatens European car industry report by ING’s senior economists Max Erich and Jurjen Witteveen.
Car market competition
Only electric passenger cars will be sold from 2035 onwards, according to the research estimation. This has a drastic impact on the European car market. Currently, European car manufacturers are at the forefront of internal combustion engines (25% market share), but their share in lithium-ion production used in electric cars is only 3%. Therefore, it is likely that both Asia and North-America will get a bigger foothold in the European car market due to their great supply of resources.