Electric automotive: ancillary elements and secondary growth industries
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The electric vehicle (EV) has become increasingly important among the mobility solutions of our century. EV sales in 2020 rebounded by more than 40 percent, while overall car sales declined by 14 percent.
According to experts, the electric car market will grow at a compound annual rate of 37.1 percent in the period 2021-2028, and is expected to reach $1.9 billion in the latter year. By volume, the market would grow 36.2% in the period described to reach 69.3 million units in 2028.
The above, in addition to representing a boom in the electric automotive industry, represents an opportunity for secondary industries on which EVs depend.
Ancillary elements: importance and growth
The external charging infrastructure, or electrolinera as it is also called, is capable of safely supplying energy to the EV through charging points.
In 2020, the number of public charging stations in Latin America reached 2,200, of which 1,161, or 53%, are in Mexico, followed by Brazil (500), Costa Rica (141), Colombia (80) and Chile (50).
In recent years, people and governments around the world have become aware of the environmental havoc that the excessive use of fossil fuels and petroleum derivatives has caused globally. As a result, we are beginning to move towards a profound energy change.
This sector is expected to grow over the next few years, hand in hand with the mass production and sale of electric vehicles, since the deployment of recharging points is key to their implementation.
The motor of an electric vehicle is one of the most important elements of the vehicle, both for its operation and its functioning. The motors used in an EV can be DC or AC and all are made up of a stator, rotor and housing.
According to a report by MarketResearch.Biz, the electric motor market is expected to rise to $67.05 billion in 2031 from $45.25 billion in 2020, at a compound annual growth rate of around 20 percent.
There are many types of batteries, but lithium-ion batteries have established themselves as the leading-edge technology for use in electric vehicles. Major manufacturers include the following:
- CATL, which in 2017 became the largest producer of lithium-ion batteries globally. Since then it has maintained its leadership, reaching during the first four months of 2021 a production of 21.4 GWh, with a market share of 32.5 percent.
- In second position is LG Energy Solution, with a capacity of 14.2 GWh between January and April 2021 and a market share of 21.5 percent.
- In third place is Panasonic, thanks to its relationship with Tesla. In the same period as the previous companies, it achieved an output of 9.7 GWh, or a market share of 14.7 percent.
The term power electronics refers to devices and systems used for handling voltages and currents above a few volts and amperes. The Fraunhofer Institute for Advanced Materials and Manufacturing Technology, IFAM, believes that there is a promising market in this sector.
Examples of this type of technology are converters and inverters. Converters are devices that transform the voltage of the electricity supplied by the batteries, lowering their voltage to 12 volts. Meanwhile, inverters transform the direct current of the main battery into alternating current.
Undoubtedly, the electric vehicle is an option that drives multiple sectors and implies the development of new value chains, which in turn create the opportunity to generate high-value jobs in the automotive industry.
Electric mobility, the mobility of the future
Electric motors achieve 90% energy efficiency, compared to 25% for traditional motors. In addition, recharging an electric vehicle is much cheaper than doing it at a gas station.
The potential of the electric mobility industry
The transportation sector expects a major technological transition with the arrival of electromobility. The decrease in prices and increase in autonomy predict that electric vehicles will soon become competitive.