SEOUL (Reuters) – South Korea’s LG Chem, is one of the leading electric vehicle (EV) battery maker, is expected that the global sales of evs will grow more than five-fold by 2018, with levels of approximately 15% of global vehicle sales in 2024, it said on Thursday.
LG Chem, which counts General Motors, and Volkswagen VOWG_p.DE) among its customers, also forecast battery costs, which account for about one-third of the exposure rates and should be considered as one of the main obstacles to the wider use of EVs would decrease to $100 per kilowatt-hour in 2025, an average of $200 in the year 2015.
Speaking at a conference in Seoul, south korea, LG Chem battery pack’s chief, Kim Jong-hyun, said the stricter regulations in Europe and China, in particular, from next year, and with the advent of autonomous vehicles, and ride-sharing services, it would serve as a catalyst for the explosive growth of the Service.
He also expects car makers to roll out more affordable electric cars, fueling the growth of the market, which so far have been driven by government subsidies.
He said: “LG Chem is expected sales of pure electric vehicles and plug-in hybrid and electric vehicles is expected to rise from 2.4 million the previous year to € 13.2 million, in a bid for the 2024 games, which will be responsible for 15% of the total sales of vehicles this year.
Last year, about 2.4 million electric vehicles were sold, according to LG Chem. That represented less than 3% of the total world-wide sales of motor vehicles, according to Reuters calculations based on data from researcher IHS Automotive.
He said that the value of the global battery industry are expected to be higher than that of the semiconductor market in the year 2025.
Reporting by Hyunjoo Jin; Editing by Mark Potter