As global sales of electric vehicles (EVs) surged to 14,073,000 units last year, a 33.5% increase from 2022, the growth rate has been steadily declining, according to a report by SNE Research released on May 30. The report projects sales to reach 16,410,000 units this year, with a growth rate expected to further decline to 16.6%.
Experts attribute this slowdown to a variety of factors, including the saturation of early adopters, insufficient charging infrastructure, and high prices, leading to a period of stagnation known as the “chasm” before mass adoption.
However, industry analysts remain optimistic about the long-term prospects of the electric vehicle market. SNE Research predicts that stricter environmental regulations, the introduction of new EV models, and price reductions will drive market recovery post-2025.
In the race for next-generation battery technology, companies in Korea, China, and Japan are vying for supremacy. Samsung SDI, a leader in Korea’s battery sector, plans to begin mass production of all-solid-state batteries in 2027, with a prototype already in joint testing with global automobile manufacturers.
SK telecom aims to launch a commercial prototype of its all-solid-state battery by 2028, while LG Energy Solution targets mass production by 2030. Hyundai Motor Group is also investing heavily in next-gen batteries, establishing joint ventures and enhancing in-house battery design capabilities.
Chinese companies are also making strides in the all-solid-state battery sector. SAIC plans to start mass production of its all-solid-state batteries by 2026, with new vehicles equipped with these batteries expected by 2027. CATL aims for commercialization in 2027, starting with limited production before scaling up.
In Japan, Toyota is leading the charge, forming a strategic alliance with Idemitsu Kosan to develop and mass-produce all-solid-state batteries with a driving range of over 1,200 km. Nissan is also gearing up for all-solid-state battery production, with plans to start trial production by March next year.
