London-based IHS Markit, a company working towards supporting the decision-making process of businesses and governments across numerous domains, has kickstarted this month a research project called “Reinventing the Wheel”.
As the name itself implies, the company specialized in providing information, analysis and expertise is looking at the opportunity of predicting the car industry’s revolution, which is by many accounts heading towards a magnitude similar to the one kickstarted with the development of the combustion engine in the 20th century. The company has already started showcasing some of its findings, for example part of the research focus being on the electric market. IHS Markit says today these make up just one percent of today’s car pool, but they have been growing by one thousand percent compared to 2010. The trend is expected to continue so according to the company’s predictions it will total 15 to 35 percent of global sales by 2040.
According to the research, a major impact will be driven by the battery technology advancements but also the focus should be put on regulations and support from authorities for zero-emissions cars. IHS even dares to believe new passenger car sales in 2040 will be 50 percent in the electric segment. This is of course rooted in the latest developments – everyone from BMW to Toyota are announcing huge investments in the field, with the VW Group actually leveraging these as a way to distance itself from the Dieselgate scandal.