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The shipments of electric vehicle battery packs are likely to reach 30 million in 2027, from 10 million in 2022, a report showed on Monday.
The around 200 per cent growth will be strongest within the commercial segment, with commercial electric vehicle battery pack shipments growing from 1.4 million in 2022 to over 7 million by 2027, according to Juniper Research.
The report identified falling vehicle costs, often directly caused by government subsidies, and increasing awareness around the environmental impact of current mobility services as key drivers behind the growth in electric vehicle battery production.
"Developing longer range vehicles by leveraging higher capacity battery packs will be critical to meeting expectations that foster commercial vehicle electrification, but will require extensive investment to develop new battery pack technologies," said research co-author Damla Sat.
In order for electric vehicles to reach mass adoption across commercial use cases, including heavy goods haulage and passenger transport, scaling the production of new battery technologies is essential.
This includes solid state batteries and new chemical mixes.
"The most pressing issue for electric vehicle adoption is the rare earth minerals required in battery production, including cobalt, which is difficult to source, in terms of both cost and the ethics around procurement," the report mentioned.
It recommended that manufacturers must rapidly move to new, higher capacity technologies including solid state batteries to unlock energy intensive use cases.
The report, however, cautioned that changes in technologies must continue to prioritise the sustainability goals electrification is based upon.