The recent Battery Show Europe 2023 in Stuttgart marked a landmark moment for the automotive industry. As Europe's largest conference dedicated to advanced battery power and electric vehicle (EV) technology, it was a meeting place for over 10,000 attendees, including the industry's finest scientists, engineers, and thought leaders. With 37+ hours of meticulously planned educational content, it presented an unparalleled opportunity for us at Avery Dennison to expand our knowledge, engage in discussions about the industry's pressing challenges, and return with insights on the latest trends shaping the future of the sector.
Two significant trends stood out during the conference—electrification and sustainability—which come with a series of challenges and opportunities for the industry at large. Our thoughts on these topics are summarized below.
Electrification: Accelerating automotive innovation
In recent years, we have observed a definitive shift towards electrification, a trend that is now revolutionizing the automotive industry. The demand for EVs is not only increasing, but it is doing so at an extraordinary pace. Industry players face new challenges with the introduction of novel vehicle components and applications to support this electrification surge. For instance, these new elements necessitate unique label requirements that can withstand EVs distinct environments and meet stringent safety standards. As such, our solutions at Avery Dennison play a pivotal role in ensuring these components are appropriately marked and tracked for both operational efficiency and safety.
In a detailed report by McKinsey, data suggests that in the US and Europe, demand for EVs have grown impressively—between 2020 and 2022, sales rose by over 90% in these regions, while China saw an even more significant increase at over 300%.
Meanwhile, a separate study from Virta estimated that sales could reach as high as 14 million by the end of 2023. Should this forecast hold true, it would mean that EVs would account for 18% of total car sales. This would serve as a strong testament to the transformative shift in consumer preferences towards electric mobility and a more sustainable automotive future.