The automotive industry is expected to see double digit growth in 2021, according to an industry report by the Economist, but markets will need to review operation processes and seek out growth pockets to fully bounce back from the slump seen in 2020.
In the recent virtual event, Enabling the Cars of Tomorrow, Avery Dennison looked at the key trends automotive manufacturers and OEMs are focusing on to drive growth. A panel of material experts shared insight into the latest innovation in adhesives, films, fasteners, RFID technologies, and other labelling solutions making these trends possible.
Electric vehicles go mainstream
Global electric vehicle (EV) sales are expected to grow 50% or more in 2021, according to analysts at Morgan Stanley, while sales of internal combustion engine (ICE) vehicles are expected to grow 2% to 5%.
EVs are especially seeing accelerated sales in Europe, with government incentives, expanding charging infrastructure, and a rapidly growing list of Lithium-Ion factories across the region. In the first half of 2020, while the total European automotive market fell by 37%, EV sales increased by 57% and over half a million battery electric vehicles (BEVs) were sold in Europe in 2020.
“2020 has, of course, been challenging but at the same time it has opened new opportunities.” says Martin Dolezal, Product Manager Automotive & Transportation Labels at Avery Dennison, “Faster adoption of electrification is one of them, and we are investing time and money in new developments in this area.”