Battery electric vehicle market could grow to US$8.8 trillion by 2025
The United Nations Economic Commission for Africa is calling on African countries to take advantage of the new prospects provided by developments in the battery and electric vehicle (EV) industry.
The appeal followed a technical meeting to discuss plans to establish a cross-border special economic zone for battery and electric vehicle manufacturing in the countries of Congo and Zambia, with support from the UN and the African Export-Import Bank. This is reported by ENA.
Eunice Kamwendo, Director of the UNECA Sub-Regional Office for Southern Africa, said the initiative would help to increase the value of minerals needed for the production of electric vehicles, attract investment, create jobs and contribute to overall economic reforms.
According to Kamwendo, the creation of a special economic zone will help to promote manufacturing in the two countries and across the continent, as well as reduce the technological gap in this area.
Experts predict that the battery electric vehicle market could grow to $8.8 trillion by 2025 and US$46 trillion by 2050-almost a six-fold increase in market value over the next 25 years.
Photo: iStock-
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