The 26-year-old UK resident sustained severe brain damage in the crash, which happened in Wimbledon on Saturday evening.
Bakkerud had not been racing this year, and his last major start came at the 2010 Le Mans 24 hours with the Kolles Audi team.
He had raced for the team full-time the year before, dovetailing a sportscar campaign with a season in a two-year-old Audi in the DTM.
The Dane had been working his way up the single-seater ladder before that, racing in Formula BMW, British Formula 3 and GP2 between 2002-2008.
He was a podium finisher in Formula BMW in Germany and the UK, and his career highlight was a British F3 win for Carlin at Mugello in 2006
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