The global electric vehicle market size is projected to reach 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%.
Increased demand for efficient and low emission vehicles along with government support amid the rising prices of petroleum will boost the electric vehicle market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electric vehicle use can reduce the operating cost of these vehicles. To make the Electric market grow, continued support from the government will be needed along with the growing research of EV batteries, EV charging systems and electric vehicles to reduce the initial cost of electric vehicles along with increasing vehicle range, reducing charging time and adding additional features to the EV's.
However, the COVID-19 pandemic had an impact on the electric vehicle market in the first few months. Both the production and sales of EVs had come to a halt in the first few months of 2020 across the globe except China as the whole ecosystem had been disrupted. However, in the next two quarters, the sale of EV's had been growing. OEMs had to wait until lockdowns were lifted to resume production, which affected their business. Post the pandemic, the demand for EV's might increase, as people are getting increasingly conscious of reducing emissions from vehicles around the world and various governments setting up charging point networks across their countries during the second half of 2020 and beyond.
The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast.
Electric passenger car is the fastest-growing segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC, etc. have been strong players in the market. These companies have a strong market for their EV's around the world. Passenger cars account for the largest share in the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for electric vehicles. Countries such as China have a low waiting period for electric vehicles compared to that for ICE-powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2050. US and China also follow such an agreement. The fast growth of EV chargers has also led to the growth of the EV passenger car market.
Supercharging to be the fastest-growing recharging segment in the forecast period
Currently, Asia has the highest number of Superchargers in the world, while Europe stands the 2nd best. This is because people in Asian countries prefer to fast charge for their vehicles for daily use. Superchargers are projected to grow at a fast rate in all 3 regions, but mostly in North American region due to the fast-projected transformation to EV's in US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, UK etc. In Asia, Superchargers exist mostly in China and some in Japan, South Korea, etc. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.
Mid-Priced segment is expected to be largest in the Vehicle class segment in the forecast period.
A mid-priced vehicle is considered to have a price below USD 45,000. This vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles. Established automotive manufactures such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share. In April 2020, the world's cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost around USD 5,000 and came with no additional features except traditional driving. This also became one of the top sold EV models in 2020. Some other mid-priced EV include Renault Twizy, Seat Mii electric, Fiat 500, VW e-up, MG5 EV, MG ZS EV, etc. Other companies like Hyundai, Honda, Toyota, etc. are working on developing low-cost EV's for sale in Asian countries.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Electric Vehicle Market 4.2 Electric Vehicle Market Growth Rate, by Region 4.3 Electric Vehicle Market, by Charging Point Type 4.4 Electric Vehicle Market, by Vehicle Type 4.5 Electric Vehicle Market, by Vehicle Class 4.6 Electric Vehicle Market, by Propulsion Type 4.7 Electric Vehicle Market, by Vehicle Top Speed 4.8 Electric Vehicle Market, by Vehicle Drive Type
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Reducing Prices of Ev Batteries 188.8.131.52 Faster Ev Charging 184.108.40.206 Rising Prices of Petroleum 220.127.116.11 Lower Operating Cost 18.104.22.168 Lower Emissions from Evs 5.2.2 Restraints 22.214.171.124 High Initial Investments for Installing Ev Fast Charging Infrastructure 126.96.36.199 Lack of Sufficient Ev Charging Infrastructure 188.8.131.52 Longer Charging Time Compared to Other Fuels 184.108.40.206 Lower Vehicle Range 5.2.3 Opportunities 220.127.116.11 Rising Demand for Electric Vehicles in the Automotive and Transportation Sectors 18.104.22.168 Government Initiatives Pertaining to Evs 22.214.171.124 Development of Private and Semi-Public Ev Charging 126.96.36.199 Development of Wireless Ev Charging Technology for On-The-Go Charging 5.2.4 Challenges 188.8.131.52 High Cost of Vehicles 184.108.40.206 Insufficient Standardization of Ev Charging Infrastructure 5.3 Porter's Five Forces 5.4 Upcoming Electric Vehicle Models, 2021-2025 5.5 Top Selling Ev Model Sales in 2020 (Worldwide in Thousands) 5.6 Europe Ev Sales (2019 & 2020) 5.7 Electric Vehicle Market Ecosystem 5.8 Value Chain Analysis 5.9 Electric Vehicle Pricing Analysis 5.10 Technology Analysis 5.11 Patent Analysis 5.12 Case Study 5.13 Regulatory Overview 5.14 COVID-19 Impact Analysis 5.15 Electric Vehicle Market, Scenarios (2021-2030)
6 Electric Vehicle Market, by Charging Point Type
7 Electric Vehicle Market, by Component
8 Electric Vehicle Market, by Propulsion Type
9 Electric Vehicle Market, by Vehicle Class
10 Electric Vehicle Market, by Vehicle Drive Type
11 Electric Vehicle Market, by Vehicle Top Speed
12 Electric Vehicle Market, by Vehicle Type
13 Electric Vehicle Market, by V2G
14 Electric Vehicle Market, by Region
15 Competitive Landscape
16 Company Profiles 16.1 Key Players 16.1.1 Tesla 16.1.2 Byd 16.1.3 Volkswagen Ag 16.1.4 BMW Group 16.1.5 Nissan Motors 16.1.6 Toyota Motor Corporation 16.1.7 Ford Motor Company 16.1.8 AB Volvo 16.1.9 SAIC Motors 16.1.10 Hyundai Group 16.1.11 Honda Motors 16.1.12 Daimler Ag 16.2 Other Players 16.2.1 General Motors 16.2.2 Rivian 16.2.3 Faraday Future 16.2.4 Fisker 16.2.5 Lucid Motors 16.2.6 Nikola Corporation 16.2.7 Alcraft Motor Company 16.2.8 Renault Group 16.2.9 Stellantis N.V. 16.2.10 Kia Motors 16.2.11 BAIC Motors 16.2.12 Mitsubishi Motors 16.2.13 Byton 16.2.14 Chery 16.2.15 Jac 16.2.16 Geely 16.2.17 Canoo 16.2.18 Zotye
17 Analyst's Recommendations 17.1 China, Japan, Germany, and South Korea are Key Focus Countries for the Electric Vehicle Market 17.2 Technological Advancements to Help Develop the Market for the Ev Passenger Car 17.3 Conclusion