Electric Vehicles (EV) Market to Reach $3,105.4 Billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by Meticulous Research®

REDDING, Calif., March 30, 2021 /PRNewswire/ -- According to a new market research report titled "Electric Vehicles (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, PHEV, HEV); End Use (Private, Commercial, Industrial); Power Output; Charging Standard; and Geography," published by Meticulous Research®, the electric vehicles market is expected to grow at a CAGR of 33.6 % from 2020 to 2027 to reach $3,105.4 billion by 2027. In terms of volume, this market is expected to grow at a CAGR of 21.7% to reach 228.7 million units by 2027.

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Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or an internal combustion engine that charges the vehicle's battery pack, which runs the traction motor and propels it. Such vehicles are known as hybrid electric vehicles.

The major factors driving the electric vehicles market include supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging systems technologies. However, the lack of charging infrastructure in developing countries obstructs the growth of this market to some extent. Range limitations of electric vehicles, lack of fast-charging infrastructure, and high cost are the major challenges for the growth of the electric vehicles market.

The Impact of COVID-19 on the Electric Vehicles market

The COVID-19 pandemic has severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for industry players to anticipate its recovery. This crisis caused structural shifts that had significant implications on the market.

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In 2019, the global sales of electric vehicles had crossed 2 million. However, the COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures. This caused a severe decline in vehicle sales, especially in the electric vehicles segment. However, the electric vehicles market is expected to recover quickly due to China's strong growth. Post-COVID-19, the electric vehicles market is projected to reach 4.18 million units by the end of 2021.

According to Meticulous Research analysis, developed areas of China and Europe are poised to have a strong recovery while the U.S. is estimated to fall behind. Aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor triggering the adoption rate in coming years. For instance, around USD 10,000 subsidies are offered to EV buyers in Germany, while in China, the average subsidy ranges from USD 2,000 to USD 3,500 from 2021.

The electric vehicles market is segmented based on vehicle type, propulsion type, power output, end use, charging standard, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on vehicle type, the passenger vehicles segment accounted for the largest share of the overall electric vehicles market in 2020. The large share of this segment is mainly attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. Automobile manufacturers are pooling their R&D resources for designing and developing electric passenger vehicles for reducing emissions, improving design flexibility, achieving higher speed-to-weight ratios, and allowing for longer travel ranges on a single charge. Several battery-cell manufacturers for electric vehicles are increasing their passenger vehicle production capacities.

Based on propulsion type, the hybrid vehicles segment accounted for the largest share of the overall electric vehicles market in 2020. The large share of this segment is majorly attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. Developing countries hold immense opportunities for market players due to various government initiatives, including incentives in sales and manufacturing and tax rebates and increased focus on deploying hybrid commercial vehicles. These benefits are positively impacting the demand for hybrid vehicles.

Based on power output, less than 100 kW segment accounted for the largest share of the overall electric vehicles market in 2020. The large share of this segment is majorly attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in developing EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several governments. The adoption of electric mopeds & scooters is growing exponentially due to their eco-friendly nature, strict government regulations for carbon emissions, and growing use of e-scooters for shared mobility. Major players worldwide are also focused on new strategies to launch light EVs, such as e-scooters and two-wheelers. For instance, TVS Motor (India) launched the iQube electric scooter in India, equipped with a 4.4kW electric motor. It has a maximum speed of 78 kmph and traverses 75 km on a full charge.

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Based on end use, the private use segment accounted for the largest share of the electric vehicles market in 2020. The large share of this segment is majorly attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. Consumers are focused on better fuel efficiency, more power, and reduced CO2 emissions, thereby adopting EVs for personal use. Also, supportive government incentives to promote sales and manufacturing of EVs, tax rebates, and the decline in battery costs further drive the adoption of EVs among consumers for private use.

Geographically, the Asia-Pacific electric vehicles market is developing and expanding at a significant pace. Asia-Pacific is the largest market for electric vehicles worldwide. The major factors contributing to the region's large market share include the increasing demand for EVs and associated charging facilities, growing number of start-ups offering numerous solutions and services in the electric mobility industry, and growing government initiatives in developing charging infrastructures.

The key players operating in the global electric vehicles market are BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea)Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Mahindra & Mahindra Ltd. (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), Toyota Motor Company (Japan), Mitsubishi Motors Corporation (Japan), Groupe Renault (France), Beijing Automotive Industry Corp. (BAIC) (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Guangzhou Xiaopeng Motors Technology Company Ltd. (China), and NIO Inc. (China).

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Scope of the Report

Electric Vehicles Market, by Vehicle Type

• Passenger Vehicles
• Heavy Commercial Vehicles
• Two-Wheelers
• E-Scooters & Bikes
• Light Commercial Vehicles

Electric Vehicles Market, by Propulsion Type

• Hybrid Vehicles
• Pure Hybrid Vehicles
• Plug-in Hybrid Vehicles
• Battery Electric Vehicles
• Fuel Cell Electric Vehicles

Electric Vehicles Market, by Power Output

• Less than 100 kW
• 100 kW to 250 kW
• More than 250 kW

Electric Vehicles Market, by End Use

• Private Use
• Commercial Use
• Shared Mobility
• Micromobility
• Public Transport
• Industrial Use

Electric Vehicles Market, by Charging Standard

• Guobiao Standards (GB/T)
• CHArge de MOve (CHAdeMO)
• Combined Charging System (CCS)
• Tesla Supercharger
• Type 1 (SAE J1772)
• Type 2 (IEC 62196)

Electric Vehicles Market, by Geography

• Asia-Pacific (APAC)
• China
• Japan
• South Korea
• Thailand
• Singapore
• India
• Rest of Asia-Pacific (RoAPAC)
• Europe
• Germany
• France
• U.K.
• Norway
• Sweden
• Netherlands
• Italy
• Spain
• Switzerland
• Denmark
• Rest of Europe (RoE)
• North America
• U.S.
• Canada
• Rest of the World
• Latin America
• Middle East & Africa

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