The Electric Vehicles Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2030. The electric vehicle market has witnessed rapid evolution with the ongoing developments in automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of car pool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reducing significantly which would make EVs more affordable. Mid-Priced 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. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.
The commercial vehicle segment is expected to be the fastest growing market. With increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacement of fossil fuel based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in the countries such as China, Japan and South Korea is inclined toward innovation, technology, and development of advanced electric vehicle. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle. BYD, BAIC, Chery and SAIC among others are some of the key players in the Asia Pacific electric vehicle market.
The global electric vehicle market is dominated by major players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
-Report by MarketsandMarkets
