The Electric Vehicle Market is projected to reach 27 million units by 2030 from an estimated 3 million units in 2019, at a CAGR of 21.1%.
Favorable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration (specifically in China where ICE vehicle registration are banned in some urban areas) is one of the primary factors driving the growth of the market.
Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.
Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan) are some of the top players in this market.
Opportunities:
1 Use of Vehicle-To-Grid (V2g) EV Charging Stations
2 EV Charging Stations Powered By Renewable Energy
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Electric Vehicle market, by Region (units)
The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in countries such as China, Japan, and South Korea is inclined toward innovation, technology, and the development of advanced electric vehicles. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles. BYD, BAIC, Chery, and SAIC among others are some of the key players in the Asia Pacific electric vehicle market.
The mid-Priced vehicle segment is expected to grow at the highest CAGR rate
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. The 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 supercharging segment is expected to grow at the highest CAGR
Tesla pioneered the installation of supercharging stations across the world. These super-fast charging stations can charge an EV battery in approximately 30 minutes. However, superchargers are exclusive only to Tesla EVs and do not function on other manufacturer’s models. As of January 2019, Tesla had over 1,400 supercharging stations across the world. With the mounting planned production of Tesla EVs that are set to be launched over the next few years, the supercharging segment is expected to grow in tandem.
Besides Tesla, ABB and Tritium have introduced super-fast charging technologies, 350 kW Terra HP and Veefil-PK, respectively. Additionally, JET Charge has installed super-high charging power stations in Australia. Innovations by global as well as some key regional players are expected to open new avenues for the growth of this segment over the next few years.
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North America: The US is expected to lead the North American market
North America is estimated to be the fastest-growing market during the forecast period. North America comprises developed economies such as the US & Canada and is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving the electric vehicle market in this region.
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