“Heavy investments from automakers in EVs and encouraging government policies and subsidies are significant factors for the growth of the electric vehicle market globally”
The global electric vehicle market is estimated to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030, at a CAGR of 21.1%. Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of availability of charging stations and initial high costs can create a hurdle for its growth.
“Increasing adoption of electric buses likely to propel the growth of commercial vehicles during the forecast period”
The commercial vehicle segment is expected to be the fastest growing market. Increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial vehicle segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacing 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 ecommerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
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“Mid-priced vehicle segment is expected to grow at the highest CAGR”
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, will reduce 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 in 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?ORA R1?under its new ’ORA’ electric car brand. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.
“The Asia Pacific market is expected to register the fastest growth 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 countries such as China, Japan, and South Korea is inclined toward innovation, technology, and 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.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 38%, Tier II - 37%, and Tier OEM - 25%
- By Designation: C Level - 30%, D Level - 50%, and Others - 20%
- By Region: North America - 31%, Europe - 32%, and Asia Pacific - 37%
The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).
- The market study covers the electric vehicle market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as charging station type, propulsion type, vehicle type, vehicle class, component, and region.
- The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall electric vehicle market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.