“Heavy investments from automakers in EVs and encouraging government policies & subsidies are significant factors for the growth of the electric vehicle market globally.”
Post COVID-19, the global electric vehicle and electric vehicle infrastructure market is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1%. The projection for 2021 is expected to be down by 34% as compared to pre-COVID estimation.
The electric vehicle market has witnessed rapid evolution with ongoing developments in the automotive sector. 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) are the primary factors driving the growth of the market.
“Increasing adoption of electric buses likely to propel the growth of commercial vehicles during the forecast period.”
Commercial vehicles are expected to be the fastest-growing segment within the 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, which will, in turn, drive the growth of commercial electric vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of commercial electric vehicles during the forecast period.
“Charging station market for electric vehicles to grow at the highest CAGR between 2020 and 2021.”
The COVID-19 outbreak and the draconian measures deployed in China resulted in extensive disruptions to economic activities, which delivered a hard blow to the economy. Thus, most governments from affected regions have resorted to infrastructure rehabilitation as an economic stimulus method. The electric vehicle charging infrastructure sector has had a minimal impact from COVID-19. For instance, the Chinese government has announced stimulation packages toward boosting the development of a network of electric vehicle charging stations. Increased focus on EV charging infrastructure means the sector could see exponential growth in what is already a hot market.
“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 the development of advanced electric vehicles. The increasing demand for reducing carbon emission and the development of more sophisticated 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).
This report covers the COVID-19 impact on the electric vehicle and electric vehicle infrastructure market based on electric vehicle type, propulsion type, charging station type, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products, and services, and key strategies associated with the electric vehicle market
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the electric vehicle market based on vehicle type, propulsion type, charging station type, and geography have been conducted to provide an overall view of the electric vehicle ecosystem considering detailed impact analysis of COVID-19
- 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 considering the detailed impact analysis of COVID-19.