The Global Electric Vehicle Market is projected to grow from 3 million units in 2019 to reach 27 million units by 2030, at a CAGR of 21.1% during the forecast period.
The growing trend of greener transport is the major factor responsible for the expected advancements in this market. EVs, including BEVs, PHEVs, and FCEVs, are expected to play a major role in the future to achieve the emission targets for different countries and de-carbonization of transportation systems around the world. OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in EVs and charging solutions.
Encouraging investments made by governments across the globe to increase the adoption of EVs, creating opportunities for OEMs to expand their revenue stream and geographical presence. The European market is projected to experience steady growth, owing to a well-developed infrastructure for EVs, while the Asia Pacific market is the fastest due to the strong presence of major electric vehicle manufacturing OEMs.
The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).
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FCEVs have a better fuel economy and can travel around 300-400 miles with a full fuel tank. The refueling time for fuel cell-powered vehicles is about 3 to 5 minutes. This makes FCEVs an ideal option for transportation on definite or fixed routes. However, the availability of infrastructure such as hydrogen refueling stations, hydrogen production facilities, and supporting fuel cell technology is minimal worldwide due to the substantial cost of fuel cell stack and system. However, countries like Japan and South Korea are investing in the development of FCEVs. For instance, Japan is aiming to set up 900 hydrogen refueling stations and 800,000 fuel cell cars by 2030. In South Korea, the Ministry of Knowledge Economy is also making similar efforts to promote fuel cells in the country.
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.
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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.
The Asia Pacific electric passenger car market is estimated to be the largest and fastest-growing market. This market has witnessed rapid year-on-year growth in the Asia Pacific region. It comprises some of the fastest developing economies in the world, such as China, Japan, and India. Market experts predict EVs would account for around 50% of the market share in China by 2025. The governments in these countries have recognized the growth potential of EVs and the advantages of using them. Increasing demand for EVs in the Asia Pacific is anticipated to boost infrastructure development and ensure remarkable economic growth. China is also investing heavily in the production of electric commercial vehicles with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. All these factors will drive the electric vehicle market in the Asia Pacific region.