The Electric Vehicle 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 electric vehicle market has witnessed rapid evolution with the ongoing developments in the automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates, and other non-financial benefits in the form of carpool 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.
In addition, the growing sensitivity of various governments toward 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.
The electric vehicle market is dominated by globally established players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle market.
Use of vehicle-to-grid (V2G) EV charging stations
Vehicle-to-grid (V2G) EV charging is a system that has a bi-directional electrical energy flow between plug-in EVs and the power grid. V2G technology enables EVs to store unused power and discharge it to the grid. V2G technology can improve the electrical component’s performance and add value for EV owners.
EV charging stations powered by renewable energy
EVs can be charged at an electric charging station or using a solar panel. The use of renewable energy to power EV charging stations is one of the key opportunities for players in the electric vehicle charging market. Due to the lower price and easier installation of solar panels, solar-powered charging stations have become ideal for homeowners or commercial buildings.
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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.
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. With the 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.
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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.