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From USD 180.12 billion in 2020, the global electric vehicle market size is anticipated to grow to USD 801.76 billion by 2027. It will witness a 21.6% CAGR during the forecast period. Factors attributing to the growth of the electric vehicle market include rising demand for fuel-efficient, high performance, and low-emission vehicles, support from the government in the form of subsidies, grants, and tax rebates will drive the market growth for electric vehicles.
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Moreover, reduced electric vehicle batteries cost and rising fuel cost will drive the market development of electric vehicles. But, the absence of charging infrastructure, as well as variances in charging load and a lack of standardization, are some of the primary challenges that have been identified as impeding market expansion. Nevertheless, surge in investment to develop EV charging stations and hydrogen fueling stations, technological development and advancement in self-driving electric vehicle technology will provide potential opportunities for the industry players to operate in the EV market.
The COVID-19 pandemic has affected automobile manufacturing and production, putting the electric vehicle sector at risk. However, the market is expected to attain its desired growth rate as soon as there is ease in COVID-19 guidelines.
Insight by Component
The EV battery cells and packs dominates the market owing to the rising demand for electric vehicles, development in battery technology, and launch of novel plug-in EV models will drive the market growth of EV battery segment.
Insight by Propulsion Type
The battery-electric vehicle contributes the largest share of the global electric vehicle market as it controls greenhouse gas emissions, regulate energy security concerns, and controls local pollutants. The plug-in hybrid electric vehicle is anticipated to have a high CAGR during the forecast period as it offers low battery cost, have small battery size, and long drive range.
Insight by Vehicle Type
During the forecast period, the light commercial vehicle category is expected to increase at the fastest rate. Growing consumer awareness of the role of electric vehicles in decreasing emigrations, a spike in demand for electric vehicles to minimise line emigrations, and rigorous government rules and restrictions surrounding vehicle emigration are all contributing to this segment’s explosive expansion.
Insight by Power Output
The 100kW to 250 kW is expected to have a high CAGR over the analysis period owing to surge in adoption of electric buses and trucks, particularly for public transportation and freight service applications. Due to rising fuel prices and government measures to reduce fleet emissions from buses and trucks, the use of such EVs is increasing.
Insight by Vehicle Class
The mid-priced electric vehicle segment is anticipated to have a high CAGR during the projected period and have fewer features. One of the leading countries in the mid-priced class is China. BYD, Smart, and Great Wall Motors, for example, produce automobiles that are considerably less expensive. Established automakers such as Hyundai, GM, Honda, and Nissan are producing mid-priced electric vehicles in order to gain market share.
Insight by EV Charging Points
Super charging segment is growing robustly owing to the fast-projected transformation to EVs and massive expansion of EV charging stations. Asia-Pacific has maximum number of superchargers as Asian people are opting to have fast charge in their vehicles for daily use.
Insight by Vehicle Drive Type
The rear-wheel-drive is anticipated to have a faster growth over the analysis period owing to ease in vehicle control and rising demand for EV.
Regional Analysis
Europe is anticipated to have remarkable growth of electric vehicle industry during the forecast period owing to favorable initiatives taken by the government to decrease carbon emissions and robust adoption of fuel-efficient vehicles.
Recent Developments
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