The latest publication titled Electric Vehicles (EV) – Thematic Research by GlobalData Plc has evaluated the electric vehicles market to rise by over 15.5 million units by 2025. The report further predicts the market to grow to 24.1 million annual units by 2028 while occupying a 22.5% share of the total light vehicle production. This percentage will continue to grow into the 2030s when EVs will ultimately account for most light vehicle production. View Report Outlook for Unlocking More Report Features
The widely reported environmental damage from combustion-powered transport has led governments around the world to announce cut-off dates for the sale of combustion-powered light vehicles. This is being met by growing consumer demand for EVs led by desirable models from both novel startups and established players. China’s ascent in the electric vehicles market growth was driven by favorable government incentives that pushed buyers toward electrified options. Furthermore, companies including Tesla, Ford, GM, and Stellantis are expected to invest in North American production capacity in the coming decade, and the continent’s regional share of EV production will trickle back up and settle at around 19% of the total by 2031 and hold that position through to 2036.
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Electric Vehicle Market Trends
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Electric Vehicle Value Chain Components In this value chain, traditional auto suppliers must rapidly retool and gather new product knowledge to serve this new category of vehicle or risk losing market share as EVs become more prevalent. New players will also seek to jump into the mix—many from adjacent tech fields—tempted by the promise of big rewards for supplying key components to the brace of new electric vehicle projects that will launch in the coming years. The main value chain components are:
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Electric Vehicle Market Vendor Landscape
For established players, we expect stress and strain on their bottom lines as the cost of converting vehicle lineups to battery-electric power begins to bite. Startups will also present significant disruption thanks to fielding ‘clean sheet’ EV designs that do not have to compromise to factor in legacy strategies of repurposing existing ICE-powered platforms. All legacy automakers including Toyota, Volkswagen, Tesla, and GM among others have now launched EV strategies. Notable examples include GM with its Ultium range of batteries and EV components that will begin to trickle down through the range from the GMC Hummer EV, BMW’s new iX and i4 electric models, and Daimler with its Tesla-baiting EQS and EQE sedans. Top EV Market Players
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