Northbrook, IL -- (SBWIRE) -- 04/06/2021 -- 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 growing trend of greener transport is the major factor responsible for the expected advancements in this market. Electric vehicles, 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 electric vehicles and charging solutions.
Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards 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.
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.
Key Players:
Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.
Other Players:
General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.
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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 electric vehicles and the advantages of using them. Increasing demand for electric vehicles 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.
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.
Tesla pioneered the installation of supercharging stations across the world. These super-fast charging stations can charge an EV battery in approximately 30 minutes. However, superchargers are exclusive only to Tesla EVs and do not function on other manufacturer's models. As of January 2019, Tesla had over 1,400 supercharging stations across the world. With the mounting planned production of Tesla EVs that are set to be launched over the next few years, the supercharging segment is expected to grow in tandem.
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Besides Tesla, ABB and Tritium have introduced super-fast charging technologies, 350 kW Terra HP and Veefil-PK, respectively. Additionally, JET Charge has installed super-high charging power stations in Australia. Innovations by global as well as some key regional players are expected to open new avenues for the growth of this segment over the next few years.