Increasing environmental concerns, supportive government policies, and regulations on EV adoption along with subsidies, coupled with decreasing battery prices, and advancement in charging technologies is expected to lead to the growth of electric vehicle all over the world during the forecast period.
According to TechSci Research report, Electric Vehicle Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Global Electric Vehicle Market is anticipated to register a CAGR of 21.20% in terms of value and USD 1,657.10 billion during the forecast period, owing to sustainable government regulations. China, being the largest electric vehicle producer and market in the world, it is expected to grow at a CAGR of 18.17% in terms of volume during the forecast period. According to the government of China, China is planning to improve the productivity of electric vehicles. The government has taken initiative, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for the installation of EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles. The EV market has also been expanding in Japan and South Korea. The governments of these countries installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and other measures to assist the growth of EV demand. India is striving to enhance its EV market demand.
Global Electric Vehicle market is classified based on vehicle type, propulsion type, range, battery capacity, and region. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. Based on vehicle type, the market is segmented into two wheelers, passenger car, light commercial vehicles, and medium and heavy commercial vehicle. Increase in sales of electric passenger cars due to presence of huge population and growing disposable income is driving the growth of passenger car segment.
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In terms of propulsion type, FCEV is expected to be the fastest growing segment during the forecast period. and the battery electric vehicle segment is expected to account for the highest volume of the market. During the forecast period, the battery electric vehicle market is expected to grow at a CAGR of 19.61%.
On the basis of battery type, market is segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of EVs, including passenger cars and light commercial vehicles such as vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in fuel prices and government measures to reduce fleet emissions of buses and vehicles are driving the global electric vehicle market.
By region, the market is distributed into Asia-Pacific, Europe, North America, South America, Middle East & Africa. With China accounting for the largest market share in 2021, APAC is expected to register the fastest CAGR in the global electric vehicle market. Moreover, China's Ministry of Finance has reduced the subsidies for hybrid, hydrogen-powered, and plug-in electric vehicles by 20%. With 50% of global sales, China has become the world's largest market for electric vehicles. After the Shanghai Gigafactory opened in 2019, Tesla surpassed other local suppliers to become one of China's top providers of electric vehicles. In the following years, it is predicted that these factors would increase the sales of electric vehicles in Asia-Pacific.
USA is expected to register a CAGR of 26.14% in terms of value and will help boost the market during the forecast period.
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Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of electric vehicles at the end of first quarter and substantially in second quarter fell in most of the countries, affecting current year’s performance. Nevertheless, in most of the regions across globe, the market rapidly recovered rapidly during the end of the second quarter and almost completely in the third quarter. Hence, giving positive outlook to the market forecast of year 2022.
BYD Auto Co., Ltd. company holds the largest share in the global electric vehicle market followed by The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd, Tailing Electric Vehicle Co., Ltd., Gesits Technologies Indo, Voltz Nikola Motor Co., Rivian Automotive, Inc., and Volvo Trucks.
BYD Auto Co., Ltd. dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for electric vehicles is anticipated to increase globally during the coming years, on account of increased awareness toward environment and increasing adoption of green energy is expected to drive the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research- based global management consulting firm.
“Electric Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F, Segmented By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles), By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By Region” has evaluated the future growth potential of global electric vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Electric Vehicle Market.
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