The worldwide electric vehicle (EV) industry is predicted to reach $1,869 billion by 2030 according to ResearchAndMarkets.com’s recent report: Electric Vehicle Market by Vehicle Components, by Vehicle Type, by Class, by Top Speed, by Drive Type, By Charging Point Type, Vehicle Connectivity, by Propulsion Type, by End User – Global Opportunity Analysis And Industry Forecast, 2022-2030.
In 2021, the electric vehicle market size was valued at $273.4 billion and is predicted to reach $1869.9 billion by 2030 at a compound annual growth rate (CAGR) of 24.3 per cent during the forecast period 2022-2030.
The demand for electric vehicles has increased worldwide due to their range, high performance and the reduced cost of electric vehicle batteries. Tax rebates and non-financial benefits, including new car registration, carpool lane access and active participation of original equipment manufacturers (OEMs), are factors that boost the growth of the EV industry.
On the flip side, the scarcity of EV charging stations in common areas across the world, along with inadequate standardisation of EV charging infrastructure that increased the installation cost of charging stations, hampers the electric vehicle market.
On the contrary, technological advancements, such as vehicle-to-grid (V2G) systems and self-driving EVs, are expected to create ample opportunities for the key players operating in the electric vehicle market during the coming decade.
ResearchAndMarkets.com’s report makes for positive reading for the EV industry and can be seen below:
MARKET DYNAMICS
Drivers
- Growing Environmental Pollution Due to Conventional Transports
- Stringent Government Regulation to Control Carbon Emissions
- Increasing Sustainable Developments Plans
Restraints
- Lack of Electric Vehicle Charging Stations
Opportunities
Introduction of Self-Driving Evs
SEGMENT OVERVIEW
The global electric vehicle market is segmented on the basis of vehicle components, type, class, top speed, drive type, charging point type, vehicle connectivity, propulsion type, end user, charging standard and geography.
- Based on vehicle components, the market is classified into battery cells & packs, onboard charge, motor, reducer, fuel cell stack, power control unit, battery management system, fuel processor, power conditioner, air compressor and humidifier.
- Based on type, the market is segmented into passenger cars, commercial vehicles, two-wheelers and others.
- Based on class, the market is categorised into low-priced, mid-priced and luxury.
- Based on top speed, the market is divided into less than 100mph, 100-125mph and more than 125mph.
- Based on the drive type, the market is divided into front-wheel drive, rear-wheel drive and all-wheel drive.
- Based on charging point type, the market is segmented into AC (normal charging), DC (super charging) and inductive charging.
- Based on vehicle connectivity, the market is classified into vehicle-to-building (V2B) or vehicle-to-home (V2H), vehicle-to-grid (V2G), vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X).
- Based on propulsion type, the market is divided into BEV, PHEV, FCEV, and HEV.
- Based on end-user, the market is bifurcated into private, commercial fleets, and industrial use.
- Based on the charging standard, the market is classified into Guobiao standards (GB/T), CHArge de MOve (CHAdeMO), Combined Charging System (CCS), Tesla Supercharger, Type 1 (SAE J1772), and Type 2 (IEC 62196).
- Based on geography, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
REGIONAL ANALYSIS
The Asia Pacific market is projected to hold the dominant share by 2030. Asia Pacific dominates the global EV market share and is expected to remain dominant throughout the forecast period. This is attributed to the presence of countries like China and Japan, which holds the largest market share of electric vehicles.
For instance, in 2021, China sold a total of 3,519,054 electric vehicles worldwide. The key players in the market, which include Honda Motor Company, Geely Motors, BYD Co., Toyota Motor Corporation and Tata Motors, are adopting strategies such as product launches, investments and business expansion across the region that further propel the market growth.
KEY MARKET PLAYERS
The emerging and efficient key players in the electric vehicle market share research include companies such as:
- Tesla Inc.
- BYD
- BMW Motorrad
- SAIC-GM-Wuling Automobile
- Mercedes-Benz Group
- Stellantis
- Hyundai Motor Group
- Volkswagen AG
- Ford Motor Company
- Toyota Motor Corporation
RECENT DEVELOPMENTS
July 2022
Hyundai Motor Co announced it would build its first fully dedicated electric vehicle factory in South Korea by 2025. The company decided to invest $5.5 billion to build fully equipped EV and battery manufacturing facilities in the country.
June 2022
BMW announced to invest it would $1.1 billion to produce the next generation of e-drives in Austria from 2025 to increase its market presence and product portfolio.
May 2022
Volkswagen Group and SEAT SA announced that they invested around USD 10 million to manufacture electric vehicles and batteries in Spain to increase their market presence.
April 2021
Toyota Corporation introduced a new series of battery electric vehicles (BEVs), Toyota bZ, to establish its full line-up of electrified vehicles. The company plans to introduce 15 BEVs, including seven Toyota bZ models, by 2025.
June 2021
Tesla announced the rollout of the first Model S Plaid in production. It is a four-door electric vehicle with a claimed range of l390 miles but has since been removed from Tesla’s line-up. The top-tier Model S, the Plaid, has 1,020 horsepower and a 0-to-60 mph time of 2 seconds. The Plaid features a roomier back seat, a better entertainment system, and faster charging at Tesla superchargers.
