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(Transportation-News.com, August 18, 2021 ) The global Electric Vehicle (EV) Market size is projected to grow from 4,093 thousand units in 2021 to 34,756 thousand units by 2030, at a CAGR of 26.8%.
Factors such as growing demand for low emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. The rapidly growing sales volume of EV’s in the Asia Pacific, Europe and North America have propelled the growth of the global EV market.
Top 10 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.
In the EV market, the Passenger cars segment is projected to dominate the market, while Commercial vehicles will be the fastest-growing segment during the forecast period. The high adoption rate and rising demand for personal electric mobility are expected to drive the EV passenger car market. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. Growing demand for low emission vehicles is expected to boost the growth of the EV passenger car and commercial vehicle markets. Other off-road vehicles are also expected to benefit from the development of electric vehicle technology.
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Asia Pacific is projected to account for the largest share of the EV market during the forecast period. The Asia Pacific EV market is led by countries like China, Japan and South Korea. China is the world’s largest EV producer and the user has dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing EV charging stations, making emission norms, setting up deadlines for shifting to full or hybrid EV’s from ICE vehicles, etc. India is also working on increasing its EV demand in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policies will help the country become the regions fastest-growing market for EV’s in the coming years.
The European EV market is projected to grow at a high rate. Germany is projected to be the largest EV market in Europe. The German market is projected to grow due to increasing investments by the government to develop EV charging and hydrogen infrastructure and fast adoption of EV and Fuel cell buses in public transportation. Until the end of 2020, Germany had 90 operational hydrogen fuel stations and over 22,400 charging stations. France, the Netherlands, Norway, Sweden and UK also have a considerable market for electric vehicle vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. Many top OEM’s in the region have been catering to the growing market. Due to these reasons, Europe’s EV sales outperformed that of China in 2020.
With the development of alternative fuel vehicle technology and increasing adoption of EV’s across various major and developing countries, the global electric vehicle market will witness exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure networks to propel the growth of zero-emission vehicles to reduce carbon emissions caused by conventional ICE vehicles.
As of December 2020, the global EV market is dominated by Passenger cars while commercial will grow at a faster rate. Mid- Priced segment is more in demand while the Luxury segment will grow faster in demand. Newer technologies to reduce the EV battery price and increase vehicle range along with other key technologies like faster charging, wireless on the go charging, connected cars, autonomous cars, etc. have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a need for growth of EV charging infrastructure for making EV charging easier with more innovation in the technology. Countries around the world are promoting EV chargers for increasing demand for EV’s.
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Recent Developments:
1. In April 2021, Toyota launched the new LS and Mirai models in japan which come with advanced driving assist technology.
2. In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.
3. In April 2021, Volkswagen unveiled the 7 seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. The vehicles will be sold only in China. It comes in two battery versions, 58 kWh and 77 kWh and comes in four powertrain configurations.
4. In March 2021, Volvo showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its XC60 model.
5. In December 2020, Nissan announced the 2021 Leaf model in the US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage ranges between 149 miles and 226 miles per charge.
6. In July 2020, BYD launched its Han which comes with a blade battery and is available in BEV and PHEV versions. It comes with two battery options, 65 kWh option for 314 miles and a 77kWh option for 342 miles range. Its PHEV comes with a 13 kWh battery and a 2.0 L gasoline engine and a 180 kWh electric motor.
7. In March 2020, BMW launched the 2nd generation 330e and 330e xDrive in the North American market. The vehicle comes with a 12 kWh battery and an all-electric range of 20-22 miles.
8. In November 2019, BYD launched its e3 electric sedan in China. It comes with two battery options, 35.2 kWh and 47.3 kWh and a single 70 kW electric motor. The vehicle has a range of around 252 miles.
9. In May 2019, Hyundai group showcased its new Ioniq electric version with an increased battery of 38.3 kWh (from 28kWh) and a larger range.
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Mr. Aashish Mehra
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