“The growth of the electric vehicle market can be attributed to the increasing demand for low emission commuting, increasing fuel prices, high investments by automakers for development of EV’s and government support for use of zero emission vehicles across the globe.”

The global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.Governments are supporting EV’s through subsidies & tax rebates for using low emission vehicles and working in collaboration with top automobile manufacturers to speed up growth of their countries.

Increased demand for efficient and low emission vehicles along with government support amid the rising prices of petroleum will boost the electric vehicle market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electric vehicles have lower operating cost as compared to ICE vehicles. To make the Electric market grow, a continued support from the government will be needed along with the growing research of EV batteries, EV charging systems and EV design to reduce the initial cost of electric vehicles. Additionally, increasing vehicle range, reducing charging time and adding technology features to the EV’s would act as other major factors for faster EV market growth.

COVID-19 pandemic hada impact on the electric vehicle market in the first few months. Both the production and sales of EV’s had come to a halt in the first few months of 2020 across the globe except China as the whole ecosystem had been disrupted. However, in the next two quarters, the sale of EV’s showed growing trend. OEMs had to wait until lockdowns were lifted to resume production, which affected their business. Post the pandemic, the demand for EV’s might increase, as people are getting increasingly conscious for reducing emissions from vehicles around the world and various governments setting up charging point networks across their countries during the second half of 2022 and beyond.

“The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast.”

Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC etc. have been strong players in the market. These companies have a strong market for their EV’s around the world. Passenger cars account for the largest share in the electric vehicle market. Countries such as China have a low waiting period for electric vehicles compared to that for ICE powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement which further support the market growth. The fast growth of EV chargers have also led to the growth of the EV passenger car market.

“DC (Super charging) to be the fastest-growing e-charging segment in the forecast period”

Currently, Asia has the highest number of DC Chargers in the world, while Europe stands the 2nd best. Higher investments by governments has paid a significant role in the region. Superchargers are projected to grow at a fast rate in all 3 regions, especially in North American region due to the fast-projected transformation to EV’s in the US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, the UK etc. In Asia, Superchargers exist mostly in China and some in Japan and South Korea. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.

“Low-priced segment is expected to be largest in the Vehicle class segment in the forecast period.”

Low-priced EVs are mainly available in the Asia Pacific region. China’s top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020. Suzuki is expected to enter the low-priced segment in the coming years with plans to open new manufacturing facilities in India. The upcoming Model 2 by Tesla for the Chinese market is also expected to cost around USD 20,000. With affordability as the main criteria in this segment, it has immense potential in the long run, with countries making policies to shift fully to EVs in the coming decades. Low-priced electric vehicles are small, lightweight, and less costly to produce and purchase. This kind of EV is also called Mini-EVs and is mainly available in China. Some of the bestselling low-priced EVs are offered byBYD, SAIC Motors, and Great Wall Motors (China). In April 2020, the world’s cheapest EV (WulingHongGuang Mini EV) was launched in China. It cost approximately USD 5,000 and did not have additional features except traditional driving. This also became one of the top sold EV models in 2020 and 2021. Great Wall Motors’s Black Cat, White Cat, and Good Cat were some of the top-selling EVs from the company, which pushed it to be one of the largest EV manufacturers in the world in 2021. In November 2020, Great Wall Motors launched its latest EV (Good Cat), which further started sales in Thailand in 2021. BYD’s Han, Qin Plus PHEV, Song, and Qin Plus EV also had substantial sales in 2021, which belong to this segment.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

• By Company Type: Tier I – 67%, Tier II – 9%,and OEMs – 24%
• By Designation: C Level Executives – 33%, Managers – 52%,and Others – 15%
• By Region: North America – 20%, Europe – 34% and Asia Pacific – 38%, Middle East & Africa – 8%

The electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands). The market ranking has been derived by considering EV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.

Research Coverage:

Electric Vehicle Market by Component, Vehicle Type (Passenger Cars, Commercial Vehicles), Vehicle Class (Low-priced, Mid-priced, Luxury), Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (125 mph), Charging Point Type (AC (Normal Charging), DC (Super Charging)), Vehicle Connectivity, End Use, Region (Asia Pacific, Europe, North America, Middle East & Africa). It also covers the competitive landscape and company profiles of the major players in the electric vehicle market ecosystem.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric vehicle market and its sub segments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.