Electric Vehicle Market

2021-2030 Analysis and Review Electric Vehicle Market

Electric Vehicle Market

Electric Vehicle Market By Technology (Hybrid electric vehicle, Plug-In hybrid electrical vehicle, Battery Electrical vehicles), By Power Source (Stored electricity, On board electricity generator), By Vehicle (Passenger cars, Commercial vehicles, Two wheelers, Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

31-03-2022 REP-HC-139306 101 pages Format

Global electric vehicle market is estimated to rise at a CAGR of 23.8% during forecast period (2022-2030). Global electric vehicle market is driven by government regulations to limit green-house gas emissions and proactive government policies to promote electric vehicles. In 2015, “Paris agreement” was signed by 175 countries aimed at reducing the global CO2 emission by 28% by 2025. European Union has also set a target for average CO2 emission for new passenger cars and light commercial vehicles, according to the EU regulation no.  443/2009, CO2 emission should not exceed 95 grams per kilometer by 2021 and for light weight commercial vehicles 175 g/km applies from 2017, and 147 g/km from 2020. Thus, stringent policies mentioned above positively influence the growth of electric vehicles. Growth of electric vehicles market is attributed to increase in production and sales of automobiles as vehicles are increasingly becoming an affordable commodity due to rise in disposable income of an individual across the globe.

Electric Vehicle Market

Commercial Vehicle Dominates in terms of Market Revenues

Global electric vehicle market has been segmented on the basis of technology, power source and vehicle. The vehicle segment is further segmented into passenger cars, commercial vehicles, two wheelers and other vehicles. Commercial vehicle segment is the dominating segment with a revenue share of 39.62% in 2020. Mercedes-Benzes is planning to invest approximately $1 billion in electric vehicle production and projects around 25% of electric cars may soon be electrified by 2022.

Hybrid Electric Vehicle Takes Over More Than Half of the Revenues

Hybrid electric vehicle market dominates the technology segment of the global electric vehicle market by capturing largest market share of over 51% in 2020. Hybrid electric vehicle market is anticipated to grow at a CAGR of 23.9% during the forecast period The hybrid electric vehicle market is primarily driven by high adoption of hybrid electric vehicles owing to dual energy options present in hybrid electrical vehicles. Hybrid electric vehicle can run on both electricity and other conventional fuel that solves the problem of requirement of charging stations that are required in pure electric vehicles. Further according to Phys.Org (science, research and technology website), the average mileage offered by hybrid electric cars is 60 mpg (miles per gallon) which is much more than the mileage of fuel driven cars is 27.5 mpg that also act as a driver for the growth of hybrid electric vehicles.

Plug-in Hybrid Electric Vehicle to Witness Highest CAGR Over the Forecast Period

Plug-in hybrid electric vehicle market is expected to grow at a highest CAGR of 24.3% in the forecast period. The growth of plug-in hybrid electric vehicles is also attributing to the increasing demand for fuel efficient vehicles. As the plug-in hybrid electric vehicles consists of electric motor and large rechargeable battery which can be recharged from any power outlet, it can be driven to large distances and uses cleaner energy source i.e. electricity which is more efficient than gasoline or diesel. Moreover, fuel efficient vehicles do not emit carbon dioxide and other greenhouse gases thereby limiting environmental hazards such greenhouse effect and global warming.

APAC to Remain as The Global Leader

Geographically, the global electric vehicle market has been segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). Asia pacific is dominating market in global electric vehicle market with a revenue share of 38% in 2020. Asia pacific is also growing with a fastest CAGR of 24.6 % during forecast period. Proactive government policies in Asia pacific countries such as China, India, and Japan etc. are driving Asia Pacific electric vehicle market. For example, Chinese government provides special subsidy on electric vehicles, according to International energy agency. One of the major factor which also influence the growth of electric vehicle in Asia pacific is well-established battery market of China.

Innovation to Lead Market Share Among Competitors

Product launch is the primary strategy adopted by the companies in the electric vehicle market. New and advanced products help to improve company market visibility while competing effectively with the key competitors already present in the market. Partnership/Joint ventures is the secondary strategy adopted by the companies in the electric vehicle market. Strategic partnership allows the companies to share their resources in order to serve their respective self-interest. The top companies in this market include BYD Company Ltd, Nissan Motors Co Ltd, Daimler AG, Tesla Motors and General Motors.

Historical &Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues andCAGR were derived from primary andsecondary research. Both quantitative andqualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies andprimary research. The scope of the market is limited to the following segments of product categories andregion.

By Technology (2020-2030; US$ Mn)

  • Hybrid electric vehicle
  • Plug-In hybrid electrical vehicle
  • Battery Electrical vehicles

By Power Source(2020-2030; US$ Mn)

  • Stored electricity
  • On board electricity generator

By Vehicle Type(2020-2030; US$ Mn)

  • Passenger cars
  • Commercial vehicles
  • Two wheelers
  • Others

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario andin the future by product categories?
  • What are the key market segments in current scenario andin the future by regions?
  •  What is the key impact of Covid-19 over market revenues andmarket determinants in the global electric vehiclemarket?
  • What are the primary andsecondary macro andmicro factors influencing the market growth currently and during the forecast period?
  • What are the primary andsecondary macro andmicro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges andleverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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