Electric Vehicle Market

GMI Research analysis indicates that the Electric vehicle market estimated at 253.2 Billion in 2022 and is slated to register a double digit CAGR of 25.3% over the period, 2023-2030 and is projected to reach USD 1538.7 Billion in 2030.

Introduction of Electric Vehicle Market Report

An electric vehicle uses electric motors and motor controllers for propulsions instead of internal combustion engines used in conventional vehicles. An electric vehicle is either fully or partially powered on electric power. It operates by plugging into a charge point and takes electricity from the grid. Various types of batteries, including lead acid batteries, nickel metal hydride (NiMH) batteries, lithium Ion batteries, and ultracapacitors are used in electric vehicles.

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Major Electric Vehicle Market Drivers

The stringent government policies toward vehicle emission, rising demand for high-performance and fuel-efficient vehicles as well as the increasing awareness to reduce oil consumption across the globe, are the major factors that are driving the growth of the electric vehicle market. Moreover, the rising investment in the manufacturing of electric vehicles by major companies, including General Motors Company, BMW Group, Daimler AG, Nissan Motor Company, Hyundai Motor Company, and BAIC Motor Corporation, among others, will further propel the market growth of the electric vehicle over the forecast period. In addition to this, the increasing convenience of consumers, such as home charging options for electric vehicles, coupled with the use of renewable energy sources, including a solar photovoltaic system to recharge electric vehicles, will further increase the demand for the electric vehicle market.

The emerging trend towards more eco-friendly production of electric vehicles and its components with the use of recycled materials and bioplastics will bring the consumer interest towards buying electric vehicles. Various organization including LEVA (The Light Electric Vehicle Association), WEVA (World Electric Vehicle Association), EVI (Electric Vehicle Initiative), SMEV (Society of Manufacturers of Electric Vehicles), and EAA (Electric Auto Association) are working for the growth and development of electric vehicles across the globe ,which will further fuel the adoption of electric vehicles. On the other hand, lack of charging infrastructure and the high cost of electric vehicles may hamper the growth of the global electric vehicle market.

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Based on the product type, the electric vehicle market is segmented into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Cell Electric Vehicles (HEV). Among these, the Battery Electric Vehicles (BEV) segment is anticipated to grow at a higher CAGR during the forecast period. These vehicles are fully-electric vehicles with high-capacity rechargeable battery packs and no gasoline engine. One of the major reasons for the growth of Battery Electric Vehicles market is that BEV does not emit any harmful emissions as compared to traditional gasoline-powered vehicles. The Plug-in Hybrid Electric Vehicles (PHEV) are powered by both gasoline and electricity. PHEVS have rechargeable battery packs that provide all-electric driving and then switch over to the gasoline engine when the battery is depleted. Various factors such as low maintenance, high performance, and flexibility of using electricity and gasoline are encouraging a large number of end-users to opt for PHEVs.

Based on the vehicle type, the passenger car segment is expected to dominate the market over the forecast period. Various stringent vehicular emission norms around the globe and the growing awareness towards air pollution are contributing to the growth of the passenger cars segment in the electric vehicle market.  The commercial vehicles segment is projected to witness a higher CAGR over the forecast period in the global electric vehicle market owing to the reduced spending on fuel and less spending on maintenance over the gasoline vehicles. Furthermore, the demand for electric buses and electric vans from public transportation systems and logistics sector, are further boosting the demand for the commercial vehicle segment in the market.

Based on vehicle class, the market has been segmented into mid-priced and luxury. Mid-priced electric vehicles segment is forecasted to exhibit higher CAGR during the forecast period owing to the increasing production of high range electric vehicles at affordable prices by companies such as Tata Motors, Mahindra & Mahindra Limited, BYD Company Limited, and others. In addition to this, the increasing demand for electric vehicles from cab companies, government fleet, transportation companies, and others are further propelling the market growth.

Based on charging station, the market is segmented into normal and super. The normal charging station segment is expected to grow at a higher CAGR during the forecast period due to the growing popularity of the home charging system and the non-requirement of any special equipment besides an outlet. On the other hand, the super charging station segment is projected to dominate the market over the coming years. Super charging stations require high-powered, highly specialized equipment to install and maintain, and are typically used in commercial and industrial applications.

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Regional – Segment Analysis     

Based on the region, the Asia-Pacific region is expected to witness a higher CAGR over the forecast period owing to the increasing focus on the manufacturing of electric vehicles in countries, including China, Japan, and South Korea. Generous subsidies and regulation by the government in the region are further propelling the sales of electric vehicles in the region. Organizations such as SMEV (Society of Manufacturers of Electric Vehicles), EVAAP (Electric Vehicle Association of Asia Pacific), and other companies are encouraging the adoption of electric vehicles in the Asia-Pacific region. The favourable government policies of China has encourage EV adoption in the country. Furthermore, increasing per capita income of people in developing countries, including India, China, Bangladesh, and Thailand in the region, coupled with the rising awareness of consumers towards reducing greenhouse gas emission, is expected to provide high growth opportunities for the electric vehicle market in the Asia-Pacific region. On the other edge, Europe is anticipated to lead the market over the coming years. In Europe, organizations, including European Association for Electromobility (AVERE) and European Automobile Manufacturers Association (ACEA) are working for the promotion and development of electric vehicles all across Europe. Public and private initiatives for the expansion of the charging infrastructure, industry developments, and government stimulus to promote electric vehicles are contributing to the growth and development of the electric vehicles market in Europe.

Top Market Players

Various notable players operating in the global electric vehicle market include Tesla, Inc., BYD Company Limited, Nissan Motor Company, BMW Group, Volkswagen AG, Volvo Group, Daimler AG, Honda Motor Co., Ltd., Toyota Motor Corporation, Ford Motor Company, Hyundai Motor Company, Continental Engines, BAIC Motor Corporation, Ltd., and General Motors Company, among others.

Key Developments: 

• • In 2021, Volkswagen had unveiled the 7-seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. These vehicles will only be sold in China. It comes with two battery versions, 58 kWh and 77 kWh, and four powertrain configurations.
  • In 2021, Toyota had launched the new LS and Mirai models in japan, which come with advanced driving assist technology.
  • In 2021, BYD had launched its four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Qin Plus EV, Tang EV, Song Plus EV, and E2 2021, have advanced battery safety features.
  • In 2021, Volvo had showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its Volvo XC60 model.
  • In 2020, Nissan had announced the 2021 Leaf model in the US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage range is between 149 miles and 226 miles per charge.
  • In 2020, General Motors Company and Honda Motor Company collaborated to develop two all-new electric vehicles for Honda. These vehicles will be based on highly flexible global electric vehicle platform of General Motors and will be manufactured at General Motor’s plants in North America. This collaboration will strengthen both companies in developing manufacturing efficiencies and providing greater value to customers.
  • In 2019, Hyundai Motor Company launched an all-electric long range sports utility vehicle, Kona Electric in India. The Kona Electric has a range of 452 km and gets charged in 6.10 hours with an AC charger and the DC fast charger can charge it up to 80% in 57 minutes. Through this launch, the company expanded its electric vehicle ranges in India.
  • In 2019, Toyota Motor Corporation and Suzuki Motor Corporation partnered to produce electric vehicles and compact cars for each other. This partnership will help in expanding the product portfolio for both companies.

Segments covered in the Report:

The global electric vehicle market has been segmented on the basis of product type, vehicle type, vehicle class, charging station, two-wheelers battery type and key regions. Based on product type, the market is segmented into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Based on vehicle type, the market is two-wheelers, passenger cars, and commercial vehicles. Based on vehicle class, the market is segmented into mid-priced and luxury. Based on charging station, the market is segmented into normal and super. Based on Two-Wheeler Battery Type, the market has been segmented into Lithium-ion battery and Lead Acid Battery

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Key questions answered in this research report:

• • At what pace is global electric vehicle market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in electric vehicle market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global electric vehicle market?
  • Which product generated maximum revenues in 2022 and identify the most promising products during the forecast period?
  • What are the various vehicle types of global electric vehicle market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Electric Vehicle Market by Product Type

• • Battery Electric Vehicles (BEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)
  • Hybrid Electric Vehicles (HEV)

Global Electric Vehicle Market by Vehicle Type

• • Two-Wheelers
  • Passenger Cars
  • Commercial Vehicles

Global Electric Vehicle Market by Vehicle Class

• • Mid-Priced
  • Luxury

Global Electric Vehicle Market by Charging Station

• • Normal
  • Super

Global Electric Vehicle Market by Two-Wheelers Battery Type

• • Lithium-ion Battery
  • Lead Acid Battery

Global Electric Vehicle Market by Region

• • North America Electric Vehicle Market (Option 1: As a part of the free 25% customization)
    • By Product Type
    • By Vehicle Type
    • By Vehicle Class
    • By Charging Station
    • By Two-Wheelers Battery Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Electric Vehicle Market (Option 2: As a part of the free 25% customization)
    • By Product Type
    • By Vehicle Type
    • By Vehicle Class
    • By Charging Station
    • By Two-Wheelers Battery Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Electric Vehicle Market (Option 3: As a part of the free 25% customization)
    • By Product Type
    • By Vehicle Type
    • By Vehicle Class
    • By Charging Station
    • By Two-Wheelers Battery Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Electric Vehicle Market (Option 4: As a part of the free 25% customization)
    • By Product Type
    • By Vehicle Type
    • By Vehicle Class
    • By Charging Station
    • By Two-Wheelers Battery Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Electric Vehicle Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Tesla, Inc.
  • BYD Company Limited
  • Nissan Motor Company
  • BMW Group
  • Volkswagen AG
  • Volvo Group
  • Daimler AG
  • Honda Motor Co., Ltd.
  • Toyota Motor Corporation
  • Ford Motor Company
  • Hyundai Motor Company
  • Continental Engines
  • BAIC Motor Corporation, Ltd.
  • General Motors Company