Introduction of the Electric vehicle Market Report

Electric vehicle, also called EV, derives all or part of their power from the electricity which is supplied by the electric grid. These vehicles use a large battery pack to provide power specifically to component and need to be plugged into a wall outlet or charging equipment. The market for electric vehicles covers different types of vehicles, which include Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV).

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Market Dynamic

Key Drivers and Emerging Trends

The COVID-19 pandemic has shaken up various sector around at the global level, particularly the automotive sector. However, post the pandemic impact, the EV market is steadily moving into the spotlight again. The BEV and PHEV batteries are witnessing increased penetration during the forecast period. Battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) have gained traction in 2019 due to the drastic rise in their sales. The rapid changes in consumer sentiment is one of the biggest factors that is contributing to the growth in the sales of electric vehicles. Between 2018 to 2020, there was a significant change in the individual’s preference towards electric vehicles. This factor is likely to bring numerous growth opportunities in the market during the forecast period. The different measures taken the government has impacted the consumer’s sentiments. For example, the government of Germany planned to invest USD 146 billion for the economic recovery plan post coronavirus, which included USD 2.8 billion, that are allocated for the development of EV charging infrastructure. The Chinese government is strongly supporting the adoption of electric vehicles by launching various policies, which include the aim to reach 5 million electric vehicles on China’s road by the end of 2020. Furthermore, in 2019, the government-mandated the Chinese vehicle producer and importer to make or import at least 10% electric vehicles.

The government of both the developing and developed countries is offering a compelling financial incentive to encourage the adoption of EVs. In 2020, the government of Germany has temporarily reduced VAT from 19 percent to 16 percent on low-emission vehicles and doubled existing subsidies to almost USD 7,000 on EV’s costing less than USD 45,000. In France, the private consumers who purchase the electric car will receive an incentive amounting to approx. USD 8,000. In addition to this, the OEMs have announced strategic commitments in relation to electric vehicles. As per the European Federation for Transport and Environment, the Europe is anticipated to add 33 new models in 2020, 22 in 2021, 30 in 2022, and 33 in 2023. Through these numbers, the total number of BEV models available in the EU market will reach 100 by 2022 and touch 172 by the end of 2025. Therefore, the easy affordability of different EV models is a key driver that will surge the growth of the EV market size. The major players in the market, such as Ford Motor Company, Groupe Renault, and Daimler AG, are investing heavily to introduce innovation in their product offerings in order to cater to the changing demand of the market. In 2018, Daimler AG invested USD 20 billion for the purchase of battery cells for electric vehicles. Moreover, Ford Motor Company has released its plan to infuse USD 11 billion for the manufacturing of 40 electric vehicles by 2022. The accelerating adoption of EVs in the commercial and government sector is further opening new opportunities for the EV market growth. In 2020, the UK government allocated USD 65 million to the “Department for Transport” with an aim to introduce more electric buses.

Restraint in the Electric vehicle Market

The lack of EV charging infrastructure is a major factor that is likely to hamper the growth of the electric vehicle market share, particularly in 2021 and 2022. Developing countries such as India are facing a major challenge i.e., lack of charging infrastructure, which is hindering the adoption of electric vehicles.

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Product Type – Segment Analysis

Based on the product type, the BEV segment is projected to dominate the market during the forecast period. The modern BEV provides exceptional advantages such as improved level of performance, cutting-edge technology, improved connectivity level runs on less cost, and increased interior space. The combination of these benefits are pushing consumers towards the adoption of BEVs. Moreover, the BEVs have a higher range and offers better battery life.

Vehicle Class – Segment Analysis

Based on the vehicle class, the mid-priced segment is projected to dominate the market during the forecast period. China is one of the leading countries in terms of mid-priced EV production. The leading players in the market, such as BYD and Great Wall Motor, are focusing on introducing less expensive vehicles. For example, in 2018, Great Wall Motor partnered with BMW Group to produce electric MINI vehicles in China. Moreover, in 2018, the company also launched its new flagship vehicle below its new “ORA” electric car brand, which is called ORA R1.

Vehicle Type – Segment Analysis

Based on the vehicle type, the commercial segment is projected to witness a faster CAGR during the forecast period. The increasing adoption of electric buses in China and India is a major driver factor that is contributing to the growth of the market. The government of India has launched the Faster Adoption and Manufacturing of Hybrid and EV (FAME) scheme with an outlay of USD 130 million. Moreover, the scaled-up FAME II allocated USD 1.4 billion, which was to be used for upfront incentives on the purchase of EVs and to support the deployment of charging infrastructure in the country.

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Regional – Segment Analysis:

Based on the region, Asia-pacific region is anticipated to grow at a faster CAGR over the forecast period. China is one of the leading countries in the EV market among the Asian countries. The top Chinese automotive players, i.e. BYD, SAIC, BAIC Motor, and other companies, cover the country’s maximum share of the electric vehicle market. Moreover, there has been an increase in the number of new EV manufacturers, such as Yudo, which aims to produce battery-electric SUVs. In addition to this, the leading manufacturers of electric vehicles are planning to expand their presence in the Asian countries to cater to the growing demand of the market. In 2018, Volkswagen Group announced to manufacture 22 million EVs by 2026, out of which half of the production will be done in China. Tesla Inc., launched its plan to manufacture approximately 150 thousand 3s Model cars in Shanghai, China. Thus, the increasing participation of top players in this region is driving the growth of the regional market.

Top Market Players

Numerous notable players operating in the market include Ford Motor Company, Tesla, Toyota Motor Inc., Nissan Motor, BYD Company Ltd., BMW, Volkswagen of America, Inc., Volvo Car Corporation, Daimler, and Hyundai, among others. 

Key Developments:

• • In 2021, Volkswagen of America, Inc., launched pilot plant for recycling of EV batteries in Salzgitter. The company will recycle EV battery recycling yields nickel, lithium, manganese, cobalt, aluminium, copper, plastics, and graphite.
  • In 2019, BYD Company Ltd., entered into an agreement with Toyota Motor Corporation for the establishment of a joint venture to conduct research hand development of battery electric vehicles (BEVs).
  • In 2019, Tesla launched its fully electric Model Y, with a capacity to carry 7 passengers and their cargo. This electric car has two-ultra responsive, independent electric motor, that controls torque to the front and rear wheels.

Segments covered in the Report:

The global electric vehicle market has been segmented based on battery type, product type, vehicle class, vehicle type, and regions. Based on battery type, the market is segmented into lead-acid, nickel metal hydride, lithium-ion, sodium nickel chloride, and others. Based on product type, the market is segmented into battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle and fuel cell electric vehicle. Based on vehicle class the market is segmented into luxury and mid-priced. Based on vehicle type, market is segmented into, passenger car and commercial vehicle. 

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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 battery type generated maximum revenues in 2019 and identify the most promising battery type during the forecast period?
  • What are the product type component areas 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Battery Type, By Product Type, By vehicle class, By Vehicle Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Tesla, Nissan Motor, BYD Company Ltd., BMW, Volkswagen of America, Inc., Toyota Motor Inc., Ford Motor Company, Volvo Car Corporation, Daimler, and Hyundai, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Electric vehicle Market by Battery Type

• • Lead-acid
  • Nickel Metal Hydride
  • Lithium-ion
  • Sodium Nickel Chloride
  • Others

Global Electric vehicle Market by Product Type

• • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

Global Electric vehicle Market by Vehicle Class

• • Luxury
  • Mid-Priced

Global Electric vehicle Market by Vehicle Type

• • Passenger Car
  • Commercial Vehicle

Global Electric vehicle Market by Region

• • North America Electric vehicle Market (Option 1: As a part of the free 25% customization)
    • North America Market by Battery Type
    • North America Market by Product Type
    • North America Market by Vehicle Class
    • North America Market by Vehicle Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Electric vehicle Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Battery Type
    • Europe Market by Product Type
    • Europe Market by Vehicle Class
    • Europe Market by Vehicle 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)
    • Asia-Pacific Market by Battery Type
    • Asia-Pacific Market by Product Type
    • Asia-Pacific Market by Vehicle Class
    • Asia-Pacific Market by Vehicle 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)
    • RoW Market by Battery Type
    • RoW Market by Product Type
    • RoW Market by Vehicle Class
    • RoW Market by Vehicle 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

Major Players Operating in the Electric vehicle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Tesla
  • Nissan Motor
  • BYD Company Ltd.
  • BMW
  • Volkswagen of America, Inc.
  • Toyota Motor Inc.
  • Ford Motor Company
  • Volvo Car Corporation
  • Daimler
  • Hyundai