Electric Vehicle Market by Propulsion Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Vehicle Type (Two-Wheeler, Passenger Car and Commercial Vehicles), Power Output (Less than 50 KW, 50-100 KW, and Above 100 KW) - Analysis & Forecast 2019-2030
Report ID : 242 | Published Date : Jun 2020 | Pages : 190 | Region : Global | Report Code : AT-7
Electric Vehicle Market Overview and Introduction
The emergence of electric vehicles has largely impacted the automotive industry owing to the wide range of advantages it offers. As a result, several giant automotive companies, such as Hyundai Motor Company, Daimler AG, Nissan, BMW, Ford, Volkswagen, and others, have been manufacturing electric vehicles at a mass scale. Batteries play an important role in electric vehicles as they are the power sources of such vehicles. Hence, many battery companies have been investing more in the development of enhanced battery solutions for electric vehicles. For instance, General Motors and LG Chemicals are planning to form a joint venture for battery cell mass production.
Many regional governments have been undertaking initiatives to reduce carbon emissions, which is driving market growth. For instance, The Electric Vehicles Initiative (EVI) is a multi-government policy forum formed to accelerate the adoption of electric vehicles across the globe. Presently, thirteen countries are participating in EVI including Sweden, China, India, New Zealand, Canada, France, Japan, the Netherlands, Norway, Chile, Germany, the UK, and Finland. Moreover, increasing construction of electric vehicle charging stations and several advantages offered by electric vehicles over conventional vehicles are supplementing market growth.
However, lack of proper infrastructure in some geographical areas, high cost and limited range of electric vehicles are the major factors limiting market growth.
The global electric vehicle market can be segmented into propulsion type, vehicle type, power output, and regions.
Electric Vehicle Market By Propulsion Type
Based on propulsion type, the global electric vehicle market can be segmented into Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV). The BEV segment is expected to witness the highest CAGR during the forecast period owing to various benefits and advantages such as tax benefits in many countries, low maintenance costs, increased safety, and others.
Electric Vehicle Market By Vehicle Type
Based on vehicle type, the market can be segmented into two-wheeler, passenger car and commercial vehicle. The commercial segment is expected to grow at the highest CAGR during the forecast period owing to high adoption of electrification in buses. Also, many countries, such as China, India, and others, are expected to replace commercial buses by electric buses. Moreover, favorable government policies for heavy commercial vehicles and light commercial vehicles across the globe are fueling the growth of the segment.
Electric Vehicle Market By Power Output
Based on power output, the market can be segmented into Less than 50 KW, 50 to 100 KW, and above 100 KW. In 2018, the 50 to 100 KW segment dominated the global electric vehicle market owing to various advantages such as long-range in less price, making it perfect for personal use. For instance, Tesla 3 (highest number of units sold i.e. 163,971 in 2019) has 75 kW batteries that have a 496 km range.
Electric Vehicle Market By Region
Based on region, the global electric vehicle market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific region is expected to grow with the highest CAGR during the forecast period. The growth of this region can be attributed to government initiatives, technological advancements, and the presence of high potential markets such as India and China.
Electric Vehicle Market Prominent Players
Some of the prominent players in the global electric vehicle market include Tesla, BYD Company Ltd, CHERY, Hyundai Motor Company, Daimler AG, Groupe Renault, Nissan and Volkswagen AG, among others.