Electric Vehicle technologies Market - Forecast(2025 - 2031)

Electric Vehicle Technologies Market Overview

 Electric Vehicle technologies Market Size is estimated to reach 296037.1 Million by 2030, growing at a CAGR of 12.10% during the forecast period 2024-2030.  Due to the COVID-19 pandemic, sales of gasoline and diesel vehicles have fallen drastically in H1 2020. This impact was seen in the EV market also although the sales have again increased in H2 2020. Hence the sales revenue have contracted by -1.87% and sale volume by -1.16% in 2020. BEVs are expected to increase their share from 34.6% to 42.5% in 2027. Growing demand for battery electric vehicles and hybrid electric vehicles and shifting preference towards promoting eco-friendly and economical mode of transportation, along with increasing environmental concerns are some major factors expected to boost demand for electric vehicles market and electric vehicles market over the forecast period. In addition, increasing R&D activities by manufacturers for advanced charging stations with better charging capabilities and less charging time is anticipated to create new opportunities in terms of revenue for players operating in the global market. The growing focus on enhancing EV technologies such as on-board chargers, rechargeable batteries and battery Management systems are projected to drive market growth.

Report Coverage

The report: “Electric Vehicle Technologies Market Report– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Electric Vehicle Technologies Market

By Vehicle Type: PHEV, BEV, HEV
By Module: Battery, Safety and Security, EPS, Infotainment, ADAS, Powertrain, Body and Chassis
By Pricing: Low Priced, Mid Priced, Luxury
By Vehicle: PV, LCV, HCV
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle East and Africa)

Key Takeaways

• While “standard” hybrids can (at low speed) go about 1-2 miles before the gasoline engine turns on, PHEV models can go anywhere from 10-40 miles before their gas engines provide assistance.
• BEVs offer a wide range of benefits to customers currently such as performance, cutting-edge technology, connectivity, quieter ride, lower running cost, full city access, unique exterior styling and increased interior space. They are also equipped with Autonomous driving level technology.
• However some concerns are still present in customer minds across countries with regards to BEV adoption, and are as such challenges.

Global Electric Vehicle Technologies Market, By Vehicle Type, 2020

Electric Vehicle Technologies Market Segment Analysis - By Vehicle Type

Hybrid Electric Vehicles account for the largest share at 52.6% in 2021. Around 20 cities globally have announced plans to bans gasoline and diesel cars by 2030 or sooner. In Europe, Paris intends to ban them by 2030, Central London and town centres across the UK will see Zero emission zones (ZEZs) from 2025. In Asia, Beijing has long had in place various initiatives, including a number plate lottery to restrict the number of new cars registered, which favors EVs majorly. Fuel economy, financial incentives including government subsidies, VAT and vehicle registration exemptions, city access regulations are major drivers for EV market growth globally. According to China electric vehicle charging infrastructure promotion association in 2019, the number the number of public charging stations for EVs are around 496,000 units as of November 2019, of which 289,000 were AC charging stations, 206,000 were DC while 488 offered both types of current.

Electric Vehicle Technologies Market Segment Analysis - By Module

A vehicle frame, also known as its chassis, is the main supporting structure of a motor vehicle to which all other components or the body is attached. Most EV OEMs are designing cars based on the skateboard chassis model, which has been pioneered initially by Tesla. A skateboard chassis, which can help bring down the cost and complexity is a self-contained platform with the electronic motors, battery, and driving components integrated into it, and which can be scaled to various sizes and topped with a variety of bodies. Tesla already uses a skateboard chassis, while Audi and GM are planning a series of vehicles with such platforms. Other companies include Rivian, where they will underpin an electric truck and SUV, while Hyundai and Kia have partnered with Los Angeles-based start-up Canoo to produce a skateboard platform for their vehicles. Powertrain refers to the set of components that generate power required to move the vehicle and deliver it to the wheels. Compared to an ICE vehicle electric vehicle powertrain is far simpler, with less components. Engine and engine management holds the largest revenue share in powertrain segment, with $5.1bn in revenue followed by Electric pumps and auxiliaries with $1.8bn. The intelligent watchdog system is the fastest growing segment however with a CAGR of 18.4% during 2022-2027.

Electric Vehicle Technologies Market Segment Analysis - By Geography

The global EV market sales volume was around 6.5 million units in 2021 and this is expected to increase to 17.9 million units by 2027, growing at a CAGR of 15.8%. The launch of various electric vehicle charging stations and agreement with various companies is set to drive the EV market during forecast period. Geographically, in 2020, APAC region held major share 49% of Electric Vehicle Technologies Market in terms of revenue owing to the presence of large number of players and early adoption of advanced technologies such as adoption of electric vehicles. Stringent regulations in order to reduce carbon emission have created demand for electric vehicles and its charging stations in the APAC region. Government subsidies, rebates and policies are primarily driving the sales in Europe and North American markets of US, Canada. However South America is witnessing the fastest growth rate with a CAGR of around 42.4% during the forecast period 2021 – 2026 owing to increasing investments and government initiatives for the adoption of electric vehicles.

Electric Vehicle Technologies Market Drivers

Growing EV Charging Station Coverage

The development of electric vehicle charging stations for electric vehicles has gained significant momentum over the past decade. Adoption of charging station services for electric vehicles help in reducing the pollution in large population centers, increase customer loyalty, and attract new customers, thereby driving the market growth. According to International Energy Agency (IEA), the number of battery electric vehicles have been increased from 1.27 million units to 4.2 million units during 2017-2021 period at global level. Growing adoption of EV charging stations with increasing usage of electric vehicles set to fuel the market growth. EV charging stations play an important role in assuaging fears and range anxiety concerns of customers, as they fear their electric car running out of charge on a trip. The growth of charger networks has instilled confidence in potential customers to purchase EVs, instead of gasoline or diesel vehicles – which would have been the case few years back due to lack of sufficient number of charger stations nationwide. Government of various countries had started raising funds for the adoption of electric vehicles. For instance, in 2020, Nottingham city in U.K. had received $4.4 million grant from its government to trial wireless car charging for its taxis. This propels the EV market growth directly. In 2019, Norway had planned to install the world’s first wireless electric car charging stations for Oslo taxis, in order to make zero emission cab system by 2023. This is poised to provide opportunities for EV vehicle sales growth during forecast period.

Electric Vehicle Charging Stations Powered By Renewable Sources

Use of renewable sources of electricity to power electric vehicles is encouraged to prevent pollution from energy generation. Charging the Electric Vehicles on renewable energy such as solar or wind minimizes the emissions and reducing ecological damage even more. Several companies and institutions have been investing in research and development activities for innovation in integrating renewable energy sources with EV charging stations. In 2020, UBC Okanagan developing eco-friendly electric vehicle charging stations using renewable energy sources to charge the vehicle while still meeting performance requirements. Similarly, in 2019, Austin Energy has developed a network charging program, called the Plug-in EVerywhere Network that allows customers to source 100% of their charging electricity from wind. Moreover, according to the International Energy Agency (IEA) the number of electric vehicles on the road could surpass 300 million by 2030. Hence the integrating renewable energy sources with charging stations is analysed to create significant opportunities for EV charging services in the forecast period 2022-2027.

Electric Vehicle Technologies Market Challenges

Phase Out of EV Subsidies

A number of countries are in the process of reducing EV subsidies or even phasing them out completely. China cut electric car purchase subsidies by about half in 2019 (as part of a gradual phase out of direct incentives set out in 2016). The US federal tax credit programme ran out for key electric vehicle automakers such as General Motors and Tesla (the tax credit is applicable up to a 200 000 sales cap per automaker). These actions contributed to a significant drop in electric car sales in China in the second half of 2019 as well as 2020, and a 10% drop in the United States. With 90% of global electric car sales concentrated in China, Europe and the United States, this affected global sales and overshadowed the notable 50% sales increase in Europe in 2019, thus slowing the growth trend. This trend is expected to ramp up post Covid-19 and thus affect the market significantly during the forecast period.

Electric Vehicle Technologies Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electric Vehicle Technologies Market. Electric Vehicle top 10 companies include

1. Tesla
2. BYD
3. BAIC
4. Renault
5. BMW
6. VW
7. Hyundai
8. GM
9. Nissan
10. Ford

Acquisitions/Product Launches

• In March 2020, Tesla announced the next phase in Tesla's Supercharger network expansion, V3 Supercharging. Built from Tesla's expertise of developing the world's biggest grid-connected battery, V3 helps cars to charge more easily than any other electric vehicle on the road today.
• In Aug 2020, ABB launched its DC Wallbox for electric vehicle (EV) charging at the Cenex LCV event at Millbrook.

Relevant Report Titles:

Electric Vehicle Charging Services Market - Forecast(2021 - 2026)

Report Code: ATR 0030

Light Electrical Vehicle Market - Forecast(2021 - 2026)

Report Code: ESR 0167

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