Electric Vehicle Market- By Types ; By Modules ; By Geography (Americas, Europe, Asia Pacific, RoW) - Forecast(2024 - 2030)
Electric Vehicles Market Overview:
Electric Vehicle Market Size is forecast to reach $951900 Million by 2030, at a 13.70% during forecast period 2024-2030.‘Low Carbon Economy’ is a dynamic trend turning infectious across several sectors including automotive. Followed by an era of being examined as fringe technology, electric vehicles market owing to its implication as an alternative fuel transport, low-emission, rapid technological advancements, and effective interventions from federal bodies is amplifying. As per the evaluation from the International Energy Agency, the extent of electric vehicles running on the road will touch 125 million by 2030, leapfrogging from 3 million units recorded in 2017.[1] Hence, owing to changing consumer’s perception, volatile prices of conventional fuels, and tax rebates by government to uplift ecological concerns, the electric vehicles market's global volume touched 3.14 million units as of 2018. And, the market demand is estimated to progress with an ample scope of opportunities recorded in the form of a CAGR marked at 28.90% during the forecast period of 2024-2030.
Electric Vehicles Market (EVM) Outlook:
After analyzing the electric vehicles market regional insights, APAC is calculated to be the leading nucleus in terms of electric vehicles market demand with 37.36% global share in 2018. The sheer affluence is attributable to the emerging economies including China with a strong presence of OEM manufacturers and their working population evolving towards alternative fuels as their staple regime. Some factors supporting the sheer affluence of APAC-
· China, accounted for more than 99% of both electric bus and two-wheeler stocks globally in 2017. (IEA)[2]
· In 2017, more than 1 million electric cars were sold globally with China consuming more than 50% of the global sales. Almost 580,000 cars were sold in this region, an unprecedented increase by 72%.[3]
· Electric scooters market of APAC is the most lucrative terrain in terms of demand. This terrain with densely populated economies of India, China and Japan along with a nucleus of strong presence of Original Equipment Manufacturers (OEMs) augmenting their product portfolio, grabbed 37.36% of the electric scooters global demand in 2018. China is the leading exporter of electric motors with value calculated to be $12.9 billion in 2017.[4]
Batteries’ are the fuel of electric vehicles, a device where electrical energy is stored to run the vehicle’s mechanism. Some of the most common batteries employed for propulsion by the manufacturers include sealed lead acid (SLA), NiMH and Li-Ion. A critical inspection of the vehicle type segment specifies battery electric vehicle to be gripping the highest spot in terms of buyers, progressing with an application CAGR of 42.51 % going through 2025. The sheer affluence of the battery electric vehicle can be attributed to its economical rate, heavy-usage portfolio it offers and sturdiness, along with extraordinary-performance, more environmentally conductive, greater charge density, light-weight, as well as charging-discharging efficacy.
Electric Vehicles Market Growth Drivers and Trends:
· Electric vehicles apart from exploiting personal transport domain such as passenger cars has by now started capitalizing over the requirement for alternative fuel vehicles generated by public transport domain. As per the IEA, the count of electric buses and two-wheelers reached, 370,000 and 250 million respectively in 2017.
· R&D in the chemical industry have emerged with the concept of battery monitoring lightweight and high-speed battery charging. Incorporating such batteries will optimize the performance and efficiency of the electric vehicle developing it further as a convenient asset from their petroleum-fueled counterparts. 2017 Chevrolet Bolt, is able to travel an impressive 238 miles on a fully charged battery.
· Governments all over are offering substantial electric vehicles purchase incentives. At the same time, tightening fuel economy standards is fueling the electrification of the vehicle fleet. ‘New Energy Vehicle’ in China is diverting automakers towards EVs. ‘Shared mobility’ offer by companies such as Uber and Lyft, is increasing the uptake of electric vehicles owing to the economic benefits it offers to the companies.
· Rising assurances by automotive manufacturers to electrify their vehicles is a major trend disrupting the market. For instance, a Chinese manufacturer, Chang`an has committed to sell only electric vehicles after 2025.
Electric Vehicles Market Challenges:
Electric vehicles have established itself to be advantageous over orthodox vehicles, but the arcade is not without limitations. Electric vehicles come along with a high price tag and dearth of charging points within major cities is a considerable obstacle in the development of the global electric vehicles market. However, research and developments in the field are aiding the production to be commercially viable and several projects are being funded globally to set up a network of charging infrastructure. The WestSmart EV Project is a leading example, with a funding from the U.S. Department of Energy, the project targets to establish a network of charging stations over 1,500 miles.
Electric Vehicles Market Players Perspective:
Some of the key players leveraging the trend of electric vehicles with their rampant production and R&D are Yadea Technology , GOVECS Group, Ampere Vehicles Pvt. Ltd., Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Technology Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., and Mahindra GeneZe.
HERO ELECTRIC is a pioneer and market leader in the Indian Electric Two-Wheeler industry. n 2018, it crossed more than 500 dealerships pan in India and implemented Li-Ion technology on complete range of its manufactured scooters.
Electric Vehicles Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the electric vehicles market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in global electric vehicles market, and their specific advantages.
The Electric Vehicles Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Electric Vehicles Market Report
1. Is the market for electric vehicles growing? How long will it continue to grow and at what rate?
2. Which type of segment presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 electric vehicles market?
A few focus points of this Research are given below:
• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future electric vehicles Market during the forecast 2019–2025
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.
Reference:
[1] https://www.iea.org/gevo2018/
[2] https://www.iea.org/tcep/transport/evs/
[3] https://www.iea.org/newsroom/news/2018/may/strong-policy-and-falling-battery-costs-drive-another-record-year-for-electric-ca.html
[4] https://atlas.media.mit.edu/en/profile/hs92/8501/
Key Market Players:
The Top 5 companies in the Electric Vehicle Market are:
- BYD Company
- Tesla Inc
- volkswagen AG
- Ford Motor Company
- Toyota Motor Corporation
Table 1: Electric Vehicles (EV) Market Overview 2023-2030
Table 2: Electric Vehicles (EV) Market Overview 2023-2024
Table 3: Electric Vehicles (EV) Market Overview 2023-2025
Table 4: Electric Vehicles (EV) Market Overview 2023-2026
Table 5: Electric Vehicles (EV) Market Overview 2023-2027
Table 6: Electric Vehicles (EV) Market Overview 2023-2028
Table 7: Electric Vehicles (EV) Market Overview 2023-2029
Table 8: Electric Vehicles (EV) Market Overview 2023-2030
Table 9: Electric Vehicles (EV) Market Overview 2023-2031
Table 10: Electric Vehicles (EV) Market Overview 2023-2032
Table 11: Electric Vehicles (EV) Market Overview 2023-2033
Table 12: Electric Vehicles (EV) Market Overview 2023-2034
Table 13: Electric Vehicles (EV) Market Overview 2023-2035
Table 14: Electric Vehicles (EV) Market Overview 2023-2036
Table 15: Electric Vehicles (EV) Market Overview 2023-2037
Table 16: Electric Vehicles (EV) Market Overview 2023-2038
Table 17: Electric Vehicles (EV) Market Overview 2023-2039
Table 18: Electric Vehicles (EV) Market Overview 2023-2040
Table 19: Electric Vehicles (EV) Market Overview 2023-2041
Table 20: Electric Vehicles (EV) Market Overview 2023-2042
Table 21: Electric Vehicles (EV) Market Overview 2023-2043
Table 22: Electric Vehicles (EV) Market Overview 2023-2044
Table 23: Electric Vehicles (EV) Market Overview 2023-2045
Table 24: Electric Vehicles (EV) Market Overview 2023-2046
Table 25: Electric Vehicles (EV) Market Overview 2023-2047
Table 26: Electric Vehicles (EV) Market Overview 2023-2048
Table 27: Electric Vehicles (EV) Market Overview 2023-2049
Table 28: Electric Vehicles (EV) Market Overview 2023-2050
Table 29: Electric Vehicles (EV) Market Overview 2023-2051
Table 30: Electric Vehicles (EV) Market Overview 2023-2052
Table 31: Electric Vehicles (EV) Market Overview 2023-2053
Table 32: Electric Vehicles (EV) Market Overview 2023-2054
Table 33: Electric Vehicles (EV) Market Overview 2023-2055
Table 34: Electric Vehicles (EV) Market Overview 2023-2056
Table 35: Electric Vehicles (EV) Market Overview 2023-2057
Table 36: Electric Vehicles (EV) Market Overview 2023-2058
Table 37: Electric Vehicles (EV) Market Overview 2023-2059
Table 38: Electric Vehicles (EV) Market Overview 2023-2060
Table 39: Electric Vehicles (EV) Market Overview 2023-2061
Table 40: Electric Vehicles (EV) Market Overview 2023-2062
List of Figures:
Figure 1: Overview of Electric Vehicles (EV) Market 2023-2030
Figure 2: Overview of Electric Vehicles (EV) Market 2023-2024
Figure 3: Overview of Electric Vehicles (EV) Market 2023-2025
Figure 4: Overview of Electric Vehicles (EV) Market 2023-2026
Figure 5: Overview of Electric Vehicles (EV) Market 2023-2027
Figure 6: Overview of Electric Vehicles (EV) Market 2023-2028
Figure 7: Overview of Electric Vehicles (EV) Market 2023-2029
Figure 8: Overview of Electric Vehicles (EV) Market 2023-2030
Figure 9: Overview of Electric Vehicles (EV) Market 2023-2031
Figure 10: Overview of Electric Vehicles (EV) Market 2023-2032
Figure 11: Overview of Electric Vehicles (EV) Market 2023-2033
Figure 12: Overview of Electric Vehicles (EV) Market 2023-2034
Figure 13: Overview of Electric Vehicles (EV) Market 2023-2035
Figure 14: Overview of Electric Vehicles (EV) Market 2023-2036
Figure 15: Overview of Electric Vehicles (EV) Market 2023-2037
Figure 16: Overview of Electric Vehicles (EV) Market 2023-2038
Figure 17: Overview of Electric Vehicles (EV) Market 2023-2039
Figure 18: Overview of Electric Vehicles (EV) Market 2023-2040
Figure 19: Overview of Electric Vehicles (EV) Market 2023-2041
Figure 20: Overview of Electric Vehicles (EV) Market 2023-2042
Figure 21: Overview of Electric Vehicles (EV) Market 2023-2043
Figure 22: Overview of Electric Vehicles (EV) Market 2023-2044
Figure 23: Overview of Electric Vehicles (EV) Market 2023-2045
Figure 24: Overview of Electric Vehicles (EV) Market 2023-2046
Figure 25: Overview of Electric Vehicles (EV) Market 2023-2047
Figure 26: Overview of Electric Vehicles (EV) Market 2023-2048
Figure 27: Overview of Electric Vehicles (EV) Market 2023-2049
Figure 28: Overview of Electric Vehicles (EV) Market 2023-2050
Figure 29: Overview of Electric Vehicles (EV) Market 2023-2051
Figure 30: Overview of Electric Vehicles (EV) Market 2023-2052
Figure 31: Overview of Electric Vehicles (EV) Market 2023-2053
Figure 32: Overview of Electric Vehicles (EV) Market 2023-2054
Figure 33: Overview of Electric Vehicles (EV) Market 2023-2055
Figure 34: Overview of Electric Vehicles (EV) Market 2023-2056
Figure 35: Overview of Electric Vehicles (EV) Market 2023-2057
Figure 36: Overview of Electric Vehicles (EV) Market 2023-2058
Figure 37: Overview of Electric Vehicles (EV) Market 2023-2059
Figure 38: Overview of Electric Vehicles (EV) Market 2023-2060
Figure 39: Overview of Electric Vehicles (EV) Market 2023-2061
Figure 40: Overview of Electric Vehicles (EV) Market 2023-2062
Figure 41: Overview of Electric Vehicles (EV) Market 2023-2063
Figure 42: Overview of Electric Vehicles (EV) Market 2023-2064
Figure 43: Overview of Electric Vehicles (EV) Market 2023-2065
Figure 44: Overview of Electric Vehicles (EV) Market 2023-2066
Figure 45: Overview of Electric Vehicles (EV) Market 2023-2067
Figure 46: Overview of Electric Vehicles (EV) Market 2023-2068
Figure 47: Overview of Electric Vehicles (EV) Market 2023-2069
Figure 48: Overview of Electric Vehicles (EV) Market 2023-2070
Figure 49: Overview of Electric Vehicles (EV) Market 2023-2071
Figure 50: Overview of Electric Vehicles (EV) Market 2023-2072
Figure 51: Overview of Electric Vehicles (EV) Market 2023-2073
Figure 52: Overview of Electric Vehicles (EV) Market 2023-2074
Figure 53: Overview of Electric Vehicles (EV) Market 2023-2075
Figure 54: Overview of Electric Vehicles (EV) Market 2023-2076
Figure 55: Overview of Electric Vehicles (EV) Market 2023-2077
Figure 56: Overview of Electric Vehicles (EV) Market 2023-2078
Figure 57: Overview of Electric Vehicles (EV) Market 2023-2079
Figure 58: Overview of Electric Vehicles (EV) Market 2023-2080
Figure 59: Overview of Electric Vehicles (EV) Market 2023-2081
Figure 60: Overview of Electric Vehicles (EV) Market 2023-2082
Figure 61: Overview of Electric Vehicles (EV) Market 2023-2083
Figure 62: Overview of Electric Vehicles (EV) Market 2023-2084
Figure 63: Overview of Electric Vehicles (EV) Market 2023-2085
Figure 64: Overview of Electric Vehicles (EV) Market 2023-2086
Figure 65: Overview of Electric Vehicles (EV) Market 2023-2087
Figure 66: Overview of Electric Vehicles (EV) Market 2023-2088
Figure 67: Overview of Electric Vehicles (EV) Market 2023-2089
Figure 68: Overview of Electric Vehicles (EV) Market 2023-2090
Figure 69: Overview of Electric Vehicles (EV) Market 2023-2091
Figure 70: Overview of Electric Vehicles (EV) Market 2023-2092
Figure 71: Overview of Electric Vehicles (EV) Market 2023-2093
Figure 72: Overview of Electric Vehicles (EV) Market 2023-2094
Figure 73: Overview of Electric Vehicles (EV) Market 2023-2095
Figure 74: Overview of Electric Vehicles (EV) Market 2023-2096
Figure 75: Overview of Electric Vehicles (EV) Market 2023-2097
Figure 76: Overview of Electric Vehicles (EV) Market 2023-2098
Figure 77: Overview of Electric Vehicles (EV) Market 2023-2099
Figure 78: Overview of Electric Vehicles (EV) Market 2023-2100
Figure 79: Overview of Electric Vehicles (EV) Market 2023-2101
Figure 80: Overview of Electric Vehicles (EV) Market 2023-2102
Figure 81: Overview of Electric Vehicles (EV) Market 2023-2103
Figure 82: Overview of Electric Vehicles (EV) Market 2023-2104
Figure 83: Overview of Electric Vehicles (EV) Market 2023-2105
Figure 84: Overview of Electric Vehicles (EV) Market 2023-2106
Figure 85: Overview of Electric Vehicles (EV) Market 2023-2107
Figure 86: Overview of Electric Vehicles (EV) Market 2023-2108
Figure 87: Overview of Electric Vehicles (EV) Market 2023-2109
Figure 88: Overview of Electric Vehicles (EV) Market 2023-2110
Figure 89: Overview of Electric Vehicles (EV) Market 2023-2111
Figure 90: Overview of Electric Vehicles (EV) Market 2023-2112
Figure 91: Overview of Electric Vehicles (EV) Market 2023-2113
Figure 92: Overview of Electric Vehicles (EV) Market 2023-2114
Figure 93: Overview of Electric Vehicles (EV) Market 2023-2115
Figure 94: Overview of Electric Vehicles (EV) Market 2023-2116
Figure 95: Overview of Electric Vehicles (EV) Market 2023-2117
Figure 96: Overview of Electric Vehicles (EV) Market 2023-2118
Figure 97: Overview of Electric Vehicles (EV) Market 2023-2119
Figure 98: Overview of Electric Vehicles (EV) Market 2023-2120
Figure 99: Overview of Electric Vehicles (EV) Market 2023-2121
Figure 100: Overview of Electric Vehicles (EV) Market 2023-2122
Figure 101: Overview of Electric Vehicles (EV) Market 2023-2123
Figure 102: Overview of Electric Vehicles (EV) Market 2023-2124
Figure 103: Overview of Electric Vehicles (EV) Market 2023-2125
Figure 104: Overview of Electric Vehicles (EV) Market 2023-2126
Figure 105: Overview of Electric Vehicles (EV) Market 2023-2127
Figure 106: Overview of Electric Vehicles (EV) Market 2023-2128
Figure 107: Overview of Electric Vehicles (EV) Market 2023-2129
Figure 108: Overview of Electric Vehicles (EV) Market 2023-2130
Figure 109: Overview of Electric Vehicles (EV) Market 2023-2131
Figure 110: Overview of Electric Vehicles (EV) Market 2023-2132
Figure 111: Overview of Electric Vehicles (EV) Market 2023-2133
Figure 112: Overview of Electric Vehicles (EV) Market 2023-2134
Figure 113: Overview of Electric Vehicles (EV) Market 2023-2135
Figure 114: Overview of Electric Vehicles (EV) Market 2023-2136
Figure 115: Overview of Electric Vehicles (EV) Market 2023-2137
Figure 116: Overview of Electric Vehicles (EV) Market 2023-2138
Figure 117: Overview of Electric Vehicles (EV) Market 2023-2139
Figure 118: Overview of Electric Vehicles (EV) Market 2023-2140
Figure 119: Overview of Electric Vehicles (EV) Market 2023-2141
Figure 120: Overview of Electric Vehicles (EV) Market 2023-2142
Figure 121: Overview of Electric Vehicles (EV) Market 2023-2143
Figure 122: Overview of Electric Vehicles (EV) Market 2023-2144
Figure 123: Overview of Electric Vehicles (EV) Market 2023-2145
Figure 124: Overview of Electric Vehicles (EV) Market 2023-2146
Figure 125: Overview of Electric Vehicles (EV) Market 2023-2147
Figure 126: Overview of Electric Vehicles (EV) Market 2023-2148
Figure 127: Overview of Electric Vehicles (EV) Market 2023-2149
Figure 128: Overview of Electric Vehicles (EV) Market 2023-2150
Figure 129: Overview of Electric Vehicles (EV) Market 2023-2151
Figure 130: Overview of Electric Vehicles (EV) Market 2023-2152
Figure 131: Overview of Electric Vehicles (EV) Market 2023-2153
Figure 132: Overview of Electric Vehicles (EV) Market 2023-2154
Figure 133: Overview of Electric Vehicles (EV) Market 2023-2155
Figure 134: Overview of Electric Vehicles (EV) Market 2023-2156
Figure 135: Overview of Electric Vehicles (EV) Market 2023-2157
Figure 136: Overview of Electric Vehicles (EV) Market 2023-2158
Figure 137: Overview of Electric Vehicles (EV) Market 2023-2159
Figure 138: Overview of Electric Vehicles (EV) Market 2023-2160
Figure 139: Overview of Electric Vehicles (EV) Market 2023-2161
Figure 140: Overview of Electric Vehicles (EV) Market 2023-2162
Figure 141: Overview of Electric Vehicles (EV) Market 2023-2163
Figure 142: Overview of Electric Vehicles (EV) Market 2023-2164
Figure 143: Overview of Electric Vehicles (EV) Market 2023-2165
Figure 144: Overview of Electric Vehicles (EV) Market 2023-2166
Figure 145: Overview of Electric Vehicles (EV) Market 2023-2167
Figure 146: Overview of Electric Vehicles (EV) Market 2023-2168
Figure 147: Overview of Electric Vehicles (EV) Market 2023-2169
Figure 148: Overview of Electric Vehicles (EV) Market 2023-2170
Figure 149: Overview of Electric Vehicles (EV) Market 2023-2171
Figure 150: Overview of Electric Vehicles (EV) Market 2023-2172
Figure 151: Overview of Electric Vehicles (EV) Market 2023-2173
Figure 152: Overview of Electric Vehicles (EV) Market 2023-2174
Figure 153: Overview of Electric Vehicles (EV) Market 2023-2175
Figure 154: Overview of Electric Vehicles (EV) Market 2023-2176
Figure 155: Overview of Electric Vehicles (EV) Market 2023-2177
Figure 156: Overview of Electric Vehicles (EV) Market 2023-2178
Figure 157: Overview of Electric Vehicles (EV) Market 2023-2179
Figure 158: Overview of Electric Vehicles (EV) Market 2023-2180
Figure 159: Overview of Electric Vehicles (EV) Market 2023-2181
Figure 160: Overview of Electric Vehicles (EV) Market 2023-2182
Figure 161: Overview of Electric Vehicles (EV) Market 2023-2183
Figure 162: Overview of Electric Vehicles (EV) Market 2023-2184
Figure 163: Overview of Electric Vehicles (EV) Market 2023-2185
Figure 164: Overview of Electric Vehicles (EV) Market 2023-2186
Figure 165: Overview of Electric Vehicles (EV) Market 2023-2187
Figure 166: Overview of Electric Vehicles (EV) Market 2023-2188
Figure 167: Overview of Electric Vehicles (EV) Market 2023-2189
Figure 168: Overview of Electric Vehicles (EV) Market 2023-2190
Figure 169: Overview of Electric Vehicles (EV) Market 2023-2191
Figure 170: Overview of Electric Vehicles (EV) Market 2023-2192
Figure 171: Overview of Electric Vehicles (EV) Market 2023-2193
Figure 172: Overview of Electric Vehicles (EV) Market 2023-2194
Figure 173: Overview of Electric Vehicles (EV) Market 2023-2195
Figure 174: Overview of Electric Vehicles (EV) Market 2023-2196
Figure 175: Overview of Electric Vehicles (EV) Market 2023-2197