Electric Vehicle Market Size, Share and Market Forecast to 2030 | MarketsandMarkets

CITY, Country, 2019-Oct-30 — /EPR Network/ —

“Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles, Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region – Global Forecast to 2030″, The electric vehicle market is projected to reach 27 million units by 2030 from an estimated 3 million units in 2019, at a CAGR of 21.1%.

Encouraging investments made by governments across the globe to increase the adoption of electric vehicles, creating opportunities for OEMs to expand their revenue stream and geographical presence. The European market is projected to experience steady growth, owing to a well-developed infrastructure for electric vehicles, while the Asia Pacific market is the fastest due to the strong presence of major electric vehicle manufacturing OEMs.

The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).

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North America: The US is expected to lead the North American market

North America is estimated to be the fastest-growing market during the forecast period. North America comprises developed economies such as the US & Canada and is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving the electric vehicle market in this region.

EV charging stations powered by renewable energy

EVs can be charged at an electric charging station or using a solar panel. The use of renewable energy to power EV charging stations is one of the key opportunities for players in the electric vehicle charging market. Due to the lower price and easier installation of solar panels, solar-powered charging stations have become ideal for homeowners or commercial buildings. These charging stations can be installed at residential buildings, shopping malls, theatre complexes, convention centers, parks, and other facilities. 10 solar panels can provide the electricity required to power an electric vehicle that can drive approximately 21,000 km each year. Due to the rapidly advancing solar panel innovations and designs, companies have started developing solar-powered charging stations to reduce the dependency on fossil fuels.

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The mid-priced segment is expected to grow at the highest CAGR

The mid-priced segment is expected to be the fastest-growing electric vehicle market. In the Asia Pacific region, China is one of the leading countries for mid-priced vehicles. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive automobiles. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the ORA R1. The small urban car will cost only USD 8,680, post incentives, with a range of almost 200 miles. Also, established automotive manufacturers such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share.

The supercharging segment is expected to grow at the highest CAGR

Tesla pioneered the installation of supercharging stations across the world. These super-fast charging stations can charge an EV battery in approximately 30 minutes. However, superchargers are exclusive only to Tesla EVs and do not function on other manufacturer’s models. As of January 2019, Tesla had over 1,400 supercharging stations across the world. With the mounting planned production of Tesla EVs that are set to be launched over the next few years, the supercharging segment is expected to grow in tandem.

Besides Tesla, ABB and Tritium have introduced super-fast charging technologies, 350 kW Terra HP and Veefil-PK, respectively. Additionally, JET Charge has installed super-high charging power stations in Australia. Innovations by global as well as some key regional players are expected to open new avenues for the growth of this segment over the next few years.

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Asia Pacific electric vehicle market is expected to register the fastest growth during the forecast period

The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. This region has a strong presence of EV manufacturing OEMs such as BYD, BAIC, SAIC, and Geely, among others. Moreover, the region has a high technology adoption rate. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the electric vehicle market growth.