Global Electric Vehicle Market Likely to Grow at a 21.1% CAGR

MarketsandMarkets launched a report on “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”. Based on the study’s insights, the global electric vehicle market size is projected to grow from an estimate of 3 million units in 2019 to reach 27 million units by 2030, at a CAGR of 21.1%.

The increasing popularity of electric vehicles highlights significant efforts made jointly by various governments and automotive industry associations. Ambitious EV targets and policy support from governments have resulted in the lowering of EV costs. In addition, factors such as extended vehicle range and improvement in charging infrastructure have fueled the growth of the electric vehicle market globally.

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Led by China, the Asia Pacific region has the highest sales of electric vehicles. China is focusing on electric vehicles to deal with rising vehicle emissions in the country. The Chinese government is providing subsidies for the electrification of vehicles, which in turn has increased the sales of electric automobiles in China. The government offers subsidies for pure electric vehicles and hybrids. For instance, the government subsidy includes passenger car purchasing incentives of RMB 55,000 for BEVs and RMB 30,000 for PHEVs. Over the years, the cost of the battery has reduced, which would again have a positive impact on the electric vehicle market in China.

The Electric Vehicles Initiative (EVI), which is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles worldwide, has set a target of reaching an electric car fleet of 20 million by 2020 globally. The Paris Declaration on Electro-Mobility and Climate Change has also established a similar global deployment target of 100 million electric cars by 2030. These initiatives are expected to provide an impetus to the growth of the global electric vehicle market.

The passenger car segment is estimated to account for the largest electric vehicle market share in 2019. The growth of this segment can be attributed to the availability of financial subsidies and incentives, increasing vehicle range, and the development of charging infrastructure.

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BYD Auto Co., Ltd. (China), Nissan Motor Company Ltd. (Japan), Tesla Motors (US), and Volkswagen (Germany) are some of the leading players in the electric vehicle market. These companies have launched electric vehicles in different segments to cater to the increased demand. Tesla Model S, Nissan Leaf, and BYD Tang are some of the most successful models that have attracted customers toward electric vehicles. Additionally, Panasonic Corporation (Japan), Automotive Energy Supply Corporation (Japan), BYD Auto Co., Ltd. (China), and Samsung SDI (South Korea) are some of the largest battery manufacturers that cater to the global demand for EV batteries.

EV sales are increasing globally, especially in countries such as Japan, China, Germany, France, Netherlands, Norway, the UK, and the US. These countries, with favorable government policies, incentives, and infrastructure investment, accounting for more than 90% of the world’s EV sales. Government funding, subsidies, & incentives, increasing concerns regarding environmental pollution, and huge investments from automakers in EVs is expected to fuel the growth of the global electric vehicle market over the next two years.

Future trends of the global electric vehicles industry

Electric vehicle manufacturers are keen on reducing the weight of a vehicle to improve the driving range. In this endeavor, manufacturers are innovating with lightweight materials to build vehicles. Lightweight materials can decrease the vehicle weight, which in turn can help improve the range of a vehicle. The battery accounts for about 70% of the weight of an electric vehicle. Hence, reducing battery weight is essential for electric vehicle manufacturers to enhance the fuel economy or the range of the electric vehicle. A slight change in the weight of a battery can be crucial for the electric vehicle range.

Advancements in technology have helped to decrease the cost of an electric vehicle. The cost of an electric vehicle battery has reduced significantly in the recent past. Reduction in battery price has attracted new consumers, which in turn has increased the sale of electric vehicles. The price of the battery is measured in terms of USD per kilowatt unit. For instance, In 2010, the battery cost was approximately USD 1,000 per kWh, which has now come down to about USD 450 per kWh.

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The limited range of electric vehicles has been one of the biggest challenges for electric vehicle manufacturers. An increase in electric vehicle range per charge is expected to increase the duration between the charging of a vehicle. According to a recent study, the range of electric vehicles is sufficient to fulfill the demand of 80% car users in the US and Europe. Also, with increasing battery capacity and reducing vehicle weight, the range of an electric vehicle is set to increase. These crucial advancements are expected to open new avenues for the growth of the global electric vehicle market over the next few years.

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