Electric Vehicles Market Analysis
The Global Electric Vehicles Market will reach USD 25 million at a Favorable 20% CAGR Forecast Period states the latest Market Research Future (MRFR) report. We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the global market has been analyzed in the report, which also outlines the latest developments that have taken place following the coronavirus disease outbreak.
Key Drivers and Main Challenges Strict carbon emissions standards have shifted people’s focus towards electric vehicles market. For example, European Union has set a target of zero-carbon gas emissions by the year 2050. Since electric vehicles generate lower gas emissions compared to traditional vehicles, governments of various countries are trying to boost awareness and encourage the use of these vehicles to bring down air pollution, oil consumption, and more. Increasing spending on electric vehicles has been an incredible growth booster in the worldwide market for EVs. Companies like Ford Motor Company, Groupe Renault and Daimler AG are investing significantly in their manufacturing plans with respect to EVs. To cite a reference, Ford Motor Company in June 2020 announced that it is planning to spend close to USD 11.0 billion for manufacturing at least 40 EVs by the year 2022. Considering these favorable initiatives, it is safe to assume that the electric vehicles market can observe a noteworthy expansion in the following years.
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The global market can also remain strong on the back of the rising use of electric vehicles in government and commercial sectors along with the surge in company partnerships that share a common goal of a greener planet. To illustrate, in 2020, Uber partnered with Nissan with the key objective of manufacturing 2,000 EVs for the Uber drivers across London. This move on the part of Uber highlights its target of making all its vehicles free of carbon emission by 2025.
Electric Vehicles Market Top Vendors
Top vendors recognized in the market study include Daimler AG (Germany), Volkswagen (Germany), Ford Motor Company (US), General Motors (US), Mitsubishi Motors Corporation (Japan), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), BMW (Germany), Nissan Motor Company (Japan), Tesla Inc. (US), and more.
Electric Vehicles Market COVID-19 Analysis
The COVID-19 outbreak has impacted several sectors severely, which also includes the automotive sector, with several manufacturers completely shutting down their operations or working at reduced capacities following the different directives that the governments have issued. The uncertainty concerning the duration of the lockdown and disruptions in supply chain made it difficult for players in anticipating the recovery of the industry. Such crisis led to structural shifts that had a significant impact on the market. The outbreak resulted in a disrupted supply chain, factory closures, and limited operations that led to a decline in vehicle sales particularly in the EV segment. The market however is likely to recover soon due to the strong growth of China. After the pandemic, the market is estimated to reach 4.18 million by 2021.
Electric Vehicles Market Segmental Review
The electric vehicle industry can be considered for charging station, connector type, installation type as well as vehicle type. The technology-based categories covered in the study are battery, hybrid, along with plug-in hybrid electric vehicle. The market for plug-in hybrid electric vehicles can remain dominant throughout the review period owing to the rising number of electric vehicle charging stations worldwide. The key vehicle types studied are commercial vehicles, two-wheelers as well as passenger cars. In 2018, reports confirmed that the passenger car segment seized the biggest share in the electric vehicle market, trailed by commercial vehicles and two-wheelers.
Electric Vehicles Market Regional Outlook
Europe, North America, Asia Pacific or APAC, and RoW/the rest of the world are considered to be the key regions where the electric vehicles market can observe varying levels of expansion during the appraisal period. The APAC market has emerged as the leader in the global market, as a result of the escalating demand for EVs in Japan, India and China. The APAC can observe higher growth in the coming years, thanks to the strong government support, mounting disposable income of the people and the surge in preference for eco-friendly products. North America is one of the most lucrative markets for electric vehicles, on account of the rising sale of electric cars in Canada and the US. The presence of some of the most profitable electric vehicle vendors in the United States such as Tesla, Chevrolet and GM also favors the regional market. The RoW market, comprising Africa, the Middle East and South America, can also perceive notable growth in the years ahead, given the expanding pool of electric vehicle manufacturers along with the advancements in the charging infrastructure.
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