Electric Vehicle Market Trends, Key Players, Overview, Competitive Breakdown and Regional Forecast by 2030
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 analysed 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.
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.
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.
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.
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.
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