Market Overview –
At a CAGR of 21.7 percent, the global electric vehicles market is expect to expand from 8,151,00 units in 2022 to 39,208,00 units in 2030. Manufacturers have been oblige to supply electric vehicles all over the world due to factors such as increasing demand for low emission commuting and government support of long range, zero emission vehicles through subsidies and tax refunds. Emission reduction targets have been set by countries all over the world base on their own capacities.
It will be easier for OEMs to grow their revenue streams and geographic presence if governments throughout the world continue to invest in the development of charging stations for electric vehicles and hydrogen fueling stations. With fewer charging stations and hydrogen fuel stations, greater start-up costs and performance limitations, electric car sales may be slower down in the future.
Car owners in the United States have made the switch from gas to electricity, and many more are considering it. When aske by Pew Research Center, 7% of Americans state they own an electric or hybrid car, and 39% said they were very or somewhat incline to buy an electric car the next time they need new wheels.
COVID-19 Impact –
In early 2020, lockdowns cause a moderate impact on the EV charging industry. The need for EV charging stations grew in 2021 as the EV market grew in response to government incentives around the world amid the pandemic. Metals such as steel, copper, and aluminium extraction have all been hampers by the COVID-19 epidemic. Raw minerals like copper saw their prices surge, reaching USD 10,000 per tonne for the first time in ten years, in May 2021, when copper prices peake.
The major EV manufacturers, on the other hand, have quickly boost their EV sales during the last two years Due to declining sales, Tesla, for example, plans to lay off personnel in October 2020. China’s early entrance into the company’s income stream has help it grow overall. COVID-19 had little effect on the company’s performance in 2021. Lockdowns in China cause a drop in sales in early 2022. This EV market was less affecter by the epidemic because of the tremendous drive from governments throughout the world to phase out ICE vehicles.
Market Development of self-driving –
Self-driving trucks will have an impact on the electric vehicle market. It’s no secret that the world’s leading automakers are working on self-driving electric vehicles that can be sold on the market.
Similarly, Simple intends to operate self-driving routes between Phoenix and Tucson in Arizona and certain portions of Texas as part of its network. Daimler announce a $570 million investment in electric self-driving vehicles in January 2019.
EV Market in India –
It is anticipate that the Indian vehicle sector will grow from fifth to third in the world by 2030. As India’s population grows and the demand for automobiles increases, relying solely on conventional energy supplies is no longer an option.
By 2030, NITI Aayog hopes to have 70% of all commercial vehicles, 30% of private vehicles, 40% of buses, and 80% of two and three-wheelers on the road using electric vehicles. To attain net zero carbon emissions by 2070, this is a logical step. According to the Ministry of Heavy Industries, 0.52 million electric vehicles have been registers in India over the last three years. As a result of the government’s favorable policies and programmers, electric vehicle sales grew rapidly in 2021.
The three-wheeler market was dominate by Uttar Pradesh, while the two-wheeler and four-wheeler markets were led by Karnataka and Maharashtra, respectively.
Market Trends and Forecast –
Battery, hybrid, and plug-in hybrid electric vehicle markets all hold promise for the future of the global electric vehicle market. Electric vehicles are predicter to grow at a 32.2 percent compound annual growth rate (CAGR) from 2021 to 2027. Increasing gasoline prices, government subsidies to promote electric vehicles, and environmental concerns are the primary drivers of this sector.
Key Players –
Nissan Motor Corporation Ltd.
Bayerische Motoren Werke AG
Honda Motor Co., Ltd.
Mitsubishi Motors Corporation
Toyota Motor Corporation
Volkswagen AG
Tesla Motors, Inc.
Groupe Renault
Ford Motor Company
Daimler AG
General Motors Company
Groupe PSA
Others
By Type –
Passenger Cars
Commercial Vehicles
Two Wheelers
Others
By Applications –
Series Hybrid
Parallel Hybrid
Combined Hybrid
Others
By Regions –
Asia Pacific
Europe
North America
Latin America
Middle East & Africa
