Electric Vehicle Market - Forecast (2021 - 2026)
‘Low Carbon Economy’ is a dynamic trend turning infectious across several sectors including automotive. Followed by an era of being examined as fringe technology, electric vehicles market owing to its implication as an alternative fuel transport, low-emission, rapid technological advancements, and effective interventions from federal bodies is amplifying. As per the evaluation from the International Energy Agency, the extent of electric vehicles running on the road will touch 125 million by 2030, leapfrogging from 3 million units recorded in 2017.[1] Hence, owing to changing consumer’s perception, volatile prices of conventional fuels, and tax rebates by government to uplift ecological concerns, the electric vehicles market's global volume touched 3.14 million units as of 2018. And, the market demand is estimated to progress with an ample scope of opportunities recorded in the form of a CAGR marked at 28.90% during the forecast period of 2019-2025.
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Electric Vehicles Market (EVM) Outlook:
Electric vehicles apart from exploiting personal transport domain such as passenger cars has by now started capitalizing over the requirement for alternative fuel vehicles generated by public transport domain. As per the IEA, the count of electric buses and two-wheelers reached, 370,000 and 250 million respectively in 2017.
R&D in the chemical industry have emerged with the concept of battery monitoring lightweight and high-speed battery charging. Incorporating such batteries will optimize the performance and efficiency of the electric vehicle developing it further as a convenient asset from their petroleum-fueled counterparts. 2017 Chevrolet Bolt, is able to travel an impressive 238 miles on a fully charged battery.
Electric Vehicles Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the electric vehicles market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in global electric vehicles market, and their specific advantages.
Electric Vehicles Market (EVM) Outlook:
After analyzing the electric vehicles market regional insights, APAC is calculated to be the leading nucleus in terms of electric vehicles market demand with 37.36% global share in 2018. The sheer affluence is attributable to the emerging economies including China with a strong presence of OEM manufacturers and their working population evolving towards alternative fuels as their staple regime. Some factors supporting the sheer affluence of APAC-
China, accounted for more than 99% of both electric bus and two-wheeler stocks globally in 2017. (IEA)[2]
China, accounted for more than 99% of both electric bus and two-wheeler stocks globally in 2017. (IEA)[2]
In 2017, more than 1 million electric cars were sold globally with China consuming more than 50% of the global sales. Almost 580,000 cars were sold in this region, an unprecedented increase by 72%.[3]
Electric scooters market of APAC is the most lucrative terrain in terms of demand. This terrain with densely populated economies of India, China and Japan along with a nucleus of strong presence of Original Equipment Manufacturers (OEMs) augmenting their product portfolio, grabbed 37.36% of the electric scooters global demand in 2018. China is the leading exporter of electric motors with value calculated to be $12.9 billion in 2017.[4]
Batteries’ are the fuel of electric vehicles, a device where electrical energy is stored to run the vehicle’s mechanism. Some of the most common batteries employed for propulsion by the manufacturers include sealed lead acid (SLA), NiMH and Li-Ion. A critical inspection of the vehicle type segment specifies battery electric vehicle to be gripping the highest spot in terms of buyers, progressing with an application CAGR of 42.51 % going through 2025. The sheer affluence of the battery electric vehicle can be attributed to its economical rate, heavy-usage portfolio it offers and sturdiness, along with extraordinary-performance, more environmentally conductive, greater charge density, light-weight, as well as charging-discharging efficacy.
Electric scooters market of APAC is the most lucrative terrain in terms of demand. This terrain with densely populated economies of India, China and Japan along with a nucleus of strong presence of Original Equipment Manufacturers (OEMs) augmenting their product portfolio, grabbed 37.36% of the electric scooters global demand in 2018. China is the leading exporter of electric motors with value calculated to be $12.9 billion in 2017.[4]
Batteries’ are the fuel of electric vehicles, a device where electrical energy is stored to run the vehicle’s mechanism. Some of the most common batteries employed for propulsion by the manufacturers include sealed lead acid (SLA), NiMH and Li-Ion. A critical inspection of the vehicle type segment specifies battery electric vehicle to be gripping the highest spot in terms of buyers, progressing with an application CAGR of 42.51 % going through 2025. The sheer affluence of the battery electric vehicle can be attributed to its economical rate, heavy-usage portfolio it offers and sturdiness, along with extraordinary-performance, more environmentally conductive, greater charge density, light-weight, as well as charging-discharging efficacy.
Electric Vehicles Market Growth Drivers and Trends:
Electric vehicles apart from exploiting personal transport domain such as passenger cars has by now started capitalizing over the requirement for alternative fuel vehicles generated by public transport domain. As per the IEA, the count of electric buses and two-wheelers reached, 370,000 and 250 million respectively in 2017.
R&D in the chemical industry have emerged with the concept of battery monitoring lightweight and high-speed battery charging. Incorporating such batteries will optimize the performance and efficiency of the electric vehicle developing it further as a convenient asset from their petroleum-fueled counterparts. 2017 Chevrolet Bolt, is able to travel an impressive 238 miles on a fully charged battery.
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Governments all over are offering substantial electric vehicles purchase incentives. At the same time, tightening fuel economy standards is fueling the electrification of the vehicle fleet. ‘New Energy Vehicle’ in China is diverting automakers towards EVs. ‘Shared mobility’ offer by companies such as Uber and Lyft, is increasing the uptake of electric vehicles owing to the economic benefits it offers to the companies.
Governments all over are offering substantial electric vehicles purchase incentives. At the same time, tightening fuel economy standards is fueling the electrification of the vehicle fleet. ‘New Energy Vehicle’ in China is diverting automakers towards EVs. ‘Shared mobility’ offer by companies such as Uber and Lyft, is increasing the uptake of electric vehicles owing to the economic benefits it offers to the companies.
Rising assurances by automotive manufacturers to electrify their vehicles is a major trend disrupting the market. For instance, a Chinese manufacturer, Chang`an has committed to sell only electric vehicles after 2025.
Electric Vehicles Market Challenges:
Electric vehicles have established itself to be advantageous over orthodox vehicles, but the arcade is not without limitations. Electric vehicles come along with a high price tag and dearth of charging points within major cities is a considerable obstacle in the development of the global electric vehicles market. However, research and developments in the field are aiding the production to be commercially viable and several projects are being funded globally to set up a network of charging infrastructure. The WestSmart EV Project is a leading example, with a funding from the U.S. Department of Energy, the project targets to establish a network of charging stations over 1,500 miles.
Electric Vehicles Market Players Perspective:
Some of the key players leveraging the trend of electric vehicles with their rampant production and R&D are Yadea Technology , GOVECS Group, Ampere Vehicles Pvt. Ltd., Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Technology Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., and Mahindra GeneZe.
HERO ELECTRIC is a pioneer and market leader in the Indian Electric Two-Wheeler industry. n 2018, it crossed more than 500 dealerships pan in India and implemented Li-Ion technology on complete range of its manufactured scooters.
Electric Vehicles Market Challenges:
Electric vehicles have established itself to be advantageous over orthodox vehicles, but the arcade is not without limitations. Electric vehicles come along with a high price tag and dearth of charging points within major cities is a considerable obstacle in the development of the global electric vehicles market. However, research and developments in the field are aiding the production to be commercially viable and several projects are being funded globally to set up a network of charging infrastructure. The WestSmart EV Project is a leading example, with a funding from the U.S. Department of Energy, the project targets to establish a network of charging stations over 1,500 miles.
Electric Vehicles Market Players Perspective:
Some of the key players leveraging the trend of electric vehicles with their rampant production and R&D are Yadea Technology , GOVECS Group, Ampere Vehicles Pvt. Ltd., Vmoto Limited, Hero Electric Vehicles Pvt. Ltd., Energica Motor Company S.p.A., Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Technology Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., and Mahindra GeneZe.
HERO ELECTRIC is a pioneer and market leader in the Indian Electric Two-Wheeler industry. n 2018, it crossed more than 500 dealerships pan in India and implemented Li-Ion technology on complete range of its manufactured scooters.
Electric Vehicles Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the electric vehicles market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in global electric vehicles market, and their specific advantages.
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