Electric Vehicle Market Growth, Industry Trends, and Statistics by 2030
The electric vehicles market has witnessed rapid evolution with the ongoing developments in the automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of carpool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
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The electric vehicle market is dominated by globally established players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).
Mid-Priced vehicle segment is expected to grow at the highest CAGR rate
The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reducing significantly which would make EVs more affordable. Mid-Priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.
Increasing adoption of electric buses likely to propel the growth of commercial vehicles during the forecast period
The commercial vehicle segment is expected to be the fastest-growing electric vehicle market. With the increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
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The supercharging segment is expected to grow at the highest CAGR
Tesla pioneered the installation of supercharging stations across the world. These super-fast charging stations can charge an EV battery in approximately 30 minutes. However, superchargers are exclusive only to Tesla EVs and do not function on other manufacturer’s models. As of January 2019, Tesla had over 1,400 supercharging stations across the world. With the mounting planned production of Tesla EVs that are set to be launched over the next few years, the supercharging segment is expected to grow in tandem.
Besides Tesla, ABB and Tritium have introduced super-fast charging technologies, 350 kW Terra HP and Veefil-PK, respectively. Additionally, JET Charge has installed super-high charging power stations in Australia. Innovations by global as well as some key regional players are expected to open new avenues for the growth of this segment over the next few years.
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The Asia Pacific is expected to lead the market during the forecast period
The Asia Pacific is expected to be the largest electric vehicle market by 2030 due to the rising demand for greener transportation along with several initiatives by private organizations as well as governments. The region is home to some of the fastest developing economies of the world, such as China and India. The governments of these developing economies have recognized the growth potential of the electric vehicle market, and hence, have undertaken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. For instance, in March 2019, the Indian government announced the second phase of FAME – II, which includes setting up 2,700 charging stations in metro cities. Also, the Indian government plans to make it mandatory for cab-hailing companies Ola and Uber to have 40% of their fleet as electric vehicles.
China is also investing heavily in the production of commercial electric vehicles with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. In December 2017, Toyota announced plans to launch 10 new EV models by 2020 in Japan. The EV charging infrastructure in Japan is already at an advanced stage; thus, EV sales and electric vehicle charging stations market are expected to grow significantly in the near future. All these factors will drive the electric vehicle market in the Asia Pacific region.
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