Electric Car Market Set for Unprecedented Growth, Driven by Emission Norms

The 2019 edition of United Nations (UN) Climate Change Summit has begun in Madrid, and it will aim to better implement the policies and decisions, deliberated as part of the Paris Agreement, which, in turn, aims to restrict the global temperature rise to 2 degree Celsius from the levels recorded before industrialization. Ozone depletion and greenhouse effect caused due to air pollution is the primary reason behind global warming, and this is what countries across the world are toiling to check. The quintessential step in limiting air pollution is reducing the burning of fossil fuels, in homes and vehicles.

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This is why the government in several countries has imposed strict emission norms on diesel and petrol cars and started offering manufacturing and purchase incentives and subsidies on electric cars, which are among the key electric car market drivers. One example is of the European Union (EU), which, through its Europe 2020 strategy,has set a 20% reduction target for carbon dioxide (Co2) emissions by 2020, from the levels registered in 1990. Similarly, targets for increasing the fuelefficiency of fossil fuel-powered cars have also been set.Achieving these would require the incorporation of more- advanced automotive technology in conventional cars, thereby increasing their prices and driving consumers toward electric cars.

There are two major types of electric cars: battery electric cars (BEV) and plug-in hybrid cars (PHEV). The former type are solely driven by an electric battery, while the latter type have a battery as well as an internal combustion engine. Between 2013 and 2016, BEVs comfortably outsold PHEVs, and the same trend is expected for 2017-2023. This is because the subsidies and incentives offered on BEVs are higher than PHEVs, as the latter type are less fuel-efficient. In France, for example,BEVs,with emissions of up to 20 gramsof CO2 per km traveled, enjoy higher tax exemptions than PHEVs, which emit between 21and 60 gramsof CO2 per km.

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Competitive Landscape of Electric Car Market

The electric car market was moderately fragmented in 2016, as the presence of market players varies in different regions. In China, the market was highly fragmented with the presence of various electric car manufacturers, such as BYD Co. Ltd., BAIC Motor Corp. Ltd., SAIC Motor Corp. Ltd., Geely Automobile Holdings Ltd., Chery Automobile Co. Ltd., and Anhui Jianghuai Automobile Co. Ltd. (JAC Motors). In North America, the market was dominated by Tesla Inc., Toyota Motor Corp., and General Motors Co.

In November 2017, Volkswagen Group, Ford Motor Company, Daimler AG, and BMW Group formed an alliance, IONITY, to set up 400 electric vehicle charging stations across Europe, mainly in Austria, Germany, and Norway.

Some of the other major players operating in the electric car market are Honda Motor Co. Ltd., Hyundai Motor Co., and Renault-Nissan-Mitsubishi Alliance.

GLOBAL ELECTRIC CAR MARKET SEGMENTATION

By Technology

Battery Electric Vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
By Segment

Economy
Low
Medium
Premium
By Region

North America
U.S.
Canada
Rest of North America
Europe
Germany
France
Norway
U.K.
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
Rest of Asia-Pacific
Rest of the World

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This release was published on openPR.