Coronavirus and Electric Vehicle Industry

The ongoing COVID-19 pandemic--and the worldwide reaction to it--has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets(TM), analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Electric Vehicle Market. We are working diligently to help companies take rapid decisions by studying:

o The impact of COVID-19 on the Electric Vehicle Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
o The rapid shifts in the strategies of the Top 50 companies in the Electric Vehicle Market
o The shifting short-term priorities of the top 50 companies' clients and their client's clients

You can request an in-depth analysis detailing the impact of COVID-19 on the Electric Vehicle Market:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=209371461

According to the recent report "Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030 "published by MarketsandMarkets(TM), The Electric Vehicle Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period.

The electric vehicle 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.

The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).

Browse in-depth TOC on "Electric Vehicle Market"
86 - Tables
49 - Figures
158 - Pages

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209371461

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.

The mid-priced segment is expected to grow at the highest CAGR

The mid-priced segment is expected to be the fastest-growing market during the forecast period. In the Asia Pacific, China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing vehicles that are relatively less expensive. 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. Also, established automotive manufacturers such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share.

Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=209371461

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.

North America: The US is expected to lead the North American market

North America is estimated to be the fastest-growing market during the forecast period. North America comprises developed economies such as the US & Canada and is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving the electric vehicle market in this region.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html

Contact:
Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets(TM)

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.