Global Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market - Industry Insights by Vehicle Type (Passenger Car, Commercial Vehicle), by Charging Station (Normal, Super), by Propulsion Type (BEV, PHEV, FCEV) Forecast to 2025

The report "Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market by Vehicle Type (Passenger Cars, Commercial Vehicle), Charging Station (Normal, Super), Propulsion Type (BEV, PHEV, FCEV) - Global Forecast to 2025", size is estimated to reach 3.5 million units in 2020.

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The EV and EV infrastructure market is primarily driven by strong government intent towards its pledge to reduce air pollution through favorable policies, tax rebates, and subsidies. Moreover, advancements in the technology is helping in substantial cost cuts. This will increase its affordability to the people of lower section of the society in the developing world. Key enablers include development in the battery chemistry, redesigning of vehicle manufacturing platforms, and the use of big data in developing efficient batteries.

By vehicle type, the global EV and EV infrastructure market is bifurcated into passenger cars and commercial vehicles. In 2019, the passenger cars segment accounted for the largest share in the overall market. This share is attributed to robust initiatives by France, Italy, Canada, the United Kingdom, the United States and other developed economies to improve the adoption of EVs. For instance, French government in May 2020, announced to introduce USD 8.8 billion plan to revive electric vehicle industry in the nation which faced ripples due to COVID-19 pandemic.

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On the basis of charging station, the EV and EV infrastructure market is categorized into normal and super charging stations. In 2019, the normal charging station segment accounted for largest share in the EV and EV infrastructure market. The segment is also expected to register highest growth rate among the two. By investing heavily in charging infrastructure, government stimulus packages in the future could enable the EV economy to overcome the economic crisis triggered by COVID-19.

North America had a large market share in terms of sales in 2019. This share is attributed to the increasing need for electric cars in the United States. Canadian government introduced Project Arrow, in January 2020 to connect industry, academia network to fasten it goal of zero-emission concept vehicle. In line with this recently, in May 2020, partly funded by government, Coquitlam, announced five more user pay charging facility by 2021, totaling to its overall 13 electric charging station across the country. Moreover, Electrify America, a company established to promote the introduction of EV, reported an intention to spend USD 200.0 million in 2018 in California. As a result, the market for EVs in North America is expected to rise over the projected period.

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Some of the major players in the market for electric vehicle and electric vehicle infrastructure are Tesla, BYD, BMW, Volkswagen, Nissan, LG Chem, Panasonic, Chery, SAIC, and Bosch, among others. Tesla is one of the leading players on this market. The company continuously delivers new advanced electric vehicles and charging technologies. Despite the effect of COVID-19, Tesla sold more than 88,000 electric vehicles in the first quarter of 2020, surpassing deliveries of Volkswagen.

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