Electric Vehicle Market Growth, Industry Trends, and Statistics by 2030
Advancements in battery technology with lower cost, improved charging speed, and government support in the form of tax rebates and subsidies to promote eco-friendly vehicles are the key factors driving the adoption of electric vehicles. In addition, the market growth is also driven by the rising investment by automakers in EV development, decreasing prices of batteries. However, stringent rules for the installation of charging stations and the high cost of an electric vehicle pose challenges for the growth of the electric vehicle market.
The electric vehicle market has witnessed rapid evolution with ongoing developments in the automotive sector. Favourable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration (specifically in China where ICE vehicle registration are banned in some urban areas) is one of the primary factors driving the growth of the market.
Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.
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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.
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.
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