Press release
Electric Car Market Top Key Players – BYD, JAC, Geely, Chery, Roewe(SAIC), BMW, Tesla Motors, VW Group, Renault- Nissan- Mitsubishi Alliance, Hyundai-KIA Motors
The market is set to grow from 2021-2026, with Europe and China being the target markets, and the US continuing to grow as it has been shown to Covid shortly thereafter. In Europe, the new electric car sales and registrations in Q1-2021 have doubled to more than 1.4 million which represents a share of sales at 10%.
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ELECTRIC CAR MARKET DYNAMICS
EV sales in Europe increased significantly during the second quarter of 2021, and new car registrations for plug-in EVs increased 157% year-on-year to 237,934 units. In Europe, a total of more than 1 million vehicles were registered for plug-in EVs in 2021, of which 7.6% make up 16% of the total market that makes up BEVs.
In 2021, electric vehicle sales are expected to grow by 15% and 20% compared to 43% in 2020. Since Corona, the plug-in vehicle market has grown mainly in Europe and China. With the support of all government subsidies in both regions, we were able to overcome the initial decline in sales in 2020 and grow.
The market will grow as it will showcase multiple OEM vehicles and improved technology. Over 1.5 million plug-in vehicles were sold worldwide in the first four months of 2021.
ELECTRIC VEHICLE MARKET ANALYSIS
• China, USA, Europe and Japan made 95% of electric vehicles by 2020
• In the US electric vehicle market, Tesla has a 60% market share, and although Tesla Model Y was successful, it faces fierce competition centered on Detroit's third place.
• In the European electric vehicle market, 2020 sales made Renault Zoe the largest European market leader in Europe.
• Which increases China by 12% compared to 2020 and its position no. 1 still lost in close competition with Europe.
ELECTRIC VEHICLE MARKET TRENDS IN CHINA
• By 2021, the most popular model in China is the Wuling Hong Guang MINI EV, which sold 181,810 units. Below, 84,844 units and 46,180 units were sold to Tesla Model 3 and Model Y, respectively. BYD's (BEV) was 38,665 units.
• Moving the market to the top sector in China In 2020, A00class (beginner) accounted for 38% of the market, and Wuling Mini EV led the market. This is the same change that A00 decreased in the previous year. Vehicles in the A00 segment saw revenue growth primarily in Tier 3, 4 and 5 cities. From January to April 2021, the Mini EV more than doubled its sales over its nearest competitor, the Tesla Model 3
ELECTRIC VEHICLE MARKET FORECAST
Globally, the electric vehicle market is expected to grow from 2021 to 2026 with a CAGR of approximately XX%. Factors driving the growth of the industry are increasing demand for low-emission vehicles, subsidies and tax incentives for non-emission vehicles, and government regulations for transportation. World Government has increased investment to develop incentives and EV charging stations and infrastructure to allow buyers and OEMs to manufacture more products.
COMPANY PROFILES
• BYD
• JAC
• Geely
• Chery
• Roewe(SAIC)
• BMW
• Tesla Motors
• VW Group
• Renault- Nissan- Mitsubishi Alliance
• Hyundai-KIA Motors
• Robert Bosch GmBH
• Continental AG
• Magna International
• CATL
• Panasonic Corporation
Read More Information: https://mobilityforesights.com/product/electric-car-market/
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Contact Person: Kunal Roy
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About Us:
We are among the very few market research firms globally, specialized in mobility domain(s). Our zone of research entails automotive, aerospace, marine, locomotive, logistics and construction & agricultural equipment.We deal in syndicated research, custom research and consumer research for all the above domains mentioned.
We envision the future of mobility every single day, following mobility domains is not just our profession rather it’s our passion. We are here, just to serve you in the most ideal way and your fulfillment is above everything else.
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