Electric Car Market Top Key Players – 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

The global electric car market size was estimated at $119 Billion in 2020 and is estimated to grow to $175 Billion in 2023 at a CAGR of 14%.

KEY FINDINGS

• Globally, as of June 2021, ~ 380 electric vehicles (HEV + BEV + PHEV) are on sale, representing approximately 6.2 million units per year worldwide.

• Penetration of the plug-in electric vehicle market will be around 5.5% in 2021 and may exceed 12% by 2026.

• Previously (until 2015), EV sales were driven by the electrification of vehicles with the ICE platform, but now more than 80 OEMs have produced over 300 electric vehicles.

• Tesla, Volkswagen, BYD, SGMW and BMW were market leaders in 2020, with a combined 39% of the plug market in 2020.

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ELECTRIC CAR MARKET DYNAMICS

• Technical progress in the electric vehicles sector, such as progress in producing EV batteries on a large scale and reducing costs for these batteries, people have significantly incentive to invest more in this sector. This has led to a total reduction of the costs of electric vehicles, as the battery is the most expensive component of an EV. It is expected that the prices of EV batteries decreased by $ 60 per kWh in 2030, indicating the cost of EVS that they are cheaper and are accessible to a variety of population spectrum.

• The EV sales in Europe recorded a significant increase in the second quarter of 2021, the new autorotation’s of the Plugin eV rose to 237,934 to 237,934, which was rising with an annual agreement of 157%. In 2021 in Europe, a total of more than 1 million authorities for the Plug-in eV in Europe, this forms 16% of the entire market, which forms 7.6%.

• The sale of Plugin eV has inserted in China in China as several models are sold by different OEMs. On June 2021, only a recording of 235,000 plug-in-evs was recorded, which is about 160% compared to 2020. The market share has also increased to 15%, where 12% Bevs are. For the year 2021, more than 1.1 million EVs are sold, which forms 11% of the total market of 9% BEVs.

COVID-19 IMPACT ON ELECTRIC CAR MARKET

The global automotive market for the automotive sector has been hit hard by the economic effects of the COVID19 pandemic. In the first half of 2020, the number of new car registrations fell by around a third from the same half of the previous year, due to restrictions and restrictions imposed around the world. OEM manufacturing and manufacturing departments have been put on hold pending the weakening of the COVID protocols, which has severely impacted the business.

RECENT DEVELOPMENTS

• In July 2021, Panasonic Corp, a key battery supplier to Tesla Inc., will launch a test line to produce 4,680 Tesla cells in Japan. Tesla says these cells will cut battery costs in half and increase production up to 100x by 2030.

• In July 2021, South Korean Hyundai Motor Group formed a joint venture with LG Energy Solutions. in Indonesia to build a battery factory for electric vehicles. They have invested $ 1.1 billion in each company that owns half the company.

• In July 2021, Total Energies announced the purchase of Singapore's largest electric vehicle charging infrastructure from the French company Boll ore Group. The company is also building charging infrastructure in Paris, London, Amsterdam and Brussels.

• June 2021 Ashok Leyland plans to transform its entire electric vehicle fleet and operations into a 100% subsidiary of Switch Mobility in the coming years. As part of this process, the Hinduja Group is investing $ 200 million in a fleet of electric vehicles.

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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