Electric Car Market Drivers, Restraints, Opportunities, and Trends in Coming Years | BYD Co. Ltd., BAIC Motor Corp. Ltd., SAIC Motor Corp. Ltd., Geely Automobile Holdings Ltd

According to the International Energy Agency (IEA), 2.3 million electric cars were sold across the world, in 2020. High volume sales of electric vehicles (EVs) can be attributed to the stringent government emission norms, on account of the rising environmental pollution concerns. Over the last decade, greenhouse gas (GHG) levels have significantly surged due to the vast number of fossil fuel-based automobiles operating on global roads. To mitigate the adverse effects of GHGs, governments across the world are supporting the production and adoption of such cars within their territories.

Moreover, the rising consolidation and surging number of joint ventures among the leading electric car manufacturers will fuel the electric car market at a CAGR of 33.6% during 2017–2023. The market sold 0.8 million units in 2016 and it is projected to sell 5.3 million units by 2023.

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Manufacturers are collaborating with each other to develop novel technologies to create more advanced electric cars that cater to the surging needs of customers. For example, in September 2017, Mahindra & Mahindra Ltd. allied with Ford Motor Co. to develop and produce EVs and connected vehicle technology for 3 years.

Similarly, in November 2017, BMW Group, Volkswagen Group, Daimler AG, and Ford Motor Company formed an alliance named IONITY to establish 400 EV charging stations across Europe, primarily in Norway, Germany, and Austria. Likewise, in December 2017, Panasonic Corp. and Toyota Motor Corp. signed an agreement to start the development and production of batteries for EVs by Toyota. Other electric car original equipment manufacturers (OEMs) involved in such strategic measures include General Motors Co., Tesla Inc., Geely Automobile Holdings Ltd., BAIC Motor Corp. Ltd., and Chery Automobile Co. Ltd.
Such automakers are involved in the production of low, economy, medium, and premium electric cars to reach out to customers across economic strata.

In the coming years, economy cars will be preferred over other types of vehicles, due to the lower prices of such cars compared to others. Such electric cars will be mostly purchased by the customers of the Asia-Pacific (APAC) nations, owing to the soaring disposable income of the people in such countries. Whereas, medium electric cars will be adopted at the highest rate in the forthcoming years.

According to P&S Intelligence, APAC records the highest sales of electric cars, due to the huge government support in terms of incentives and subsidies on such vehicles and implementation of stringent vehicular emission norms in Japan and China. For instance, according to the China Association of Automobile Manufacturers (CAAM), the sales of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) passenger cars increased from 155,000 in October 2020 to 186,000 in November 2020.

Whereas, the European electric car market is expected to register the highest sales rate in the coming years, due to the increasing adoption of such new energy vehicles in the U.K., Norway, and Germany. According to the European Federation for Transport and Environment, 507,000 new PHEV electric cars were sold in the 27 member nations of the European Union in 2020. In the same year, one out of eight cars purchased in Germany was an EV. As per this organization, Renault Zoe, Volkswagen ID, and Tesla Model 3 were the most commonly procured BEVs in the EU countries.

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Thus, the rising government initiatives toward promoting EV sales and manufacturing and increasing collaborations among OEMs will augment the adoption of electric cars in the foreseeable future.

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This release was published on openPR.