Electric Vehicle Market - Increasing Competition and Innovative Technology Trends
According to the report, the global electric vehicle market is projected to surpass US$ 1.53 Bn by 2031, expanding at a CAGR of 26.62% during the forecast period. An electric vehicle operates on an electric motor, instead of an internal-combustion (I.C.) engine that generates power by burning a mix of fuel and gases. These vehicles have a battery and an electric motor to either assist the I.C engine or fully drive the vehicle.
Transportation is a leading cause for rise in levels of pollution worldwide. Tailpipe emissions such as carbon dioxide, nitrogen oxides, hydrocarbons, carbon monoxide, and sulfur dioxide cause respiratory illnesses, heart conditions, and mental illness, which result in increased healthcare burden. These concerns are prompting people and automobile manufacturers to prefer fuel efficient and environmental solutions. Automakers are adopting vehicle electrification strategy to reduce their carbon footprint and comply with government norms, as it is a viable solution as compared to redesigning the entire I.C. engine vehicles, which, in turn, is an expensive, complicated, and time-consuming process. Thus, rise in awareness about environment degradation due to vehicle emissions is driving the global electric vehicle market.
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The recent outbreak of COVID-19 pandemic hampered the automotive industry across the globe, as the supply chains were distorted; manufacturing plants were shut due to lockdowns and many such other factors. However, in the post-COVID pandemic, automotive companies are witnessing high growth and returning to normalcy. Governments have announced multiple relief packages and tax relaxations for electric vehicle manufacturers and buyers, which, in turn, are boosting the global electric vehicle market.
Expansion of Electric Vehicle Market
Government authorities and policymakers are major drivers for electrification of transportation. National as well as international agencies are actively participating in promoting design, development, manufacturing, and adoption of electric vehicles. Transportation regulation agencies have relaxed several rules related to electric vehicles and also implemented several stringent emission norms for vehicles, which is encouraging OEMs to increase their electric vehicle offerings. For instance, the European Union has announced relaxation in the CO2 emission target for an automaker company if its share of zero- or low-emitting vehicles such as electric vehicles increases. These supportive policies and initiatives by governments and international organizations are fueling the global electric vehicle market.
Based on vehicle type, the passenger vehicle segment held a dominant share of the global electric vehicle market, in terms of revenue, in 2020. Emergence of new electric passenger vehicle models, government subsidies, attractive interest rates, and a few other such factors have boosted the share held by the passenger vehicle segment in the global electric vehicle market.
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Based on propulsion technology, the battery electric vehicle (BEV) segment held a major share of the electric vehicle market in 2020. This high share held by the BEV segment can be attributed to increase in awareness about battery electric vehicles among consumers such as low operating cost, low maintenance cost, and increased cruising range of vehicles, owing to advanced vehicles batteries, capable of cruising over 200 miles in a single charge. This is expected to increase the demand for BEVs during the forecast period, leading the segment to account for a major share of the global market during the forecast period.
Regional Analysis of Electric Vehicle Market
In terms of region, the global electric vehicle market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global electric vehicle market in 2020. China is one of the leading countries, globally, in terms of electric vehicle production and sales. Majority of the automakers in Asia Pacific have shifted trends toward electric vehicles due to rise in consumer demand and support from government agencies. This, in turn, is projected to lead the region to account for a major share of the global electric vehicle market by the end of the forecast period.
Electric Vehicle Market Players
Prominent players operating in the global electric vehicle market include ABB Ltd., Alcraft Motor Company, Baic Motor, BMW, BYD, Chery, Continental AG, Daimler, Ford Motor Company, Geely, General Motors, Hitachi Automotive Systems, Ltd., Honda Motor Co., Ltd., Hyundai, JAC, Kia Motors, Nidec Corp., Nissan Motor Corporation Ltd., Protean Electric, REE Auto, Rivian, Saic Motor, Tesla Motors, Toyota Motor Corporation, Volkswagen, Volvo, and Zotye.
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