Electric Vehicle Market: Opportunities, Trends and Industry Forecast

The global Electric Vehicle Market is projected to Exceed 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%.

Factors such as growing demand for low emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

EV battery price reductions, connected cars, battery management systems, Smart charging, wireless on the go charging are the key market trends or technologies which will have a major impact on the electric vehicle market in the future.

Top 10 Players:

Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.

Other Players:

General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.

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The BEV segment to be the largest segment by the end of the forecast period

Due to increasing concerns for emission reductions by countries around the world, BEVs have an increasing demand. Earlier due to the low availability of charging stations and high cost of EV batteries, BEVs had a low demand. However, due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network around the world, the demand for BEVs has been rising significantly. Among the top sold EVs in the market in 2020, a majority are BEVs. The Asia Pacific region accounts for the largest BEV market with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favourable policies are the major factors for the fast growth of BEVs in the region along with the fast popularization of EV charging stations. The cost of the BEV of local players in this region is low compared to that in other regions, leading to high demand for various low-cost EVs in this market. Europe was the fastest-growing region during the past few years due to new environmental policies, but long-term growth is expected to slow down in the coming years. Countries such as Germany, France, Netherlands, Norway, and the UK have been undertaking efforts for the fast development of EVs in their countries.

Rear-wheel Drive EV’s to be higher in demand during the forecast period

The demand for RWD EVs has been on the increase across all regions, particularly across the Asia Pacific and Europe. This is due to its easier vehicle control and growing demand for these vehicles. North America also has seen a faster growth in these vehicles with Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan, etc. leading the market. In the coming decade, the growth of RWD EV’s will be highest in MEA due to its newer market and mostly across the Asia Pacific. The Wuling Hongguang Mini EV which made a big splash in the EV market in 2020 is also an RWD popular across Asia and Europe.

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The Asia Pacific is expected to be the largest market in the forecast

In this report, Asia Pacific is segmented into China, Japan, South Korea, and India. 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 taken different initiatives to attract major OEMs to manufacture the electric vehicle in domestic markets. For instance, the Government of India, to increase the adoption of electric vehicles, has announced plans for financial support—a zero-rated goods and services tax (GST) for a window of 3 years for EVs and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). China is also investing heavily in the production of electric commercial 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. The country also supports EV usage by giving a subsidy for buying EVs. the country is also promoting EV manufacturers to develop EV technology in the country. Various cities are setting up Ev charging stations across the country due to the presence of its subsidy for setting up EV infrastructure. Japan has also been developing its EV infrastructure along with various OEMs in the region working to develop BEVs, PHEVs, and FCEVs for their market. It had plans to showcase all FCEV use during the Tokyo Olympics. The country has been developing its EV market at a very fast rate. South Korea is also working to quickly develop EV infrastructure across the country. It also plans to speed up the EV demand in the country. OEM’s like Hyundai and Kia are working for introducing high-performance EVs in their market. Various top European and American OEMs are also catering to Asia’s EV market on a growing scale. All these factors will drive the electric vehicle market in the Asia Pacific region.

MEA is expected to be the fastest-growing market during the forecast

The middle east and African region have started giving importance to the electric vehicle market in the recent past. The governments of countries like UAE, Egypt, South Africa and Cyprus have been working on growing their EV demand and EV charging stations across the region. These countries have provided incentives for EV buyers companies like Tesla, Geely, Toyota, Volkswagen and Nissan have been leading this market. A large part of the EVs sold in this region are bought from China and Europe. Due to the low power prices in these regions, the fuel cost for EV’s comes down drastically, but the vehicle ownership costs make up for much of the difference. There is an advantage for use of EV’s in the middle east: the urban areas are much closer together and an 80% charge on a decent EV can get you around wherever you need to go within the states. The rising disposable income of people in this region along with the need for emission reduction has led to an increase in EV demand over the last few years. UAE for instance plans to add over 42,000 EV’s in the country by 2030. The country also plans to be among the world leaders to develop charging stations in the region. The country plans to give free EV charging till 2025 to promote the EV market.

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