Electric Vehicle Market Outlook – Growth, Trends, And Forecast (2019 – 2024)

The market is segmented by Vehicle type (Passenger Vehicles and Commercial Vehicles), by Drive-train technology (Battery Electric Vehicles, Plug-in Electric Vehicles Fuel cell Electric Vehicles, and Hybrid Electric Vehicle), by Charging Type (Normal Charging and Fast Charging) and Geography

Market Snapshot

electric vehicle market outlook
Study Period:

2018-2024

Base Year:

2018

Key Players:

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Market Overview

The global electric vehicle market is expected to register a CAGR of around 20% over the forecast period. The electric vehicles (EV) market has witnessed significant growth due to the need for addressing future energy requirements. The need to attain sustainable transportation plays a significant role in driving electric vehicles demand. The EV market is coming up as an integral part of the automotive industry and represents a pathway towards achieving energy efficiency along with reduced emission of pollutants and other greenhouse gasses. Increasing environmental concerns coupled with favorable government initiatives are some of the major factors driving market growth. Rising energy cost and competition among emerging energy efficiency technologies is also expected to fuel market growth.

Sales of new electric cars globally breached the 1 million mark in 2017. This was an increase of about 54% compared to 2016. In 2018, the industry breached the 2 million sales mark. Sale of internal combustion engine (ICE) has peaked in some countries such as Norway, where electric vehicles are being purchased by customers at a higher rate compared to ICE ones. Recovery of ICEs in such scenarios is also difficult and unless EV growth falters or higher investments are made in stimulus programs, the market is expected to see only a positive growth over the forecast period. As of now, much attention is being to passenger vehicles for electrification, but this trend is expected to change soon and spread to other class of vehicles also.

Scope of the Report

The Electric Vehicle market covers the latest trends in the EVs, demand for these vehicles, new product developments, gowth of the charging infrastructure and market share of major vehicle manufacturers. The scope of the report includes:

Vehicle Type
Passenger Vehicles
Commercial Vehicles
Drive-Train
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-In Electric Vehicles
Fuel Cell Electric Vehicles
Charging Type
Normal Charging
Fast Charging
Geography
North America
US
Canada
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Egypt
Rest of Middle East and Africa

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Key Market Trends

Favorable Government Policies and Regulatory Norms are expected to drive the Market

The uptake of electric vehicles is still majorly driven by the policy environment. The ten leading countries (such as China, United States, Norway, Germany, Japan, United Kingdom, France, Sweden, Canada, and the Netherlands) in electric vehicle adoption all have a range of policies in place to promote the uptake of electric vehicles. Primary examples of these programs and initiatives are public procurement programs, financial incentives to facilitate the production and acquisition of EVs and cutting their usage cost (e.g., by offering free parking). A variety of regulatory policies at different administrative levels, such as fuel-economy standards and restrictions on the circulation of vehicles based on emissions performance is also driving the market.

India, with its FAME and FAME II polices is providing attractive options for investors as well as manufacturers to set up EV plants in the country to propel the nation towards a faster adoption of green vehicles. Also, government policies are not only limited to individuals or EV manufacturers. Public transportation across many cities and countries are being reviewed and subsequently through subsidies, Electric buses are replacing ICE buses. For instance, the signatories of the C40 Cities Clean Bus Declaration of Intent have committed to introduce 42,649 low- and zero-emission buses in their fleets by 2020, which is expected to be over 25% of the 164,629 total buses operating in these signatory cities.

electric vehicle market outlook

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Electric Vehicle Growth in China

Faced with rapid urbanization, China is determined to reduce the polluting emissions from its road transport vehicles. At the same time, it also intends to reduce the country’s dependence on hydro-carbon imports and to support the development of the industrial sector focused on electric vehicles. China is the largest manufacturer and consumer of electric vehicles in the world. The domestic demand is being supported by national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets. During the forecast period, China will also see growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, as well as Nanjing, Hangzhou, Shaanxi, and Shandong.

China has imposed a quota on manufacturers for 100% electric or hybrid vehicles, which must represent at-least 10% of total new sales. Also, some major cities and provinces are imposing increasingly stringent restrictions. For instance, the city of Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month to encourage its inhabitants to switch to electric vehicles. These kind of measures are leading China to formulate a resolute and optimistic prospects for the development of electric vehicles in the country, which is expected to drive the market.

electric vehicle market outlook

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Competitive Landscape

The market for electric vehicles is characterized by the presence of both established companies as well as small start-ups. There are also a large number of regional players currently focusing on specific geographies. BYD is a major market studied, owing to its growing orders for passenger cars and electric buses from domestic, as well as international markets. The company sold 227,152 passenger vehicles in 2018, the highest among all companies in China. BYD also received an order to build 4,473 electric buses for Guangzhou city, under the tender of total 4,810 electric buses. Other major companies are Tesla, Daimler, Volkswagen AG, Toyota Motor Corporation, Ford, Geely Group etc.

Major Players

  1. Tesla Inc.
  2. BYD Auto Co., Ltd.
  3. Daimler AG
  4. Volkswagen AG
  5. Toyota Motor Corporation

* Complete list of players covered available in the table of contents below

electric vehicle market outlook

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Value Chain / Supply Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. ELECTRIC VEHICLE BATTERY ANALYSIS

  6. 6. CHARGING STATION INFRASTRUCTURE TRENDS

  7. 7. FUTURE ELECTRIC VEHICLES LAUNCHES

  8. 8. MARKET SEGMENTATION

    1. 8.1 Vehicle Type

      1. 8.1.1 Passenger Vehicles

      2. 8.1.2 Commercial Vehicles

    2. 8.2 Drive-Train

      1. 8.2.1 Battery Electric Vehicles

      2. 8.2.2 Hybrid Electric Vehicles

      3. 8.2.3 Plug-In Electric Vehicles

      4. 8.2.4 Fuel Cell Electric Vehicles

    3. 8.3 Charging Type

      1. 8.3.1 Normal Charging

      2. 8.3.2 Fast Charging

    4. 8.4 Geography

      1. 8.4.1 North America

        1. 8.4.1.1 US

        2. 8.4.1.2 Canada

        3. 8.4.1.3 Rest of North America

      2. 8.4.2 Europe

        1. 8.4.2.1 Germany

        2. 8.4.2.2 UK

        3. 8.4.2.3 France

        4. 8.4.2.4 Russia

        5. 8.4.2.5 Spain

        6. 8.4.2.6 Rest of Europe

      3. 8.4.3 Asia Pacific

        1. 8.4.3.1 China

        2. 8.4.3.2 Japan

        3. 8.4.3.3 India

        4. 8.4.3.4 South Korea

        5. 8.4.3.5 Rest of Asia-Pacific

      4. 8.4.4 South America

        1. 8.4.4.1 Brazil

        2. 8.4.4.2 Argentina

        3. 8.4.4.3 Rest of South America

      5. 8.4.5 Middle East and Africa

        1. 8.4.5.1 UAE

        2. 8.4.5.2 Saudi Arabia

        3. 8.4.5.3 South Africa

        4. 8.4.5.4 Egypt

        5. 8.4.5.5 Rest of Middle East and Africa

  9. 9. COMPETITIVE LANDSCAPE

    1. 9.1 Vendor Market Share**

    2. 9.2 Company Profiles

      1. 9.2.1 BYD Auto Co. Ltd.

      2. 9.2.2 Tesla Motors Inc.

      3. 9.2.3 Daimler AG

      4. 9.2.4 Volkswagen AG

      5. 9.2.5 Toyota Motor Corporation

      6. 9.2.6 Honda Motor Company, Ltd.

      7. 9.2.7 Renault S.A.

      8. 9.2.8 Nissan Motor Co., Ltd.

      9. 9.2.9 BMW AG

      10. 9.2.10 Ford Motor Company

      11. 9.2.11 Hyundai Motor Company

      12. 9.2.12 Geely

      13. 9.2.13 General Motors Company

      14. 9.2.14 Chery Automobile Co., Ltd.

      15. 9.2.15 SAIC Motor Corp. Ltd.

    3. *List Not Exhaustive
  10. 10. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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