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 exceeded 1 million units in 2017. The sales of new electric car increased by 54% compared to 2016. Electric cars accounted for 39% of new car sales in Norway in 2017, it is the world’s most advanced market of electric cars in terms of sales share. Iceland and Sweden, the other two most successful markets, achieved 11.7% and 6.3% electric car sales share, respectively, in 2017. In 2017, more than half of global sales of electric car were in the china alone, where electric cars had a market share of 2.2% in 2017 globally. Electric cars sold in the Chinese market more than doubled the amount delivered in the United States, the second-largest electric car market globally.
Increasing Government Policies
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 cars. Primary examples of these programs and initiatives are public procurement programs, financial incentives to facilitate the acquisition of EVs and cut their usage cost (e.g., by offering free parking). A variety of regulatory measures at different administrative levels, such as fuel-economy standards and restrictions on the circulation of vehicles based emissions performance. In the Netherlands, changes of the financial advantages provided for a PHEV resulted in a significant decline in the market share of PHEVs. In Denmark, modifications to the vehicle registration tax for BEVs in 2016 led to a reversal of the cost competitiveness of some electric car models, leading to a significant drop in electric car sales in 2016.
Electric Vehicle Growth in China
In September 2017, China’s government issued a new energy vehicle (NEV) credit mandate that takes effect in 2018. The mandate sets a minimum requirement for the car industry regarding the production of new energy vehicles (PHEVs, BEVs and FCEVs), with some flexibility offered through a credit trading mechanism. In 2017, the sales volumes for new-energy vehicles exceeded 700,000 and it is anticipated cross more than 2 million in 2020, and to more than 5 million in 2025. Along with it the sales for e-vehicle will also increase. The government of china even had plans to reduce and cancel local subsidies for their production and sales December 2016. However, that has not stopped many automotive start-ups from continuing to work on research and development and the production of new electric vehicles to cater to the rising demand.
Source: OECD/IEA, and Mordor Intelligence Analysis
Key Developments in the Market
- June 2018: Magna announces partnership with Beijing Electric Vehicle Co. Ltd to build electric vehicles in China.
- June 2018: Kia is planning to produce electric vehicle hybrid in India and expected to launch the vehicle by 2021.
- June 2018: Renault invests over USD 1 billion to accelerate electric vehicle production in France.
Major Players: Tesla, Inc., Nissan Motor Company Ltd., Ford Motor Company, BMW, Kia Motor Corporation, and BYD Auto Co., Ltd. amongst others.
Reasons to Purchase this Report
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The vehicle type that is expected to dominate the market
- The countries that are expected to witness the fastest growth during the forecast period
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- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Scope of the Market
1.2 Executive Summary
2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. MARKET INSIGHTS
3.1 Supply Chain Analysis (Batteries)
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
3.3 Electric Vehicle Sales (2011-2017)
3.4 Monthly Electric Vehicle Sale (2017-2018 (July))
3.5 Top 5 Selling Electric Vehicle Models – 2017
3.6 Rules and Regulation Analysis
3.6.1 Incentives Provided by Government
4. MARKET DYNAMICS
5. ELECTRIC VEHICLE BATTERY ANALYSIS
5.1 Electric Vehicle Battery Trends
5.2 OEM Strategies
6. CHARGING STATION INFRASTRUCTURE TRENDS
6.1 Existing Charging Infrastructure
6.2 Electric Vehicle (EV) Charging Infrastructure Protocols
6.3 Wireless Charging Market Estimates
7. FUTURE ELECTRIC VEHICLES LAUNCHES
7.1 Battery Electric Vehicles (BEV)
7.2 Plug-in Hybrid Electric Vehicles (PHEV)
8. REGIONAL MARKET OUTLOOK
8.1 North America
8.4 Rest of the World
9. COMPANY PROFILES (OVERVIEW, FINANCIALS**, PRODUCTS AND SERVICES, AND RECENT DEVELOPEMNTS)
9.1 BYD Automobile Co. Ltd.
9.2 SAIC Motor Corp. Ltd.
9.3 FAW Group
9.6 Dongfeng Motor Group
9.9 JAC Motors
9.10 Chery Automobile
9.11 General Motors
9.17 Kia Motors
*List not Exhaustive
10. Growth Opportunities and Companies to Action
10.1 Growth Opportunity
10.2 Company Strategies
**Subject to Availability on Public Domain