Redding, California, Sept. 16, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Electric Vehicles (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography,” published by Meticulous Research®, the electric vehicle market is expected to grow at a CAGR of 33.6 % from 2020 to 2027 to reach $2,495.4 billion by 2027. In terms of volume, this market is expected to reach 233.9 million units by 2027, growing at a CAGR of 21.7% from 2020.
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Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles.
The battery pack is recharged by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications. The major factors driving the electric vehicle market include supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging systems technologies.
Moreover, the increasing adoption of electric mobility in emerging economies and the growing adoption of autonomous driving vehicles aid in this market’s growth. However, the lack of charging infrastructure in developing countries obstructs the growth of this market to some extent. Range limitations of electric vehicles, lack of fast-charging infrastructure, and high cost are the major challenges for the growth of the electric vehicle market.
The Impact of COVID-19 on the Electric Vehicle Market
In 2019, the global count of electric vehicles on roads had crossed 2 million. However, the COVID-19 crisis disrupted supply chains, limited operations and workforce, and factory closures. This caused a severe decline in vehicle sales, especially in the electric vehicles segment. However, the electric vehicle market is expected to recover quickly due to China’s strong growth. Post-COVID-19, the electric vehicle market is projected to reach 4.18 million units by the end of 2021.
According to the predictions, developed areas of China and Europe are poised to have a strong recovery while the U.S. is estimated to lag. Aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor triggering the adoption rate in the coming years. For instance, around USD 10,000 subsidy is provided for customers purchasing an EV in Germany, while in China, the average subsidy ranges from USD 2,000 to USD 3,500 from 2021.
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Lack of fast-charging infrastructure
Lack of fast charging infrastructure is measured as a considerable challenge hampering the adoption of electric vehicles. As the number of registrations of EVs is increasing, subsequent charging facility is yet to grow significantly. The growing adoption of EVs urges car owners to demand fast charging of their batteries to save time and distance and increase transit efficiency.
- Most electric cars take up to 8-to-10 hours on any 230 V power outlet through an adapter and a car manufacturer’s cable.
- Battery charging at home takes up to 4-to-6 hours for a normal electric vehicle. This also increases the electricity bill considerably.
- Nissan LEAF (2018 model) with a battery of 40kWh takes up to 6-to-11 hours, depending on the charging type.
With such a time range for charging, it becomes difficult for drivers to manage their transit if they have to cover a long distance. Thus, demand for fast charging is increasing rapidly among EV owners. To overcome this challenge, various projects have been initiated by the leading stakeholders in the electric mobility industry. For instance, Tesla, Inc. (U.S.), an electric mobility company, is developing an electrical terminal capable of fully charging a battery within few minutes. At present, the powerful terminals, which are few, can charge a battery up to 80% in 30 minutes. Thus, growing initiatives planned to enhance the charging facilities by industry leaders and government officials are poised to positively impact the EV market, globally.
To provide efficient analysis, Meticulous Research® has segmented this market based on vehicle type (passenger vehicles, LCVs, HCVs, two-wheelers, e-scooters & bikes), propulsion type (BEV, FCEV, HEV), end use (private, commercial, industrial), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), charging standard, and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on vehicle type, the electric vehicle market is segmented into passenger vehicles, LCVs, HCVs, two-wheelers, e-scooters & bikes. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on propulsion type, the electric vehicle market is segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling, and increasing government initiatives and investments for advancing fuel cell technology.
Based on power output, the electric vehicle market is mainly segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. This segment’s rapid growth is mainly attributed to the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications.
Based on end use, the electric vehicle market is mainly segmented into private use, commercial use, and industrial use. The commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.
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Geographically, the global EV market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region accounted for the largest electric vehicle market share in 2020, followed by Europe, North America, Latin America, and the Middle East & Africa. However, during the forecast period, Europe is expected to record the highest CAGR of 35.7% by value and 23.3% by volume. The factors contributing to the high growth of this regional market are the consistent developments in making stringent emission regulations by the European Union, increasing focus of the countries in reducing the number of conventional cars on the roads, and extensive charging infrastructure network in Europe.
In Asia-Pacific, China accounted for the largest share of the electric vehicle market in 2020. The growth of this market is mainly attributed to the extensive government support and expansion in charging infrastructure. Also, the market is growing significantly with extensive government support and expansion in charging infrastructure. In 2020, China recorded sales of 1.3 million EVs, attributing to an increase in the adoption of the Tesla Model 3 and the Hongguang Mini. Increasing government efforts to push EV sales to up to 25% of the car sales by 2025 has driven the market growth considerably in China. To achieve the set target, the government had extended the tax exemptions for purchasing an EV by 2023. Thus, considering the above facts, the investors have started investing in this market as they seek this huge opportunity. The investment requirement in China’s electric vehicles industry has been estimated at USD 57 billion. Additionally, foreign automobile companies are infusing investments worth USD 67.8 billion in China’s electric vehicles industry. For instance, in 2018, SAIC Volkswagen invested USD 2.45 billion in building an electric vehicles plant in Shanghai.
The younger Chinese buyers are interested in using EVs than conventional combustion engine vehicles, which can be anticipated as an opportunity for the stakeholders in this market. Growing government support is a driving factor for this changing mindset. Besides, the increasing availability of charging infrastructure and growing strategic business developments by the energy companies are also expected to boost EVs’ sales in the coming years. In 2021, Zhejiang Geely Holding Group (Geely Holding), China’s leading privately-owned automotive group, announced a strategic partnership with Baidu to develop connected and intelligent electric vehicles. In 2020, Mercedes-Benz announced a strategic partnership with Chinese battery cell manufacturer Farasis Energy (Ganzhou) Co., Ltd. to develop and industrialize advanced cell technologies to increase the range of EVs through advances in energy density and the reduction of charging times. Thus, these developments are poised to drive the EV market’s growth in the near future.
The global electric vehicle market is dominated by the top five players, namely, Tesla, Inc. (U.S.), BYD Company Ltd. (China), BMW Group (Germany), Volkswagen AG (Germany), and Hyundai Motor Company (South Korea). These players continuously focus on new product development and product launches, acquisitions, and expansions to increase their respective market shares.
The other key players operating in the electric vehicle market are AB Volvo (Sweden), Alcraft Motor Company Ltd. (U.K.), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), and Zero Electric Vehicles Inc. (U.S.).
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Scope of the Report:
Electric Vehicle Market, by Vehicle Type
- Passenger Vehicles
- Heavy Commercial Vehicles
- E-Scooters & Bikes
- Light Commercial Vehicles
Electric Vehicle Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Vehicle Market, by Power Output
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Electric Vehicle Market, by End Use
- Private Use
- Commercial Use
- Shared Mobility
- Public Transport
- Industrial Use
Electric Vehicle Market, by Charging Standard
- Guobiao standards (GB/T)
- CHArge de MOve (CHAdeMO)
- Combined Charging System (CCS)
- Tesla Supercharger
- Type 1 (SAE J1772)
- Type 2 (IEC 62196)
Electric Vehicle Market, by Geography
- Asia-Pacific (APAC)
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Rest of Europe (RoE)
- North America
- Rest of the World
- Latin America
- Middle East & Africa
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Key Questions Answered in the Report-
- Which are the high growth market segments in terms of vehicle type, propulsion type, power output, end use, and geography?
- What is the historical market size for the electric vehicle market across the globe?
- What are the market forecasts and estimates for the period 2020-2027?
- What are the major drivers, restraints, opportunities, and challenges in the electric vehicles market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape for the electric vehicle market?
- What are the recent developments in the electric vehicle market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the electric vehicle market, and how do they compete with other players?
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Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User- Global Forecast to 2027
Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography — Global Forecast to 2028
Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User—Global Forecast to 2027
EV Charging Station Raw Materials Market by Material Type (Metals & Alloys (Stainless Steel, Carbon Steel, Aluminum, Copper, Other), Polymers (PC Resins, PC Blends, Elastomers, Polyurethanes, TPU)), Application, and Charging Type – Global Forecast to 2028
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