The Electric Vehicle ( EV) Market was valued at USD 171.26 billion in 2020 and is expected to reach a value of USD 725.14 Billion by 2026 registering a CAGR of around 27.19% during the forecast period
The Impact of the COVID-19 pandemic on the Electric Vehicle Market is inevitable as it affected almost every other industry in the market. However, the Electric Vehicle (EVs) Market is witnessing substantial growth owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the globe. For Instance, there was rise in electric vehicle sales dramatically in China and Europe despite of pandemic showing signs of active market growth during the forecast period.
Factors such as Increasing cost of fuel, Government initiatives across different geographies to increase awareness about EVs expected to promote the usage of Electric Vehicles over the forecast period. Infrastructure for charging stations continue to expand and countries like China continue to lead the passenger vehicles and Urban buses market owing to well-established supply chain for batteries and Traction Motors.
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Asia Pacific region is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in the countries such as China,India, Japan and South Korea is inclined toward innovation, technology, and development of advanced electric vehicle. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles during the forecast period.
Heavy Investments from Automakers in Electric Vehicles
Heavy investments from automakers are expected to cater to the growing demand for EVs and play a major role in the evolution of the electric vehicle market. OEMs offer electric vehicles in different segments ranging from hatchbacks such as Nissan Leaf to high-end sedans like Tesla Model 3. For instance,
– Ford company had previously committed to spend USD 11.5 billion on electrifying its vehicle lineup through 2022 and in its recent announcement it increased its investment in autonomous and electric vehicles amid continuous lockdowns to boost vehicle sales.
– Mercedes Benz had confirmed that it would roll out 25 new plugin hybrid electric vehicles in addition to fully electric vehicles by 2025.The wide product offering by companies has attracted many consumers and resulted in a growing market for electric vehicles.
China to Witness Significant Growth
China to solidify its leadership position in the Electric vehicle market during the forecast period. With a sales share of around 94%, domestic OEMs currently dominate the Chinese EV market.China imposed a quota on manufacturers for 100% electric or hybrid vehicles, which must represent at least 10% of total new sales. Additionally, 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 kinds of measures are leading China to formulate resolute and optimistic prospects for the development of electric vehicles in the country, which is expected to drive the market
Competitive Landscape
The Electric Vehicle (EV)Market is dominated by globally established players such as Tesla Inc, BYD ,Diamler AG, Volkswagen ,Nissan and Toyota. There are also other large number of regional and global players currently focusing on specific geographies. For instance,
– Taiwanese electric vehicle company Ahmani EV Tech formed a joint venture with Gujarat making investment of USD 3.7 million based battery maker company Renon to produce battery packs for Indian automobile market.
– Ford Motor Company announced its plans to invest USD 11.0 billion to manufacture new hybrid and fully electric vehicles by 2022 in Canada.
– In order to fulfil the charging station gap in North America, Tesla to construct numerous charging stations across US and Canada including solar powered charging stations to improve infrastructure for EV.
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