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DUBLIN , May 9, 2022 /PRNewswire/ -- The "Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<_25>125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.
The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast
Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market.
Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC etc. have been strong players in the market. These companies have a strong market for their EV's around the world. Passenger cars account for the largest share in the electric vehicle market. Countries such as China have a low waiting period for electric vehicles compared to that for ICE powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement which further support the market growth. The fast growth of EV chargers have also led to the growth of the EV passenger car market. DC (Super charging) to be the fastest-growing e-charging segment in the forecast period
Currently, Asia has the highest number of DC Chargers in the world, while Europe stands the 2nd best. Higher investments by governments has paid a significant role in the region. Superchargers are projected to grow at a fast rate in all 3 regions, especially in North American region due to the fast-projected transformation to EV's in the US. In the European region, Superchargers exist mostly in countries like Norway , Netherlands , the UK etc.
In Asia , Superchargers exist mostly in China and some in Japan and South Korea . Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America , many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region. Low-priced segment is expected to be largest in the Vehicle class segment in the forecast period
Low-priced EVs are mainly available in the Asia Pacific region. China's top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020.
Suzuki is expected to enter the low-priced segment in the coming years with plans to open new manufacturing facilities in India . The upcoming Model 2 by Tesla for the Chinese market is also expected to cost around USD 20,000 . With affordability as the main criteria in this segment, it has immense potential in the long run, with countries making policies to shift fully to EVs in the coming decades. Low-priced electric vehicles are small, lightweight, and less costly to produce and purchase. This kind of EV is also called Mini-EVs and is mainly available in China . Some of the bestselling low-priced EVs are offered by BYD, SAIC Motors, and Great Wall Motors (China ). In April 2020 , the world's cheapest EV (Wuling HongGuang Mini EV) was launched in China . It cost approximately USD 5,000 and did not have additional features except traditional driving. This also became one of the top sold EV models in 2020 and 2021. Great Wall Motors's Black Cat, White Cat, and Good Cat were some of the top-selling EVs from the company, which pushed it to be one of the largest EV manufacturers in the world in 2021. In November 2020 , Great Wall Motors launched its latest EV (Good Cat), which further started sales in Thailand in 2021. BYD's Han, Qin Plus PHEV, Song, and Qin Plus EV also had substantial sales in 2021, which belong to this segment.
Key Topics Covered: 1. Introduction 2. Research Methodology 3. Executive Summary
4. Premium Insights 4.1 Attractive Opportunities in Electric Vehicle Market 4.2 Electric Vehicle Charging Station Market, by Charging Point Type 4.3 Electric Vehicle Market, by Vehicle Type 4.4 Electric Vehicle Market, by Vehicle Class 4.5 Electric Vehicle Market, by Propulsion Type 4.6 Electric Vehicle Market, by Vehicle Top Speed 4.7 Electric Vehicle Market, by Vehicle Drive Type 4.8 Electric Vehicle Market Growth Rate, by Region
5. Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Reducing Prices of Batteries to Support Demand for Cost-Effective EVs 5.2.1.2 Faster Charging Speed to Enable Plug and Charge Use of EVs 5.2.1.3 Rising Petroleum Prices Increase Demand for EVs Due to Lower Electricity Cost 5.2.1.4 Lower Emissions Contribute to Demand for EVs 5.2.1.5 Development of Private and Semi-Public EV Charging 5.2.2 Restraints 5.2.2.1 High Initial Investments for Installing EV Fast Charging Infrastructure 5.2.2.2 Insufficient EV Charging Infrastructure to Slow EV Adoption 5.2.2.3 Longer Charging Time Than Other Fuels to Hinder Shift to EVs 5.2.2.4 Lower Vehicle Range Hampers Use of EVs for Traveling 5.2.3 Opportunities 5.2.3.1 Rising Demand for Electric Vehicles in Automotive and Transportation Sectors 5.2.3.2 Government Initiatives Pertaining to EVs 5.2.3.3 Development of Wireless EV Charging Technology for On-The-Go Charging 5.2.3.4 Use of EVs for Fleets and Commercial Applications 5.2.4 Challenges 5.2.4.1 High Cost of Electric Vehicles Compared to Ice 5.2.4.2 Insufficient Standardization of EV Charging Infrastructure 5.2.4.3 Lower Availability of Lithium for Use in EV Batteries 5.2.4.4 Insufficient Grid Infrastructure Globally 5.3 Porter's Five Forces 5.4 New and Upcoming Electric Vehicle Models, 2021-2025 5.5 Top-Selling EV Models in 2021 (Worldwide in Thousands) 5.6 Electric Vehicle Market Ecosystem 5.7 Notable Developments in EV Market (2021) 5.8 Supply Chain Analysis 5.9 Electric Vehicle Pricing Analysis 5.10 Technology Analysis 5.11 Patent Analysis 5.12 Trade Analysis 5.13 Case Study 5.13.1 Nissan Leaf in Durham County, North Carolina 5.13.2 Adoption of Electric Buses as Public Transport in Shenzhen, China 5.14 Regulatory Overview 5.15 Key Conference & Events in 2022-2023 5.16 Trends and Disruptions 5.17 COVID-19 Impact Analysis 5.18 Electric Vehicle Market, Scenarios (2022-2030)
6. Electric Vehicle Charging Station Market, by Charging Point Type 6.1 Introduction 6.1.1 Operational Data 6.1.2 Assumptions 6.1.3 Research Methodology 6.2 AC (Normal Charging) 6.2.1 Increased Adoption of Electric Vehicles to Boost Demand 6.3 DC (Super Charging) 6.3.1 Demand for Fast Charging of EVs to Fuel Super Charging Segment Growth 6.4 Inductive Charging 6.5 Key Primary Insights
7. Electric Vehicle Market, by Component 7.1 Introduction 7.2 Battery Cells and Packs 7.3 Onboard Charger 7.4 Motor 7.5 Reducer 7.6 Power Control Unit 7.7 Battery Management System 7.8 Fuel Cell Stack 7.9 Fuel Processor 7.1 Power Conditioner 7.11 Air Compressor 7.12 Humidifier
8. Electric Vehicle Market, by Propulsion Type 8.1 Introduction 8.1.1 Operational Data 8.1.2 Assumptions 8.1.3 Research Methodology 8.2 Battery Electric Vehicle (BEV) 8.2.1 Increase in Vehicle Range Per Charge to Raise Demand 8.3 Fuel Cell Electric Vehicle (FCEV) 8.3.1 Demand for Zero Emission Vehicles to Uplift FCEV Market 8.4 Plug-In Hybrid Electric Vehicle (PHEV) 8.4.1 Government Provision of Tax Benefits and Incentives to Significantly Push Demand for Phevs 8.5 Hybrid Electric Vehicle (HEV) 8.6 Key Primary Insights
9. Electric Vehicle Market, by Vehicle Class 9.1 Introduction 9.1.1 Operational Data 9.1.2 Assumptions 9.1.3 Research Methodology 9.2 Low-Priced 9.2.1 Growing Demand for Affordable EVs Due to Upcoming Stringent Laws to Increase Demand 9.3 Mid-Priced 9.3.1 Decline in Battery Price Expected to Improve Demand 9.4 Luxury 9.4.1 High-End Technology Expected to Expand Demand for Luxury Segment 9.5 Key Primary Insights
10. Electric Vehicle Market, by Vehicle Drive Type 10.1 Introduction 10.1.1 Operational Data 10.1.2 Assumptions 10.1.3 Research Methodology 10.2 Front Wheel Drive (FWD) 10.3 Rear Wheel Drive (RWD) 10.4 All Wheel Drive (AWD) 10.5 Key Primary Insights
11. Electric Vehicle Market, by Vehicle Top Speed 11.1 Introduction 11.1.1 Operational Data 11.1.2 Assumptions 11.1.3 Research Methodology 11.2 <_25 />11.2.1 Decrease in EV Price Expected to Boost Demand 11.3 >125 Mph 11.3.1 Demand for High-End Vehicles Expected to Push Demand 11.4 Key Primary Insights
12. Electric Vehicle Market, by Vehicle Type 12.1 Introduction 12.1.1 Operational Data 12.1.2 Assumptions 12.1.3 Research Methodology 12.2 Passenger Car (PC) 12.2.1 Growing Emission Norms to Boost Market Demand 12.3 Commercial Vehicles (CV) 12.3.1 Growth of E-Commerce and Logistics Expected to Amplify Demand 12.4 Key Primary Insights
13. Electric Vehicle Market, by Vehicle Connectivity 13.1 Introduction 13.2 V2B or V2I 13.3 V2G 13.4 V2V 13.5 V2X
14. Electric Vehicle Market, by End Use 14.1 Introduction 14.2 Operational Data 14.3 Private 14.4 Commercial Fleets
15. Electric Vehicle Market, by Region
17. Company Profiles 17.1 Key Players 17.1.1 Tesla 17.1.2 Volkswagen AG 17.1.3 SAIC Motors 17.1.4 BYD 17.1.5 Stellantis 17.1.6 BMW Group 17.1.7 Nissan Motors 17.1.8 Hyundai Group 17.1.9 Great Wall Motors 17.1.10 Toyota Motor Corporation 17.1.11 GAC Motors 17.1.12 Renault Group 17.2 Other Key Players 17.2.1 Geely 17.2.2 General Motors 17.2.3 Rivian 17.2.4 Fisker 17.2.5 Lucid Motors 17.2.6 Ford Motor Company 17.2.7 BAIC Motors 17.2.8 Mitsubishi Motors 17.2.9 Chery 17.2.10 JAC 17.2.11 Zoyte 17.2.12 Daimler AG 17.3 Key Startups 17.3.1 Xpeng 17.3.2 Byton 17.3.3 Nikola Corporation 17.3.4 Altcraft Motor Company 17.3.5 Nio 17.3.6 Faraday Future 17.3.7 Leap Motors 17.3.8 WM Motors 17.3.9 Fresco Motors 17.3.10 Lordstown Motors
For more information about this report visit https://www.researchandmarkets.com/r/drnsye
Research and Markets Laura Wood , Senior Manager [email protected]
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