Published :
Tables : 25
Figures : 35
Category : Automotive
No. of Pages : 220
Report Code : ASV1007
Electric Vehicle Market Introduction: Global Electric Vehicle Market is projected to reach over 10.5 million units by the end of 2027 and is estimated to grow at a CAGR of over 31.5% during the forecast period of 2020 to 2027. Considering the amount of awareness that has spread across the world regarding environmental concerns, this sales number is easily achievable. Stringent government regulations regarding pollution of the environment have led to the growth of the market. The European Union and the United States have imposed high penalties on excessive greenhouse emission from vehicles. Norway government's plan of making all cars of zero emissions by 2025 is likely to fuel the market. The Chinese government has introduced norms which aim to promote automakers to make electric vehicles by inventing a credit system. Companies like Tesla are enhancing electric vehicles by amending the batteries which has further boosted the market. Lack of charging points in cities is limiting the growth of the market. In addition, the high manufacturing cost and buying cost of these cars may hinder the growth of the market. North America holds a vast majority of the market. It's followed by Europe. Both regions use electric vehicles in high numbers. Asia-Pacific region is expected to see growth in the coming years. Depending on the type of electric vehicle, the market is categorised into fuel cell electric vehicle (FCEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV). China, who is currently dominating the EV market, is primarily investing in producing BEVs and they have a sales share of 94 percent due to the dominance of domestic OEMs. These are the factors that have assisted the BEV market segment to grow globally. Based on the type of charging infrastructure, the market is bifurcated as Tesla SC, type-2 AC, Combined Charging System (CCS), CHAdeMO. The next-gen charging networks in U.S and Europe are preferring CCS over CHAdeMO despite it being used in charging systems for many years. This is a key factor for the market growth of CCS segment which is predicted to dominate the market during the forecast period. Installation-wise, the market is segmented into public and residential installation. Depending on the power output, the market is categorised into level 1, level 2 and level 3. Vehicle-wise, the market is bifurcated into two-wheeler, passenger cars and public vehicles. The two-wheeler EV market segment is currently dominating the global market due to its penetration in developing economies like India along with developed economies. Passenger cars segment is steadily growing in the market and will continue to do the same during the forecast period. The regional bifurcation of the market is represented as North America, Europe, Asia Pacific, Latin America and Rest of the World. Although China is the most dominant in the global EV market, Japan is working on something that no one has touched yet. They are conducting research on harnessing the battery power in electric vehicles during disaster like tsunami, earthquakes and typhoons which they face frequently. Nissan held an event on March 2019 where people used the electricity stored in their vehicles by staying overnight in their cars for simulating an emergency situation. Such unique and innovative initiatives will surely help the Japanese region witness substantial market growth during the forecast period. Electric Vehicle Market Segmentation By Propulsion: • FCEV • BEV • PHEV By Vehicle: • CV • PC By Charging Station: • Normal • Super • Inductive By Charging Infrastructure: • Tesla SC • Type-2-AC • CCS • Normal • CHAdeMO By Power Output: • Level1 • Level2 • Level3 By Installation: • Commercial • Residential By Region: • Europe • North America • APAC • Latin America • Rest of the World Competitive Landscape: • Tier 1 players- established companies in the market with a major market share • Tier 2 players • Emerging players which are growing rapidly • New Entrants FutureWise Takeaways • Growth prospects • SWOT analysis • Key trends • Key data points affecting market growth Objectives of the Study: • To provide with an exhaustive analysis on electric vehicle market by propulsion, vehicle charging station, charging infrastructure, power output, installation, and region • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) • To evaluate and forecast micro-markets and the overall market • To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions • Profiling of companies to evaluate their market shares, strategies, financials and core competencies
Global Electric Vehicle Market is projected to reach over 10.5 million units by the end of 2027 and is estimated to grow at a CAGR of over 31.5% during the forecast period of 2020 to 2027. Considering the amount of awareness that has spread across the world regarding environmental concerns, this sales number is easily achievable.
Stringent government regulations regarding pollution of the environment have led to the growth of the market. The European Union and the United States have imposed high penalties on excessive greenhouse emission from vehicles. Norway government's plan of making all cars of zero emissions by 2025 is likely to fuel the market. The Chinese government has introduced norms which aim to promote automakers to make electric vehicles by inventing a credit system. Companies like Tesla are enhancing electric vehicles by amending the batteries which has further boosted the market.
Lack of charging points in cities is limiting the growth of the market. In addition, the high manufacturing cost and buying cost of these cars may hinder the growth of the market.
North America holds a vast majority of the market. It's followed by Europe. Both regions use electric vehicles in high numbers. Asia-Pacific region is expected to see growth in the coming years.
Depending on the type of electric vehicle, the market is categorised into fuel cell electric vehicle (FCEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV). China, who is currently dominating the EV market, is primarily investing in producing BEVs and they have a sales share of 94 percent due to the dominance of domestic OEMs. These are the factors that have assisted the BEV market segment to grow globally.
Based on the type of charging infrastructure, the market is bifurcated as Tesla SC, type-2 AC, Combined Charging System (CCS), CHAdeMO. The next-gen charging networks in U.S and Europe are preferring CCS over CHAdeMO despite it being used in charging systems for many years. This is a key factor for the market growth of CCS segment which is predicted to dominate the market during the forecast period.
Installation-wise, the market is segmented into public and residential installation. Depending on the power output, the market is categorised into level 1, level 2 and level 3.
Vehicle-wise, the market is bifurcated into two-wheeler, passenger cars and public vehicles. The two-wheeler EV market segment is currently dominating the global market due to its penetration in developing economies like India along with developed economies. Passenger cars segment is steadily growing in the market and will continue to do the same during the forecast period.
The regional bifurcation of the market is represented as North America, Europe, Asia Pacific, Latin America and Rest of the World. Although China is the most dominant in the global EV market, Japan is working on something that no one has touched yet. They are conducting research on harnessing the battery power in electric vehicles during disaster like tsunami, earthquakes and typhoons which they face frequently.
Nissan held an event on March 2019 where people used the electricity stored in their vehicles by staying overnight in their cars for simulating an emergency situation. Such unique and innovative initiatives will surely help the Japanese region witness substantial market growth during the forecast period.
Electric Vehicle Market Segmentation By Propulsion: • FCEV • BEV • PHEV
By Vehicle: • CV • PC
By Charging Station: • Normal • Super • Inductive
By Charging Infrastructure: • Tesla SC • Type-2-AC • CCS • Normal • CHAdeMO
By Power Output: • Level1 • Level2 • Level3
By Installation: • Commercial • Residential
By Region: • Europe • North America • APAC • Latin America • Rest of the World
Competitive Landscape: • Tier 1 players- established companies in the market with a major market share • Tier 2 players • Emerging players which are growing rapidly • New Entrants FutureWise Takeaways • Growth prospects • SWOT analysis • Key trends • Key data points affecting market growth
Objectives of the Study: • To provide with an exhaustive analysis on electric vehicle market by propulsion, vehicle charging station, charging infrastructure, power output, installation, and region • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) • To evaluate and forecast micro-markets and the overall market • To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions • Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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