GLOBAL ELECTRIC VEHICLE MARKET FORECAST 2020-2028

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GLOBAL ELECTRIC VEHICLE MARKET FORECAST 2020-2028

The global electric vehicle market is predicted to record growth at a CAGR of 22.18% by revenue, during the year, 2020–2028.  The market is anticipated to grow to a revenue of about $1123696 Million by 2028.  The base year considered for the study is 2019. The estimated period is between 2020 and 2028. The concern over climate change due to the use of fossil fuels is the main catalyst in increasing the demand for electric vehicles.

GLOBAL ELECTRIC VEHICLE MARKET FORECAST 2020-2028

Global Electric Vehicle Market by Technology (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle) by Vehicle Type (Two-wheeler, Passenger Car, Commercial Vehicle(Heavy Commercial Vehicles, Other Commercial Vehicles)) and by Geography.

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The global electric vehicle market is predicted to record growth at a CAGR of 22.18% by revenue, during the year, 2020–2028.  The market is anticipated to grow to a revenue of about $1123696 Million by 2028.  The base year considered for the study is 2019. The estimated period is between 2020 and 2028.

The growth of the global electric vehicle market is driven by the following factors:

  • Degradation of climate due to the transportation industry
  • Easy availability and low cost of Li-ion batteries
  • Government initiatives encouraging the use of electric vehicles
  • High allocation expenditure towards research and innovation

Global Electric Vehicle Market

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The concern over climate change due to the use of fossil fuels is the main catalyst in increasing the demand for electric vehicles. Transport is energy-consuming and causes significant environmental problems. The energy sector involves transportation, electricity & heat, homes, construction & manufacturing, fugitive pollution, and other combustion of coal. Transport sector emissions contribute about 14% of annual emissions (including non-CO2 gasses) and about a quarter of CO2 emissions from fossil fuel burning. In order to combat these changes, it is important to increase the performance of conventional vehicles, and use renewable fuels with low CO2 footprints.

In addition to energy consumption and greenhouse gas (GHG) emissions, road transport also leads to air pollution in urban areas. These current problems of road transport, energy efficiency, climate protection, and air quality generate demand for emerging transport technologies beyond traditional combustion engine improvements, which sets the stage for new forms of drivetrain such as electric vehicles.

In 2019, the hybrid electric vehicle category captured the largest market share in the technology segment, capturing around 46.99%. Hybrid electric vehicles are electric vehicles that comprise the combination of the traditional internal combustion engine (ICE) system and electric propulsion system such as hybrid vehicle drivetrain. Hybrid electric vehicles include hybrid electric cars, hybrid electric trucks, tractors, pickups, hybrid electric buses, etc. The key factor responsible for the increased adoption of hybrid electric vehicles is the increased demand for green (eco-friendly) vehicles. As hybrid electric vehicles use electrical batteries and other electric sources for power, there is negligible emission of carbon dioxide and other harmful gases.

The fastest-growing technology is the battery electric vehicle, with a CAGR of about 23.15%.  Battery electric vehicles (BEV) are one of the forms of electric vehicles that utilize the chemical energy stored in rechargeable battery packs as the power source. In battery electric vehicles, motor controllers and electric motors are deployed instead of fuel cells, internal combustion engines (ICEs), etc. for propulsion. The key factor responsible for the increased adoption of battery electric vehicles is the reduction in the cost of electric vehicle batteries.

The market growth is constrained by weak electric vehicle charging infrastructures, and relatively higher electric vehicle prices. A major barrier to the growth of the electric vehicles market is the inadequate charging stations. Gas stations are located in urban and suburban areas every few miles, but only large metropolitan areas have public facilities for electric vehicles. On the other hand, high electric vehicle prices are also a significant factor constraining the global demand for electric vehicles. The price of electric vehicles can range from $30,000 to $980,000. A higher-end model of non-electric vehicles can be bought at this rate.

The report on the global electric vehicle market includes segmentation analysis of technology and vehicle type.

Market by Technology:

  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle
  • Battery Electric Vehicle

Market by Vehicle Type:

  • Two-Wheeler
  • Passenger Car
  • Commercial Vehicle
    • Heavy Commercial Vehicles
      • Buses
      • Trucks
    • Other Commercial Vehicles

Geographically, the global electric vehicle market has been segmented on the basis of four major regions, which includes:

  • North America: the United States and Canada
  • Europe: the United Kingdom, Netherlands, Norway, Germany, France, and Rest of Europe
  • Asia Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia Pacific
  • Rest of World: Latin America, the Middle East & Africa

Geographically, Asia Pacific dominated the global electric vehicle market in 2019, garnering a market share of 47.57%. The Asia Pacific electric vehicle market is mainly driven by the countries, which includes China, India, Japan, Australia, and Rest of Asia Pacific. The electric vehicle has its applications in the automobile sector as they are majorly used in passenger, commercial, and personal vehicles. In the present scenario, countries such as India, China, and Japan, are badly impacted by the CO2 emissions as industrialization is on its peak, resulting in the establishment of manufacturing and production units of automobiles in the countries of Asia Pacific. This is because the resources are cheap in the region as compared to Europe and the North American region.

North America is estimated to be the fastest-growing region during the forecast period, registering an anticipated CAGR of 23.87%. Electric vehicles are acting as strong substitutes in the North American automobile market, and the adoption of electric vehicles is escalating as compared to petrol and diesel engine-based vehicles. Norms and policies for the discount in tariff rates are benefiting the consumers. The Zero-emission vehicle regulations of the central and state government in both countries, the United States and Canada, are fueling the growth of the plug-in electric vehicle industry in North America.

The major market players in the global electric vehicle market include:

  • BYD Company Ltd
  • Daimler AG
  • General Motors
  • Nissan Motor Co Ltd
  • Tesla Inc
  • Others

Company Profiles covers the analysis of important players. These companies are using organic and inorganic strategies for growth. For instance, Daimler AG introduced three new hybrid plug-in models now with EQ Fuel, namely CLA Coupé, CLA Shooting Brake, and GLA, in March 2020. In March 2019, the BMW group planned to invest around Euro 30 Billion on future-oriented technologies. In November 2019, the BYD Company received an order from Norway’s principal public transport providers, Unibuss, for its electric vehicles.

Key findings of the global electric vehicle market are:

  • Asia Pacific region holds a considerable share in the global market.
  • Proactive government support is driving the market in China for electric vehicles.
  • Dual-energy technology is the cornerstone of hybrid electric vehicles.
  • Commercial vehicles are at the forefront in terms of growth rate in the electric vehicles market.
  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • DEVELOPMENT OF ELECTRIC VEHICLE
    • BENEFITS & LIMITATIONS OF ELECTRIC VEHICLES
    • MARKET DEFINITION
    •    KEY DRIVERS
      • DEGRADATION OF CLIMATE DUE TO TRANSPORTATION INDUSTRY
      • EASY AVAILABILITY AND LOW COST OF LI-ON BATTERIES
      • GOVERNMENT INITIATIVES ENCOURAGING THE USE OF ELECTRIC VEHICLES
      • HIGH ALLOCATION EXPENDITURE TOWARDS RESEARCH AND INNOVATION
    •    KEY RESTRAINTS
      • POOR INFRASTRUCTURE FOR CHARGING OF ELECTRIC VEHICLES
      • RELATIVELY HIGHER COST OF ELECTRIC VEHICLES
  1. KEY ANALYTICS
    • KEY INVESTMENT INSIGHTS
    •    PORTER’S FIVE FORCE ANALYSIS
      • BUYER POWER
      • SUPPLIER POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    •    VALUE CHAIN ANALYSIS
      • DEMAND FORECAST AND RESEARCH & DEVELOPMENT
      • PRODUCTION PROGRAMMING, SCHEDULING, AND SUPPLIERS SCHEDULING
      • INBOUND LOGISTICS & PRODUCTION
      • OUTBOUND LOGISTICS
      • DEALERS/DISTRIBUTORS
      • END USERS/CUSTOMERS
    • KEY BUYING CRITERIA
    • REGULATORY FRAMEWORK
  2. MARKET BY TECHNOLOGY
    • BATTERY ELECTRIC VEHICLE
    • HYBRID ELECTRIC VEHICLE
    • PLUG-IN HYBRID ELECTRIC VEHICLE
  3. MARKET BY VEHICLE TYPE
    • TWO-WHEELER
    • PASSENGER CAR
    •    COMMERCIAL VEHICLE
      •    HEAVY COMMERCIAL VEHICLES
        • BUSES
        • TRUCKS
      • OTHER COMMERCIAL VEHICLES
  1. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • NETHERLANDS
      • NORWAY
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    •    ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • INDONESIA
      • THAILAND
      • VIETNAM
      • AUSTRALIA & NEW ZEALAND
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • BMW GROUP
    • BYD COMPANY LTD
    • DAIMLER AG
    • FIAT CHRYSLER AUTOMOBILES GROUP (MERGER BETWEEN CHRYSLER AND FIAT)
    • FORD MOTOR COMPANY
    • GENERAL MOTORS COMPANY
    • GROUPE PSA
    • HONDA MOTOR COMPANY
    • HYUNDAI MOTOR
    • MITSUBISHI
    • NISSAN MOTOR COMPANY LTD
    • TESLA INC
    • TOYOTA INDUSTRIES CORPORATION
    • VOLKSWAGEN GROUP
    • ZHEJIANG GEELY HOLDING GROUP

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – ELECTRIC VEHICLE

TABLE 2: BENEFITS & LIMITATIONS OF ELECTRIC VEHICLE

TABLE 3: REGULATORY FRAMEWORK

TABLE 4: GLOBAL ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 5: GLOBAL ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 6: GLOBAL BATTERY ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 7: GLOBAL BATTERY ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 8: GLOBAL HYBRID ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 9: GLOBAL HYBRID ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 10: GLOBAL PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 11: GLOBAL PLUG-IN HYBRID ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 12: GLOBAL ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 13: GLOBAL ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 14: GLOBAL TWO-WHEELER MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 15: GLOBAL TWO-WHEELER MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 16: GLOBAL PASSENGER CAR MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 17: GLOBAL PASSENGER CAR MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 18: GLOBAL COMMERCIAL VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 19: GLOBAL COMMERCIAL VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 20: GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 21: GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLE, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 22: GLOBAL HEAVY COMMERCIAL VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 23: GLOBAL HEAVY COMMERCIAL VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 24: GLOBAL ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 25: GLOBAL ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLE, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 26: GLOBAL BUSES MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 27: GLOBAL BUSES MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 28: GLOBAL TRUCKS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 29: GLOBAL TRUCKS MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 30: GLOBAL OTHER COMMERCIAL VEHICLES MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 31: GLOBAL OTHER COMMERCIAL VEHICLES MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 32: GLOBAL ELECTRIC VEHICLE MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 33: GLOBAL ELECTRIC VEHICLE MARKET, BY GEOGRAPHY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 34: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 35: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 36: EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 37: EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 38: ASIA PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 39: ASIA PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 40: REST OF WORLD ELECTRIC VEHICLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 41: REST OF WORLD ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1: DEVELOPMENT OF ELECTRIC VEHICLE MARKET

FIGURE 2: LITHIUM-ION BATTERY PRICE PER KWH (2010-2018)

FIGURE 3: KEY INVESTMENT INSIGHTS

FIGURE 4: PORTER’S FIVE FORCE ANALYSIS

FIGURE 5: OPPORTUNITY MATRIX

FIGURE 6: VENDOR LANDSCAPE

FIGURE 7: VALUE CHAIN ANALYSIS

FIGURE 8: KEY BUYING CRITERIA

FIGURE 9: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2019

FIGURE 10: GLOBAL ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRIC VEHICLE, 2020-2028 (IN $ MILLION)

FIGURE 11: GLOBAL ELECTRIC VEHICLE MARKET, BY HYBRID ELECTRIC VEHICLE, 2020-2028 (IN $ MILLION)

FIGURE 12: GLOBAL ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID ELECTRIC VEHICLE, 2020-2028 (IN $ MILLION)

FIGURE 13: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2019

FIGURE 14: GLOBAL ELECTRIC VEHICLE MARKET, BY TWO-WHEELER, 2020-2028 (IN $ MILLION)

FIGURE 15: GLOBAL ELECTRIC VEHICLE MARKET, BY PASSENGER CAR, 2020-2028 (IN $ MILLION)

FIGURE 16: GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLE, 2020-2028 (IN $ MILLION)

FIGURE 17: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLE, IN 2019

FIGURE 18: GLOBAL ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLE, 2020-2028 (IN $ MILLION)

FIGURE 19: GLOBAL ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY HEAVY COMMERCIAL VEHICLE, IN 2019

FIGURE 20: GLOBAL ELECTRIC VEHICLE MARKET, BY BUSES, 2020-2028 (IN $ MILLION)

FIGURE 21: GLOBAL ELECTRIC VEHICLE MARKET, BY TRUCKS, 2020-2028 (IN $ MILLION)

FIGURE 22: GLOBAL ELECTRIC VEHICLE MARKET, BY OTHER COMMERCIAL VEHICLES, 2020-2028 (IN $ MILLION)

FIGURE 23: NORTH AMERICA ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 24: UNITED STATES ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 25: CANADA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 26: EUROPE ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 27: UNITED KINGDOM ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 28: NETHERLANDS ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 29: NORWAY ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 30: GERMANY ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 31: FRANCE ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 32: REST OF EUROPE ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 33: ASIA PACIFIC ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 34: CHINA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 35: JAPAN ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 36: INDIA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 37: SOUTH KOREA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 38: INDONESIA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 39: THAILAND ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 40: VIETNAM ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 41: AUSTRALIA & NEW ZEALAND ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 42: REST OF ASIA PACIFIC ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION

FIGURE 43: REST OF WORLD ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 44: LATIN AMERICA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

FIGURE 45: MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, 2020-2028 (IN $ MILLION)

  1. MARKET BY TECHNOLOGY
    • BATTERY ELECTRIC VEHICLE
    • HYBRID ELECTRIC VEHICLE
    • PLUG-IN HYBRID ELECTRIC VEHICLE
  2. MARKET BY VEHICLE TYPE
    • TWO-WHEELER
    • PASSENGER CAR
    •    COMMERCIAL VEHICLE
      •    HEAVY COMMERCIAL VEHICLES
        • BUSES
        • TRUCKS
      • OTHER COMMERCIAL VEHICLES
  1. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • NETHERLANDS
      • NORWAY
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    •    ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • INDONESIA
      • THAILAND
      • VIETNAM
      • AUSTRALIA & NEW ZEALAND
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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