Electric Vehicle Market

Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030

Report Code: AT 4907 Jun, 2019, by marketsandmarkets.com

[153 Pages Report] The electric vehicle market is projected to reach 27 million units by 2030 from an estimated 3 million units in 2019, at a CAGR of 21.1%. Encouraging investments made by governments across the globe to increase the adoption of electric vehicles, creating opportunities for OEMs to expand their revenue stream and geographical presence. The European market is projected to experience steady growth, owing to a well-developed infrastructure for electric vehicles, while the Asia Pacific market is the fastest due to the strong presence of major electric vehicle manufacturing OEMs. However, the initial high costs and lack of standardization of charging stations could hamper the growth of global electric vehicle market.

Electric Vehicle Market

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Market Dynamics

Favorable government policies and subsidies

The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles. Also, the governments are providing incentives and subsidies to encourage EV sales. The Chinese government will provide revised incentives of up to USD 3,700 for BEVs. These incentives from governments have also encouraged automakers to develop an increasing number of electric vehicles.

Several governments are providing various kinds of incentives such as low or zero registration fee and exemption in import tax, purchase tax, and road tax. Apart from providing subsidies, governments are also making favorable policies for the development of charging infrastructure. The US government recently invested USD 5 billion for promoting electric infrastructure. The federal Internal Revenue Service (IRS) tax credit is USD 2,500 to USD 7,500 per new EV purchased for use in the US. The size of the tax credit depends on the size of the vehicle and its battery capacity. A similar trend can be observed in European countries. Countries such as Norway and Germany are investing heavily in promoting EV sales. Thus, owing to the high amount of incentives and subsidies in Europe, a high growth rate in electric vehicle sales can be observed.

In July 2016, the US government announced a partnership between the Department of Transportation (DOT) and the Department of Energy (DOE) for “a 2020 vision for a national fast charging network.” The project is a part of the Fixing America’s Surface Transportation (FAST) Act. The partnership will determine the best locations for charging stations and the cost of charging and utility infrastructure. Furthermore, in September 2017, the German Federal Ministry of Transport and Digital Infrastructure granted a fund of USD 4.9 million to Fastned B.V., an EV fast-charging station provider. This fund was given to develop 25 fast charging stations in Germany equipped with the latest high-powered chargers, which can help cover a distance up to 250 km within 20 minutes of charging. In March 2019, Norway created the best EV record in history as BEV market share touched 58.4% according to statistics for new cars registered from the Norwegian Road Federation (OFV).

Lack of standardization of charging infrastructure

For standardization of charging infrastructure, a globally shared vision is significant. There have been several efforts to improve the user experience of charging infrastructure by promoting interoperability, both for drivers and charging network operators. For EV drivers, interoperability means that drivers can charge at any station with a single identification or payment method and that all charging stations can communicate equally with vehicles. Factors such as the growth of the electric vehicle market and variation in charging loads have accentuated the need for standardization of EV charging. Certain EV charging stations may only be compatible with a certain type of voltage. For instance, AC charging stations provide a voltage of 120 VAC through level 1 charging stations and 208/240 VAC through level 2 charging stations. On the other hand, DC charging stations provide fast charging through 480 VAC.

Lack of standardisation in charging infrastructure has been a major restraint in development for the electric vehicle market. Governments need to standardize charging infrastructure for the development of a favourable ecosystem and increasing sales of EVs. The two significant aspects that cause challenges to EV charging infrastructure is the type of chargers and the location where the chargers are implemented. Different countries use their own standard for fast charging. Japan uses CHAdeMO; Europe, the US, and Korea use CCS; and China uses GB/T. Further, US-based electric car maker Tesla uses its own high-performance superchargers that are exclusive to Tesla models and cannot be used for other EVs. The lack of standardization across countries may impact the installation of charging stations, ultimately slowing down the growth of the electric vehicle market.

EV charging stations powered by renewable energy

EVs can be charged at an electric charging station or using a solar panel. The use of renewable energy to power EV charging stations is one of the key opportunities for players in the electric vehicle charging market. Due to the lower price and easier installation of solar panels, solar powered charging stations have become ideal for homeowners or commercial buildings. These charging stations can be installed at residential buildings, shopping malls, theatre complexes, convention centres, parks, and other facilities. 10 solar panels can provide the electricity required to power an electric vehicle that can drive approximately 21,000 km each year. Due to the rapidly advancing solar panel innovations and designs, companies have started developing solar powered charging stations to reduce the dependency on fossil fuels.

Limited range of EVs

Many electric vehicle owners are concerned about the range or distance covered in a single charge of EVs. The driving range of EVs is shorter than that of ICE vehicles. Many EVs cover a distance between 11 miles and 21 miles because of the low energy density of batteries. The maximum coverage of an EV is 370 miles (Tesla Model S). Users usually prefer covering a long distance without any interruption, especially for long trips, and a long-range EV comes at a high price. This factor could inhibit the growth of the electric vehicle market. Various R&D efforts are being taken to reduce the space required for housing and contacts so that more batteries can be accommodated and the car range can be increased substantially to about 600 miles.

The mid-priced segment is expected to grow at the highest CAGR

The mid-priced segment is expected to be the fastest growing electric vehicle market. In the Asia Pacific region, China is one of the leading countries for mid-priced vehicles. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive automobiles. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the ORA R1. The small urban car will cost only USD 8,680, post incentives, with a range of almost 200 miles. Also, established automotive manufacturers such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share.

FCEV segment is expected to grow at the highest CAGR

FCEVs have better fuel economy and can travel around 300-400 miles with a full fuel tank. The refueling time for fuel cell powered vehicles is about 3 to 5 minutes. This makes FCEVs an ideal option for transportation on definite or fixed routes. However, the availability of infrastructure such as hydrogen refueling stations, hydrogen production facilities, and supporting fuel cell technology is minimal worldwide due to the substantial cost of fuel cell stack and system. However, countries like Japan and South Korea are investing in the development of FCEVs. For instance, Japan is aiming to set up 900 hydrogen refueling stations and 800,000 fuel cell cars by 2030. In South Korea, the Ministry of Knowledge Economy is also making similar efforts to promote fuel cells in the country.

Asia Pacific electric vehicle market is expected to register the fastest growth during the forecast period

The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. This region has a strong presence of EV manufacturing OEMs such as BYD, BAIC, SAIC, and Geely, among others. Moreover, the region has high technology adoption rate. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the electric vehicle market growth.

Electric Vehicle Market

Key Market Players

The global electric vehicle market is dominated by major players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies have strong distribution networks at a global level. Additionally, these companies offer an extensive product range in electric vehicle market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.

Scope of the Report

Report Metric

Details

Electric Vehicle Market size available for years

2017–2030

Base year considered

2018

Forecast period

2019–2030

Forecast units

Volume (Units)

Segments covered

Vehicle type, propulsion type, vehicle class, component, charging station type

Geographies covered

North America, Asia Pacific, and Europe

Companies covered

Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).
A total of 24 major players covered

This research report categorizes the electric vehicle market based on, vehicle type, propulsion type, vehicle class, component, charging station type,

Based on Vehicle Type:

  • Passenger Car
  • Commercial Vehicle

Based on Components (Qualitative):

  • Battery Cells & Packs
  • On-Board Charge
  • Infotainment

Based on the Charging Station Type:

  • Normal
  • Super

Based on Vehicle Class:

  • Mid-Priced
  • Luxury

Based on the Region:

  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • North America
    • US
    • Canada
  • Europe
    • Austria
    • France
    • Germany
    • Spain
    • Switzerland
    • Norway
    • Netherlands
    • Denmark
    • Sweden
    • UK

Recent Developments

  • In March 2019, Tesla launched its fully electric Model Y, which can carry seven passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.
  • In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan's commitment to driving electrification in the region.
  • In April 2019, BYD announced the launch of the K12A at the company's headquarters in Shenzhen, the world's first 27-m electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
  • In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been configured specially for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.

Critical Angles:

  • Many companies are operating in the electric vehicle space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
  • Fast-paced developments in electric vehicles such as infotainment systems, instrumental cluster, and smart charging system by leading manufacturers are expected to change the dynamics of the electric vehicle market. How will this transform the overall electric vehicle market?
  • The industry is focusing on long-range EVs and efficient electric buses. Which leading companies are working on passenger cars & commercial vehicles, and what organic and inorganic strategies have been adopted by them?
  • An analysis of your competition that includes major players in the electric vehicle charging ecosystem such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).
  • A discussion on your client’s imperatives based on our existing research on the market for electric vehicles and its ecosystems.

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Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Secondary Sources
                    2.1.1.2 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Sampling Techniques & Data Collection Methods
                    2.1.2.2 Primary Participants
                    2.1.2.3 Key Data From Primary Sources
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Bottom-Up Approach for Electric Vehicle Charging Market
           2.2.3 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in the Electric Vehicle Market
    4.2 Electric Vehicle Market, By Region
    4.3 Electric Vehicle Market, By Propulsion Type
    4.4 Electric Vehicle Market, By Vehicle Class
    4.5 Electric Vehicle Market, By Vehicle Type
    4.6 Electric Vehicle Charging Market, By Charging Point

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Upcoming Electric Vehicle Models, 2019-2028
    5.3 Europe Passenger Car Market Share Analysis
           5.3.1 BEV
           5.3.2 PHEV
    5.4 US Passenger Car Market Share Analysis 2017
    5.5 US Passenger Car Market Share Analysis 2018
    5.6 China Passenger Car Market Share Analysis 2017
    5.7 China Passenger Car Market Share Analysis 2018
    5.8 Transition Towards Electric Vehicles From ICE 
    5.9 Market Dynamics
           5.9.1 Drivers
                    5.9.1.1 Favorable Government Policies and Subsidies
                    5.9.1.2 Heavy Investments From Automakers in Evs
                    5.9.1.3 Growing Concerns Over Environmental Pollution
                    5.9.1.4 Demand for Increased Vehicle Range Per Charge
                    5.9.1.5 Major Increase in Ev Models
           5.9.2 Restraints
                    5.9.2.1 Lack of Standardization of Charging Infrastructure
           5.9.3 Opportunities
                    5.9.3.1 Use of Vehicle-To-Grid (V2g) Ev Charging Stations
                    5.9.3.2 Ev Charging Stations Powered By Renewable Energy
           5.9.4 Challenges
                    5.9.4.1 High Cost of Evs in Comparison to Ice Vehicles
                    5.9.4.2 Stringent Rules for Installation of Charging Stations
                    5.9.4.3 Limited Range of Evs
    5.1 Companies Analysis in Ev Ecosystem
           5.10.1 Competitive Leadership Mapping (Major Players)
           5.10.2 Competitive Leadership Mapping (SME/Start-Ups)
           5.10.3 Ev Ecosystem Competitive Leadership Mapping

6 Industry Trends (Page No. - 47)
    6.1 Introduction
    6.2 Shared Mobility
    6.3 Batteries Used in Solar Vehicles
           6.3.1 Lead–Acid Battery
           6.3.2 Lead Carbon Battery
           6.3.3 Lithium–Ion Battery
           6.3.4 Solid-State Battery (SSB)
    6.4 Smart Charging System

7 Electric Vehicle Market, By Government Regulations (Page No. - 51)
    7.1 Introduction
    7.2 Canada
    7.3 China
    7.4 Denmark
    7.5 France
    7.6 Austria
    7.7 Germany
    7.8 Spain

8 Electric Vehicle Market, By Component (Page No. - 57)
    8.1 Introduction
    8.2 Battery Cells & Packs
    8.3 On-Board Charger
    8.4 Fuel Stack

9 Electric Vehicle Charging Market, By Charging Point Type (Page No. - 59)
    9.1 Introduction
    9.2 Research Methodology
    9.3 Normal Charging
           9.3.1 Increase Adoption of Electric Vehicles Will Boost the Demand
    9.4 Super Charging
           9.4.1 Demand for Fast Charging Point Will Boost the Demand for Super Charging
    9.5 Key Primary Insights

10 Electric Vehicle Market, By Propulsion Type (Page No. - 64)
     10.1 Introduction
     10.2 Research Methodology
     10.3 Battery Electric Vehicle (BEV)
             10.3.1 Increase in Vehicle Range Per Charge Will Boost the Demand
     10.4 Fuel Cell Electric Vehicle (FCEV)
             10.4.1 Demand for Zero Emission Vehicles Will Uplift the Market
     10.5 Plug-In Hybrid Electric Vehicle (PHEV)
             10.5.1 Government Providing Tax Benefits and Incentives Will Boost the Demand
     10.6 Hybrid Electric Vehicle (HEV)
     10.7 Key Primary Insights

11 Electric Vehicle Market, By Vehicle Type (Page No. - 71)
     11.1 Introduction
     11.2 Research Methodology
     11.3 Passenger Car (Pc)
             11.3.1 Growing Emission Norms Will Boost the Demand
     11.4 Commercial Vehicles (CV)
             11.4.1 Growth of E-Commerce and Logistics Will Boost the Demand
     11.5 Key Primary Insights

12 Electric Vehicle Market, By Vehicle Class (Page No. - 76)
     12.1 Introduction
     12.2 Research Methodology
     12.3 Mid-Priced
     12.3.1 Decrease in Battery Price Will Boost the Demand
     12.4 Luxury
             12.4.1 Demand for High End Technology Will Boost the Demand
     12.5 Key Primary Insights

13 Electric Vehicle Market, By Region (Page No. - 81)
     13.1 Introduction
     13.2 Asia Pacific
             13.2.1 China
                        13.2.1.1 Increased Investment in Charging Infrastructure Will Uplift the Market
             13.2.2 India
                        13.2.2.1 Abb to Set Up Electric Vehicle Chargers Facilities Will Boost the Demand
             13.2.3 Japan
                        13.2.3.1 Advancement in Battery Technology Will Boost the Demand
             13.2.4 South Korea
                        13.2.4.1 Increased Investment in Electric Vehicles Will Boost the Demand
     13.3 Europe
             13.3.1 France
                        13.3.1.1 Government Offering Purchase Grants Will Boost the Demand
             13.3.2 Germany
                        13.3.2.1 Rising Sales of Hybrid Vehicles By Domestic Players Will Boost the Demand
             13.3.3 Netherlands
                        13.3.3.1 Government Focus Towards Greener Vehicles Will Boost the Demand
             13.3.4 Norway
                        13.3.4.1 Emergence of E-Mobility Will Boost the Demand
             13.3.5 Sweden
                        13.3.5.1 Strong Existing Charging Infrastructure Will Boost the Demand
             13.3.6 UK
                        13.3.6.1 Country Investment Towards Ultra-Low Emission Vehicles Will Boost the Demand
             13.3.7 Denmark
                        13.3.7.1 Government Promoting Private Infrastructure Will Boost the Demand
             13.3.8 Austria
                        13.3.8.1 Country Moving Towards Cleaner Vehicles Will Boost the Demand
             13.3.9 Switzerland
                        13.3.9.1 Country Focus Towards Expansion of Electric Vehicle Charging Infrastructure
             13.3.10 Spain
                        13.3.10.1 Increasing Investments in FCEV Will Uplift the Market
     13.4 North America
             13.4.1 Canada
                        13.4.1.1 Increasing Development in Electric Vehicles Infrastructure Will Boost the Demand
             13.4.2 US
                        13.4.2.1 Increasing Production Capacity of Electric Vehicles Will Uplift the Market

14 Competitive Landscape (Page No. - 100)
     14.1 Overview
     14.2 Electric Vehicle Market Ranking Analysis
     14.3 Competitive Scenario
     14.4 Global Competitive Leadership Mapping (Major Players)
             14.4.1 Visionary Leaders
             14.4.2 Innovators
             14.4.3 Dynamic Differentiators
             14.4.4 Emerging Companies
     14.5 Competitive Leadership Mapping (SME/Start-Ups)
             14.5.1 Progressive Companies
             14.5.2 Resposive Companies
             14.5.3 Dynamic Companies
             14.5.4 Starting Blocks
     14.6 Competitive Leadership Mapping (Ev Components)

15 Company Profiles (Page No. - 113)
(Overview, Products Offered, Recent Developments & SWOT Analysis)* 
     15.1 Key Players
             15.1.1 Tesla Motors
             15.1.2 Nissan Motor
             15.1.3 BYD
             15.1.4 BMW
             15.1.5 Volkswagen
             15.1.6 Toyota
             15.1.7 Ford
             15.1.8 Volvo
             15.1.9 Daimler
             15.1.10 Hyundai
             15.1.11 Honda
             15.1.12 Continental
     15.2 Key Players From Other Regions
             15.2.1 North America
                        15.2.1.1 General Motors
                        15.2.1.2 Rivian
                        15.2.1.3 Faraday Future
                        15.2.1.4 Fisker
             15.2.2 Europe
                        15.2.2.1 Alcraft Motor Company
             15.2.3 Asia Pacific
                        15.2.3.1 Byton
                        15.2.3.2 Kia Motors
                        15.2.3.3 Baic Motor
                        15.2.3.4 Chery
                        15.2.3.5 Saic Motor
                        15.2.3.6 JAC
                        15.2.3.7 Zotye
                        15.2.3.8 Geely
*Details on Overview, Products Offered, Recent Developments & SWOT Analysis Might Not Be Captured in Case of Unlisted Companies. 

16 Appendix (Page No. - 146)
     16.1 Key Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Available Customizations
     16.5 Related Reports
     16.6 Author Details


List of Tables (46 Tables)

Table 1 Currency Exchange Rates (Per 1 USD)
Table 2 Impact of Market Dynamics
Table 3 Upcoming Electric Vehicle Models, 2019–2028
Table 4 Existing Subsidies and Tax Structure, Canada, 2018
Table 5 Existing Charging Station Standards in China
Table 6 Existing Subsidies and Tax Structure, China, 2018
Table 7 Existing Subsidies and Tax Structure, Denmark, 2018
Table 8 Existing Subsidies and Tax Structure, France, 2018
Table 9 Existing Subsidies and Tax Structure, Austria, 2018
Table 10 Existing Subsidies and Tax Structure, Germany, 2018
Table 11 Existing Subsidies and Tax Structure, Spain, 2018
Table 12 Electric Vehicle Charging Market, By Charging Point Type, 2017–2027 (Units)
Table 13 Normal Charging: Electric Vehicle Charging Market, By Region, 2017–2027 (Units)
Table 14 Super Charging: Electric Vehicle Charging Market, By Region, 2017–2027 (Units)
Table 15 Electric Vehicle Market, By Propulsion Type, 2017–2030 (Thousand Units)
Table 16 BEV: Market, By Region, 2017–2030 (Thousand Units)
Table 17 FCEV: Market, By Region, 2017–2030 (Thousand Units)
Table 18 PHEV: Market, By Region, 2017–2030 (Thousand Units)
Table 19 Electric Vehicle Market, By Vehicle Type, 2017–2030 (Thousand Units)
Table 20 Passenger Car: Electric Vehicle Market, By Region, 2017–2030 (Thousand Units)
Table 21 Commercial Vehicles: Electric Vehicle Market, By Region, 2017–2030 (Thousand Units)
Table 22 Electric Vehicle Market Size, By Vehicle Class, 2017–2030 (Thousand Units)
Table 23 Mid-Priced: Electric Vehicle Market Size, By Region, 2017–2030 (Thousand Units)
Table 24 Luxury: Electric Vehicle Market Size, By Region, 2017–2030 (Thousand Units)
Table 25 Electric Vehicle Market, By Region, 2017–2030 (Thousand Units)
Table 26 Asia Pacific: Passenger Car Electric Vehicle Market, By Country, 2017–2030 (Units)
Table 27 China: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 28 India: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 29 Japan: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 30 South Korea: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 31 Europe: Passenger Car EV Market, By Country, 2017–2030 (Units)
Table 32 France: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 33 Germany: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 34 Netherlands: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 35 Norway: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 36 Sweden: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 37 UK: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 38 Denmark: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 39 Austria: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 40 Switzerland: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 41 Spain: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 42 North America: Passenger Car Electric Vehicle Market, By Country, 2017–2030 (Units)
Table 43 Canada: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 44 US: Passenger Car Electric Vehicle Market, By Propulsion Type, 2017–2030 (Units)
Table 45 New Product Developments & Expansion, 2016-2019
Table 46 Partnerships/Supply Contracts/Collaborations/Joint Ventures/Agreements, 2016-2019


List of Figures (50 Figures)

Figure 1 Electric Vehicle Market Segmentation
Figure 2 Electric Vehicle Market: Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Market Size Estimation Methodology for the EV Market: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology for the Electric Vehicle Charging Market: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology for the EV Market: Top-Down Approach
Figure 8 Data Triangulation
Figure 9 Electric Vehicle Market: Market Dynamics
Figure 10 Electric Vehicle Market, By Region, 2019–2030 (Thousand Units)
Figure 11 Normal Charging to Hold the Largest Share in the Electric Vehicle Charging Market in 2019
Figure 12 Technological Advancements and Greater Intervention From Government are Anticipated to Fuel the Growth of Electric Vehicle Market From 2019 to 2030
Figure 13 Asia Pacific is Estimated to Hold the Largest Share of the EV Market in 2019
Figure 14 BEV Segment is Estimated to Hold the Largest Share of EV Market in 2019
Figure 15 Mid-Priced Segment to Hold the Largest Market Share, 2019 vs. 2030 (Thousand Units)
Figure 16 Passenger Car is Estimated to Hold the Largest Share of EV Market in 2019
Figure 17 Normal Charging is Estimated to Hold the Largest Share of Electric Vehicle Charging Market in 2019
Figure 18 Electric Vehicle Battery Pricing Analysis
Figure 19 Electric Vehicle Market: Market Dynamics
Figure 20 Types of Electric Vehicle Batteries
Figure 21 Super Charging Segment is Expected to Grow at A Higher Cagr During the Forecast Period (2019–2027)
Figure 22 FCEV Segment is Expected to Grow at the Highest Cagr During the Forecast Period (2019–2030)
Figure 23 Commercial Vehicle Segment is Expected to Grow at the Highest Cagr During the Forecast Period (2019–2030)
Figure 24 Mid-Priced Segment is Expected to Grow at A Higher Cagr During the Forecast Period (2019–2030)
Figure 25 Asia Pacific is Estimated to Be the Fastest Growing Market for Electric Vehicles During the Forecast Period (2019–2030)
Figure 26 China Accounts for the Largest Market Share in the Asia Pacific Electric Vehicle Market, 2019 vs. 2030
Figure 27 Europe: Passenger Car EV Market Snapshot
Figure 28 North America: Passenger Car EV Market Snapshot
Figure 29 Key Developments By Leading Players, 2016–2019
Figure 30 Ranking of Key Players, 2018
Figure 31 Global Competitive Leadership Mapping (Major Players), 2018
Figure 32 Competitive Leadership Mapping (SME/Start-Ups), 2018
Figure 33 Ev Ecosystem Competitive Leadership Mapping, 2018
Figure 34 Tesla Motors: Company Snapshot
Figure 35 Tesla Motors: SWOT Analysis
Figure 36 Nissan Motor: Company Snapshot
Figure 37 Nissan: SWOT Analysis
Figure 38 BYD: Company Snapshot
Figure 39 BYD: SWOT Analysis
Figure 40 BMW Group: Company Snapshot
Figure 41 BMW: SWOT Analysis
Figure 42 Volkswagen: Company Snapshot
Figure 43 Volkswagen: SWOT Analysis
Figure 44 Toyota: Company Snapshot
Figure 45 Ford: Company Snapshot
Figure 46 Volvo: Company Snapshot
Figure 47 Daimler: Company Snapshot
Figure 48 Hyundai : Company Snapshot
Figure 49 Honda: Company Snapshot
Figure 50 Continental: Company Snapshot

The study involved four major activities in estimating the current size of the electric vehicle market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the electric vehicle market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [such as publications of electric vehicles’ OEMs, Canadian Automobile Association (CAA), country-level automotive associations & trade organizations, and the US Department of Transportation (DOT)], electric vehicle magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles were used to identify and collect information useful for an extensive commercial study of the global electric vehicle market.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the electric vehicle market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across three major regions, namely, Asia Pacific, Europe, and North America. Approximately 23% and 77% of primary interviews have been conducted from the demand- and supply-side, respectively. Primary data has been collected through questionnaires, emails, LinkedIn, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report.

After interacting with industry experts, we conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. Following is the breakdown of primary respondents.

Electric Vehicle Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches were used to estimate and validate the total market size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the electric vehicle market size includes the following:

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall Electric Vehicle Market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • To segment and forecast the market for electric vehicle size, in terms of volume (units)
  • To define, describe, and forecast the market for electric vehicle based on charging station type, propulsion type, vehicle type, vehicle class, component (qualitative) and region
  • To segment and forecast the electric vehicle market by charging station type (normal charging, supercharging)
  • To segment and forecast the market by propulsion type [Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), and Battery Electric Vehicle (BEV)]
  • To segment and forecast the electric vehicle market by vehicle type (passenger car and commercial vehicle)
  • To segment and forecast the electric vehicle market by vehicle class (mid-priced and luxury)
  • To provide detailed information regarding the major factors influencing the electric vehicle market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze regional markets with respect to individual growth trends, future prospects, and contribution to the total electric vehicle market

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance to the company’s specific needs.

  • EVSE Market, By power output type at country level
  • EVSE Market, By application type at country level

Company Information

  • Profiling of Additional Electric Vehicle Market Players (Up to 3)
    Report Code
    AT 4907
    Published ON
    Jun, 2019
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    • What are the Known and Unknown Adjacencies Impacting the Electric Vehicle Market
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