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

[155 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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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 July 2018, Tesla landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the US that would double the size of the electric car maker’s global manufacturing.
  • 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 Electric Vehicle Market Definition
    1.3 Electric Vehicle 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. - 19)
    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 Electric Vehicle Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Bottom-Up Approach for EVSE Market
           2.2.3 Top-Down Approach
    2.3 Electric Vehicle Market Breakdown and Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Opportunities in the Electric Vehicle Market
    4.2 EV Market, By Region
    4.3 EV Market, By Propulsion Type
    4.4 EV Market, By Vehicle Class
    4.5 EV Market, By Vehicle Type
    4.6 EVSE Market, By Charging Station Type

5 Electric Vehicle Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Favorable Government Policies and Subsidies
                    5.2.1.2 Heavy Investments From Automakers in EVs
                    5.2.1.3 Growing Concerns Over Environmental Pollution
                    5.2.1.4 Demand for Increased Vehicle Range Per Charge
                    5.2.1.5 Major Increase in EV Models
           5.2.2 Restraints
                    5.2.2.1 Lack of Standardization of Charging Infrastructure
           5.2.3 Opportunities
                    5.2.3.1 Use of Vehicle-To-Grid (V2g) EV Charging Stations
                    5.2.3.2 EV Charging Stations Powered By Renewable Energy
           5.2.4 Challenges
                    5.2.4.1 High Cost of EVs in Comparison to Ice Vehicles
                    5.2.4.2 Stringent Rules for Installation of Charging Stations
                    5.2.4.3 Limited Range of EVs
    5.3 Upcoming Electric Vehicle Models
    5.4 Europe Passenger Car Electric Vehicle Market Share Analysis
           5.4.1 BEV
           5.4.2 PHEV
    5.5 US Passenger Car Market Share Analysis 2017
    5.6 US Passenger Car Market Share Analysis 2018
    5.7 China Passenger Car Market Share Analysis 2017
    5.8 China Passenger Car Market Share Analysis 2018
    5.9 Companies Analysis in EV Ecosystem
    5.1 Global Competitive Leadership Mapping (Major Players)
    5.11 Competitive Leadership Mapping (SME/Start-Ups)
    5.12 EV Ecosyetem Competitive Leadership Mapping, 2018

6 Industry Trends (Page No. - 49)
    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 Government Regulations (Page No. - 53)
    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 Global Electric Vehicle Market, By Component (Page No. - 59)
    8.1 Introduction
    8.2 Battery Cells & Packs
    8.3 On-Board Charger
    8.4 Infotainment System

9 Global EV Market, By Charging Station Type (Page No. - 61)
    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 Station Will Boost the Demand for Super Charging
    9.5 Key Primary Insights

10 Global Electric Vehicle Market, By Propulsion Type (Page No. - 66)
     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 Global EV Market, By Vehicle Type (Page No. - 73)
     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 Global Electric Vehicle Market, By Vehicle Class (Page No. - 78)
     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 Global EV Market, By Region (Page No. - 83)
     13.1 Introduction
     13.2 Asia Pacific
             13.2.1 China
                        13.2.1.1 Increased Investment in Charging Infrastructure Will Uplift the Electric Vehicle 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 Electric Vehicle 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 EVs Will Uplift the Market

14 Competitive Landscape (Page No. - 102)
     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

15 Company Profiles (Page No. - 115)
     15.1 Key Players
             15.1.1 Tesla Motors
                        15.1.1.1 Overview
                        15.1.1.2 Products Offered
                        15.1.1.3 Recent Developments
                        15.1.1.4 SWOT Analysis
             15.1.2 Nissan Motor
                        15.1.2.1 Overview
                        15.1.2.2 Products Offered
                        15.1.2.3 Recent Developments
                        15.1.2.4 SWOT Analysis
             15.1.3 BYD
                        15.1.3.1 Overview
                        15.1.3.2 Products Offered
                        15.1.3.3 Recent Developments
                        15.1.3.4 SWOT Analysis
             15.1.4 BMW
                        15.1.4.1 Overview
                        15.1.4.2 Products Offered
                        15.1.4.3 Recent Developments
                        15.1.4.4 SWOT Analysis
             15.1.5 Volkswagen
                        15.1.5.1 Overview
                        15.1.5.2 Products Offered
                        15.1.5.3 Recent Developments
                        15.1.5.4 SWOT Analysis
             15.1.6 Toyota
                        15.1.6.1 Overview
                        15.1.6.2 Products Offered
                        15.1.6.3 Recent Developments
             15.1.7 Ford
                        15.1.7.1 Overview
                        15.1.7.2 Products Offered
                        15.1.7.3 Recent Developments
             15.1.8 Volvo
                        15.1.8.1 Overview
                        15.1.8.2 Products Offered
                        15.1.8.3 Recent Developments
             15.1.9 Daimler
                        15.1.9.1 Overview
                        15.1.9.2 Products Offered
                        15.1.9.3 Recent Developments
             15.1.10 Hyundai
                        15.1.10.1 Overview
                        15.1.10.2 Products Offered
                        15.1.10.3 Recent Developments
             15.1.11 Honda
                        15.1.11.1 Overview
                        15.1.11.2 Products Offered
                        15.1.11.3 Recent Developments
             15.1.12 Continental
                        15.1.12.1 Products Offered
                        15.1.12.2 Recent Developments
     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

16 Appendix (Page No. - 148)
     16.1 Electric Vehicle Market 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 EVSE Market, By Charging Station Type, 2017–2027 (Units)
Table 13 Normal Charging: EVSE Market, By Region, 2017–2027 (Units)
Table 14 Super Charging: EVSE Market, By Region, 2017–2027 (Units)
Table 15 Global Electric Vehicle Market, By Propulsion Type, 2017–2030 (Thousand Units)
Table 16 BEV: EV Market, By Region, 2017–2030 (Thousand Units)
Table 17 FCEV: EV Market, By Region, 2017–2030 (Thousand Units)
Table 18 PHEV: EV Market, By Region, 2017–2030 (Thousand Units)
Table 19 Global EV Market, By Vehicle Type, 2017–2030 (Thousand Units)
Table 20 Passenger Car: EV Market, By Region, 2017–2030 (Thousand Units)
Table 21 Commercial Vehicles: EV Market, By Region, 2017–2030 (Thousand Units)
Table 22 Global Electric Vehicle Market Size, By Vehicle Class, 2017–2030 (Thousand Units)
Table 23 Mid-Priced: EV Market Size, By Region, 2017–2030 (Thousand Units)
Table 24 Luxury: EV Market Size, By Region, 2017–2030 (Thousand Units)
Table 25 Global Electric Vehicle Market, By Region, 2017–2030 (Thousand Units)
Table 26 Asia Pacific: Passenger Car EV Market, By Country, 2017–2030 (Units)
Table 27 China: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 28 India: Passenger Car EV 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 EV Market, By Propulsion Type, 2017–2030 (Units)
Table 31 Europe: Passenger Car EV Market, By Country, 2017–2030 (Units)
Table 32 France: Passenger Car EV 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 EV 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 EV 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 EV 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 EV 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 EV Market, By Country, 2017–2030 (Units)
Table 43 Canada: Passenger Car EV Market, By Propulsion Type, 2017–2030 (Units)
Table 44 US: Passenger Car EV 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 (49 Figures)

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

Electric Vehicle 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 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 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
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    Published ON
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