Electric Vehicle Market

Market Leaders - Electric Vehicle Market

The global electric vehicle market is projected to reach 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%. The base year for the report is 2020, and the forecast period is from 2021 to 2030. The rising cost of fossil fuels, reducing the cost of EV batteries and government initiatives in increasing usage of low emission vehicles will lead to a growth of the electric vehicle market.

EV battery price reductions,  connected cars, battery management system, Smart charging, wireless on the go charging are the key market trends or technologies which will have a major impact on the electric vehicle market in the future. Government bodies are working with manufacturers to provide the necessary EV charging stations across their countries. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, the electric vehicle market is considered to be a fast-growing industry in the next few decades.

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The Electric Vehicle Market is dominated by established players such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany) and Nissan Motors (Japan). The market ranking has been derived by considering a certain percentage of the segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.

Tesla is one of the world’s top producers of electric cars and related equipment. It is also in the green power business from solar applications. In 2020, the company had a market share of ~16% of plug in and hybrid EV’s and ~23% of BEV sales. The company is also one of the world’s top suppliers of battery storage systems and supplied around 3 GWh battery storage in 2020. The company operates in 3 major sectors: Automotive, Energy Storage and Energy production. The company has various subsidiaries including Solarcity, Tesla Grohmann Automation, Maxwell Technologies, Deepscale, Hibar Systems and SilLion. It has business across 35 locations around the world. The company also provides services for charging, vehicle servicing, etc.  In October 2020, Tesla acquired ATW automation, a supplier of battery modules and packs for auto industry to ramp up its EV battery technology and production. In April 2020, it announced a three-year partnership with Panasonic for the manufacture and supply of lithium-ion batteries at its Gigafactory in Nevada. In November 2019, Tesla launched its EV Cybertruck with around 3500 pounds of payload capacity. It has a sturdy exoskeleton designed for superior strength and endurance.

BYD (Build Your Dreams) is a leading technology company with a significant presence in the electronics, automobiles, and new energy sectors. The company is among the largest electric vehicle manufacturers across the world. It operates through three major segments, namely, Automobiles and components, Handset components and Rechargeable battery and Photo-voltaic. BYD Auto operates as a subsidiary of BYD Company and was founded in 2003 with Headquarters in Shenzhen, China and majorly manufactures Electric Vehicle, Battery and Electric Charging Business. The company produces automobiles, buses, electric bikes, electric cars, forklifts, rechargeable batteries, and trucks. It offers a wide range of electric and hybrid vehicles and sells majorly in the Chinese market. The company has a presence in more than 200 countries including China, Hong Kong, US, India, and countries in Europe and currently operates more than 20,000 units of chargers. The company has also installed charging stations across china and various countries around the world, majorly in collaboration with the concerned authorities in countries. In April 2021, BYD launched four new electric vehicle models equipped with Blade battery in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features. In November 2020, BYD and Didi announced the launch of BYD D1, an EV made for ride-hailing purposes. It includes an assisted driving system, ride safety solutions, attached to a fleet management system and comes with a 50kWh battery capacity with a range of around 260 miles. In July 2020, BYD launched its Han which comes with a blade battery and is available in BEV and PHEV versions. It comes with two battery options, 65 kWh option for 314 miles and 77kWh option for 342 miles range. Its PHEV comes with a 13 kWh battery and a 2.0 L gasoline engine and 180 kWh electric motor.

BMW, Volkswagen, Toyota, Hyundai, Honda, Nissan, Jaguar, General Motors, Ford, Kia, Daimler, Volvo, SAIC, BAIC, Geely, Chery, etc. are some of the other players in this market. In April 2021, Volkswagen unveiled the 7 seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. The vehicles will be sold only in China. It comes in two battery versions, 58 kWh and 77 kWh and comes in four powertrain configurations. In the same month, Volkswagen also launched its new 217 mile range ID.3 City in the market. It is the lowest cost ID.3 in the market and comes with a 45 kWh battery. In April 2021, Toyota launched the new LS and Mirai models in japan which come with advanced driving assist technology. In April 2021, Nissan showcased its new Ariya model. The BEV SUV comes with dual motors and all-wheel drive. The vehicle is equipped with a choice of 65 kWh and 90 kWh batteries. The vehicle has a range of 230-320 miles depending on the battery used. It is compatible with a standard CHAdeMO fast charger.  In March 2021, Ford announced that the next generation of ford transit custom launched will have a PHEV option. This will help the company expand its EV commercial vehicle range. In March 2021, BMW showcased its new i4 electric sedan with a range of around 300-367 miles. The vehicle can hit 100km/hour in just 4 seconds. In Jan 2021, BMW developed 5 new PHEV’s for the market. BMW 320e Sedan, BMW 320e Touring, BMW 320e Xdrive Touring, BMW 520e Sedan, BMW 520e Touring. They will be available with a 2 liter petrol engine and a 120 kW electric motor. They will have a 12kWh battery and will have an all-electric range of 30-35 miles. In December 2020, Nissan announced 2021 Leaf model in US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage ranges between 149 miles and 226 miles per charge.

Related Reports:

Electric Vehicle Market by Component, Vehicle (Passenger Cars, CV), Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point, Vehicle Class, V2G, Region-Global Forecast 2030

Mr. Aashish Mehra
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