Electric Vehicle Market

Tesla and Nissan are Leading Company in the Electric Vehicle Market

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%. The base year for the report is 2018, and the forecast period is from 2019 to 2030. The electric vehicle market has witnessed rapid evolution with ongoing developments in the automotive sector. Favorable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration (specifically in China where ICE vehicle registration are banned in some urban areas) is one of the primary factors driving the growth of the market.

Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.

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The electric vehicle market is dominated by globally established players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies developed new products, adopted expansion strategies via collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle supply equipment market.

Tesla (US) is one of the leading players in this market. The company is continuously delivering new advanced electric vehicles and charging technologies. For instance, in 2019, the company launched its Model 3—one of the best selling vehicles in the US. Also, Tesla surpassed Mercedes-Benz sales in the first quarter of 2019. The company has the potential to manufacture highly innovative automobiles and has proved it over a period of time. The company is also set to create a strong presence in the Asia Pacific region with the construction of its new manufacturing plant in Shanghai, China, which is expected to commence operations by the end of 2019.

BYD is considered as one of the leading players in the electric vehicle market. It has a presence in various regions, including Asia Pacific, the US, and Europe. The company has focused on partnerships and established them across the globe. For instance, in 2019, Nobina, Swedens and Nordic regions largest bus operator, added a further 20 e-buses to its growing intake of orders from BYD.

Nissan is a leading manufacturer of vehicles under the Nissan, Infiniti, and Datsun brands worldwide. Its bestseller Nissan Leaf model has dominated the market over a period of time, crossing 200,000 units of sales in 2016. In 2019, the company unveiled an improved Nissan Leaf Plus model with enhanced new features such as larger battery, a 160 kW electric motor, improved range (up to 363 km), and higher power (214 hp).

Another important player in the industry is Volkswagen. In May 2019, the company announced pre-bookings in Europe for the first model of its new full-electric car model—ID.3. It received 15,000 registrations in no time—already more than half of the total pre-booking volume of 30,000.

Related Reports:

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

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Report Code
AT 4907
RI Published ON
6/27/2019
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