The global electric vehicle market size is projected to grow from 8,151 thousand units in 2022 to 39,208 thousand units by 2030, at a CAGR of 21.7%. The rising cost of fossil fuels, reducing cost of EV batteries and government initiatives in increasing usage of low emission vehicles will lead to a growth of the electric vehicle market.
Developments in EV battery technology, connected cars technology, battery management technology, Smart charging, wireless on the go charging 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 infrastructure across their countries. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, electric vehicle market is projected to register rapid growth in the next few decades.
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The electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands). The market ranking has been derived by considering EV sales and a certain percentage of 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 regarded among the world’s best-selling electric car manufacturers in the plug-in and battery electric vehicle segments. It designs, develops, manufactures, and markets high-performance electric cars and battery energy storage equipment, including EV charging stations and solar panels. The company primarily operates in the automotive and energy generation & storage segments. Tesla sells cars directly to consumers through its website and a wide range of international stores and galleries and does not have dealerships. In 2021, Tesla was the largest selling EV manufacturer globally, with over 936,000 EVs sold. Its Tesla Model 3 and Tesla Model Y were the bestselling EVs worldwide. Its entry into the Chinese market accelerated its EV business in the Asia Pacific region. According to Marklines, the company sold around 473,000 units in the Chinese markets in 2021. In February 2022, the company announced plans to double the capacity of its Shanghai plant. This will increase the amount of EVs sold by Tesla in the country. It also plans to develop an affordable EV made for developing markets like China and India, which would be priced around USD 25,000. It is already in development in China and is expected to be launched by 2023.
Volkswagen AG is one of the world’s top automakers. It has over 100 production facilities in approximately 27 countries. The company designs, engineers, produces, and sells automobiles, commercial vehicles, IC engines, motorcycles, and turbomachinery. It has various brands in its portfolio, including Audi, Bentley, Bugatti, Ducati, Jetta, Porsche, SEAT, Skoda, Volkswagen, MAN, Neoplan, Scania, and Traton. It also offers services such as banking, financing, fleet management, insurance, and leasing. Some of its brands, such as Volkswagen, produce electric vehicles. The company has various subsidiaries for different businesses such as transportation, financial services, logistics, and industrial across regions to produce and sell its vehicles and services. It currently develops EV cars under its Audi, Cupra Born, Skoda, and Volkswagen Cars brands. It sold over 369,000 (BEVs and PHEVs) in 2021, a 73% growth compared to its sales in 2020. Volkswagen ID.4 was the bestselling EV car from the company with 119,650 units sold, followed by ID.3 with 76,000 units sold in 2021. Its rapid expansion of EV manufacturing plants and plans to stop ICE car production by 2035 is expected to create a sizable opportunity for the company in the EV market. In January 2022, Volkswagen announced the development of its ID.5 model based on the Skoda Enayaq iV model. The vehicle is expected to have a range of around 300 miles on 1 charge.
SAIC Motors is a Chinese state-owned automotive company. It is one of the top automobile producers in the country and has a large share in the EV market. It has entered into various joint ventures with companies such as GM, Volkswagen, Iveco, etc., and many subsidiaries. The company sells its EVs through its subsidiaries and partnerships, including MG Motors, SAIC-GM-Wulin, and its own SAIC brand. In 2021, the company sold around 683,086 EVs worldwide, with the majority of its EVs sold in China. Its SAIC-GM-Wulin’s Mini EV sold around 400,000 units in 2021 and was its bestselling EV. The company was also the largest budget EV manufacturer globally, with its bestseller Mini EV selling as low as USD 4,500-5,600. In February 2022, MG Motors (subsidiary of SAIC) showcased its upcoming EV, the MG 4, which is expected to launch in India later in 2022. The EV will come with a 61.1 kWh battery pack and is expected to run around 400 km. Similarly, in April 2021, SAIC Motors launched the latest Z-One Galaxy Full-Stack Solution for smart vehicles. It opens new horizons for smarter, multi-faceted, and efficient mobility solutions for vehicles.
BYD (China), Stellantis (Netherlands), Toyota Motor Corporation (Japan), BMW Group (Germany), Nissan Motors (Japan), GAC Motors (China), Great Wall Motors (China), Hyundai Group (South Korea), Renault Group (France) among others are some of the other top OEMs selling EVs in the market. These companies have been working to grab the larger share in EV market since the past few years with deals, new product launches and expansions. BYD, for instance, launched its new second-generation e6 EV in December 2021 for the Indian market. The deliveries for this model were started by February 2022. This MPV comes with a 71.7 kWh battery pack and a range of around 250+ miles per charge. Similarly, in November 2021, BMW launched its new i4 electric sedan with a range of approximately 300-367 miles. The vehicle can reach 100 km/hour in just four seconds. It comes with automatic transmission and connected vehicle features. Further, on June 2021, Opel/Vauxhall, a subsidiary of Stellantis, launched its Mokka EV, which comes with a max range of 209 miles and a 50kWh battery. The car is FWD and comes with connected vehicle features.
Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030
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