Market Overview –
At a CAGR of 21.7 percent, the global electric vehicles market is expected to expand from 8,151,00 units in 2022 to 39,208,00 units in 2030. Manufacturers have been obliged to supply electric vehicles all over the world due to factors such as increasing demand for low emission commuting and government support of long range, zero emission vehicles through subsidies and tax refunds. As a result, the market for electric vehicles is seeing an increase in demand. Emission reduction targets have been set by countries all over the world based on their own capacities.
It will be easier for OEMs to grow their revenue streams and geographic presence if governments throughout the world continue to invest in the development of charging stations for electric vehicles and hydrogen fueling stations. There will be stable growth in the EV market in the Asia-Pacific region due to the high demand for low-cost, low-emission vehicles, while the markets in the United States and Europe will rise rapidly due to government initiatives and the expanding high-performance passenger vehicle segment. With fewer charging stations and hydrogen fuel stations, greater start-up costs and performance limitations, electric car sales may be slowed down in the future.
Car owners in the United States have made the switch from gas to electricity, and many more are considering it. When asked by Pew Research Center, 7% of Americans stated they own an electric or hybrid car, and 39% said they were very or somewhat inclined to buy an electric car the next time they needed new wheels.
COVID-19 Impact –
In early 2020, lockdowns caused a moderate impact on the EV charging industry. The need for EV charging stations grew in 2021 as the EV market grew in response to government incentives around the world amid the pandemic. Metals such as steel, copper, and aluminium extraction have all been hampered by the COVID-19 epidemic. Raw minerals like copper saw their prices surge, reaching USD 10,000 per tonne for the first time in ten years, in May 2021, when copper prices peaked.
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The major EV manufacturers, on the other hand, have quickly boosted their EV sales during the last two years Due to declining sales, Tesla, for example, plans to lay off personnel in October 2020. China’s early entrance into the company’s income stream has helped it grow overall. COVID-19 had little effect on the company’s performance in 2021. Lockdowns in China caused a drop in sales in early 2022. This EV market was less affected by the epidemic because of the tremendous drive from governments throughout the world to phase out ICE vehicles.
Market Development of self-driving –
Self-driving trucks will have an impact on the electric vehicle market. It’s no secret that the world’s leading automakers are working on self-driving electric vehicles that can be sold on the market. There are also a number of startups working on self-driving electric vehicles, including Uber, Embark, Einride, TuSimple, and Ike. For example, Tesla has set a target date of 2022 for the launch of its self-driving electric truck.
Waymo, for example, has been putting its self-driving trucks through their paces since January 2020. Similarly, TuSimple intends to operate self-driving routes between Pheonix and Tucson in Arizona and certain portions of Texas as part of its network. Furthermore, Einride began testing driverless trucks in May of this year. Daimler announced a $570 million investment in electric self-driving vehicles in January 2019. Since self-driving technology reduces accident risk, is simple to use, and includes extra value, it will likely raise demand for electric vehicles in the long run. Next five to six years is when this technology is projected to reach its full potential. It is therefore prudent for electric vehicle manufacturers to focus on developing self-driving technology.
EV Market in India –
It is anticipated that the Indian vehicle sector will grow from fifth to third in the world by 2030. IESA predicts that the Indian EV market would grow at a compound annual growth rate (CAGR) of 36% during the next few years. As India’s population grows and the demand for automobiles increases, relying solely on conventional energy supplies is no longer an option. By 2030, NITI Aayog hopes to have 70% of all commercial vehicles, 30% of private vehicles, 40% of buses, and 80% of two and three-wheelers on the road using electric vehicles. To attain net zero carbon emissions by 2070, this is a logical step. According to the Ministry of Heavy Industries, 0.52 million electric vehicles have been registered in India over the last three years. As a result of the government’s favourable policies and programmes, electric vehicle sales grew rapidly in 2021.
When it comes to India’s EV sales in 2021, Uttar Pradesh had the most share of the market with 66,704 units sold across all categories. Karnataka was second with 33,302 units, while Tamil Nadu was third with 30,036 units. The three-wheeler market was dominated by Uttar Pradesh, while the two-wheeler and four-wheeler markets were led by Karnataka and Maharashtra, respectively.
Market Trends and Forecast –
Battery, hybrid, and plug-in hybrid electric vehicle markets all hold promise for the future of the global electric vehicle market. Electric vehicles are predicted to grow at a 32.2 percent compound annual growth rate (CAGR) from 2021 to 2027. Increasing gasoline prices, government subsidies to promote electric vehicles, and environmental concerns are the primary drivers of this sector.
Key Players –
Nissan Motor Corporation Ltd.
Bayerische Motoren Werke AG
Honda Motor Co., Ltd.
Mitsubishi Motors Corporation
Toyota Motor Corporation
Tesla Motors, Inc.
Ford Motor Company
General Motors Company
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By Regions –
Middle East & Africa