The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. The electric vehicle (EV) market is currently experiencing a transformative phase of rapid growth and innovation. With increasing global concern over climate change and air pollution, coupled with advancements in technology and supportive government policies, the adoption of EVs has gained tremendous momentum. Consumers are seeking environmentally friendly and cost-effective alternatives to traditional internal combustion engine vehicles, and automakers are responding with a diverse range of electric models that cater to various preferences and needs. As the world strives for a greener and more sustainable future, the EV market is set to revolutionize the automotive industry and redefine the way we commute and transport goods.
BEVs are expected to be the largest market in the EV market due to increasing concerns for emission reductions by countries around the world, BEVs have an increasing demand. Earlier due to the low availability of charging stations and high cost of EV batteries, BEVs had a low demand. However, due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network around the world, the demand for BEVs has been rising significantly. Among the top sold EVs in the market in 2022, a majority are BEVs. The BEV is powered by an electric battery stored with chemical energy. The battery used in a BEV is rechargeable and accounts for approximately 70% weight of the vehicle. OEMs are investing significantly in research & development to increase the efficiency of electric vehicles. Companies such as Tesla and Chevrolet have invented long-range electric vehicle batteries. BEVs are emission-free and several advancements in technology have helped improve sales. BEVs are available in multiple segments, including sedan, SUV, and hatchback. Many OEMs are launching electric vehicles to cater to market demand. Tesla (US), Volkswagen AG (Germany), SAIC Motors (China) BYD (China) and Stellantis (Netherlands) are the pure electric vehicle companies topping sales, while OEMs such as Nissan, Toyota, and GM are also offering tough competition to electric vehicle manufacturers. Tesla is the bestseller in North America and Europe while the Wuling HongGuang Mini EV is a low-cost EV popular in China. China remained the largest market for BEVs, accounting for more than half of the global sales, while Europe demonstrated a rapid expansion in BEV adoption, capturing around one-third of the market share. Furthermore, the report highlights that several countries, such as the US, Japan, and South Korea, also witnessed notable growth in BEV sales during 2022.
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Passenger car segment is the largest, by vehicle type, and includes sedans, hatchbacks, station wagons, Sports Utility Vehicles (SUVs), Multi-Utility Vehicles (MUVs), and other car types. This vehicle segment offers significant opportunities for electric vehicles, as it is the largest segment in the automotive industry. The passenger car segment of the electric vehicle market is growing at a significant rate in emerging economies in the Asia Pacific region. Market growth in the region can be attributed to a rise in the GDP and population, improvement in lifestyle, increased purchasing power of consumers, and development of infrastructure in the region along with strong government support for zero-emission vehicles in countries such as China, Japan, and South Korea. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc. are strong players in the market. These companies have a strong market for their EVs around the world. In 2022, the bestselling passenger electric cars were Tesla Model Y, BYD song, Tesla Model 3, Wuling HongGuang Mini EV, BYD Qin Plus, BYD Han, BYD Dolphin, BYD Yuan Plus 1 Atto 3, VW ID.4, BYD Tang, GAC Aion Y, GAC Aion S, Hyundai Ioniq 5, Changan Benni EV, Chery QQ Ice Cream, Chery eQ1, Hozon Neta V, Ford Mustang Mach-E, Li Xiang One EREV and Kia EV6.
The electric vehicle industry for the <125 mph segment is currently the largest and fastest growing segment during the forecast period. This is due to the high demand in countries such as China, Japan, South Korea, and some European countries. Chinese, South Korean, and Japanese OEMs are some of the major producers of vehicles for this segment followed by some top European manufacturers such as Volkswagen, Renault, etc. In 2022, the Asia Pacific region grew significantly in this segment due to its strong government policies and OEM support. MEA is expected to be the fastest-growing region for this segment due to its newly growing demand for EVs across its countries. Sales in the EV market is currently (as of December 2022) majorly led by budget vehicles which can be seen from the top EV sales in 2022 except for some companies’ vehicles such as Tesla. More than 70% of the EV market is led by low end and mid-priced vehicles. Most of these vehicles are installed with smaller battery capacity, low acceleration, lower top speed, and lower added features. China for instance, has a range of low priced EVs with decent features and lower top speed compared to their luxury alternatives. Some top electric vehicles sold in the international market in 2022 which have top speed less than 125 mph include models such as SAIC Wulin Honguang Mini, BYD Han, BYD Donphin, BYD Yuan Plus EV, GAC Aion Y, GAC Aion S, Changan Benni EV, Chery QQ Ice Cream, Hozon Neta V EV, Chery EQ 1, Volkswagen ID 4, etc. For instance, in June 2023, Volkswagen unveiled ID.7, its first electric model designed for the upper mid-sized class with a top speed of 112.5 mph.
North America is a significant market during the forecast period. Top EV battery providers and startups have partnered with OEMs in the North American EV market. GM for instance has partnered with LG Chem for their EV batteries. Stellantis on the other hand has partnered with Samsung SDI for EV batteries. Ford is working with SK Innovation for the North American EV market. Tesla manufactures its EV batteries in-house. All these companies are working together to develop manufacturing hubs in the US. BMW, Nissan, Volkswagen, and Daimler are the leading OEMs in the US that have launched electric vehicles in the region. The top selling electric vehicles in the US are Tesla Model S, Chevy Volt, Nissan Leaf, and Ford Fusion Energy PHEV. The US is among the top EV markets in the world. Although the country does not have unified EV-related regulations, 45 of its member states promote the sales of EVs and setting up of EV charging stations. The country gives a USD 7,500 grant to new EV buyers up to a certain extent. States such as California have mass popularized EVs across their regions and taxed ICE vehicles significantly. This has led to a case where in the country, some states are fully EV enabled and ready while some others are not. Canada is also working on increasing EV demand in the country. Relevant laws are being made to support the Canadian EV manufacturers and promote demand in their domestic market.
Key Market Players
The EV Companies are is dominated by BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others. These companies have worked with other players in the EV ecosystem and developed best in class EV technology.
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