The Electric Vehicle Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1%.
The growing trend of greener transport is the major factor responsible for the expected advancements in this market. Electric vehicles, including BEVs, PHEVs, and FCEVs, are expected to play a major role in the future to achieve the emission targets for different countries and de-carbonization of transportation systems around the world. OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric vehicles and charging solutions.
Opportunities:
1 Use of Vehicle-To-Grid (V2G) EV Charging Stations
2 EV Charging Stations Powered By Renewable Energy
In the electric vehicle market, by propulsion type, the FCEV passenger car segment is estimated to be the fastest growing market. In FCEV, the fuel cell combines hydrogen with oxygen from the air to produce electricity. With increased state and federal policies aimed at getting more of these vehicles on the roads, FCEVs can become a large part of the future transportation systems. Also, the FCEV segment is estimated to be the fastest growing market in Japan. Toyota and Honda are selling hydrogen-powered cars and have collaborated to increase hydrogen refueling stations across the country. Also, in March 2018, a group of 11 Japanese companies, including Toyota, Nissan, and Honda, launched a venture called Japan H2 Mobility to build 80 hydrogen fueling stations by 2022.
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The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).
The Asia Pacific electric passenger car market is estimated to be the largest and fastest growing market. This market has witnessed rapid year-on-year growth in the Asia Pacific region. It comprises some of the fastest developing economies in the world, such as China, Japan, and India. Market experts predict EVs would account for around 50% of the market share in China by 2025. The governments in these countries have recognized the growth potential of electric vehicles and the advantages of using them. Increasing demand for electric vehicles in the Asia Pacific is anticipated to boost infrastructure development and ensure remarkable economic growth. China is also investing heavily in the production of electric commercial vehicles with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. All these factors will drive the electric vehicle market in the Asia Pacific region.
Recent Developments:
• In March 2019, Tesla launched its fully electric Model Y, which can carry 7 passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.
• In July 2018, Tesla landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the US that would double the size of the electric car maker’s global manufacturing.
• In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan’s commitment to driving electrification in the region.
• In April 2019, BYD announced the launch of the K12A at the company’s headquarters in Shenzhen, the world’s first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
• In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been specially configured for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.
