Global electric vehicle market is estimated to rise at a CAGR of 23.8% during forecast period (2022-2030). Global electric vehicle market is driven by government regulations to limit green-house gas emissions and proactive government policies to promote electric vehicles. In 2015, “Paris agreement” was signed by 175 countries aimed at reducing the global CO2 emission by 28% by 2025. European Union has also set a target for average CO2 emission for new passenger cars and light commercial vehicles, according to the EU regulation no. 443/2009, CO2 emission should not exceed 95 grams per kilometer by 2021 and for light weight commercial vehicles 175 g/km applies from 2017, and 147 g/km from 2020. Growth of electric vehicles market is attributed to increase in production and sales of automobiles as vehicles are increasingly becoming an affordable commodity due to rise in disposable income of an individual across the globe.
Global electric vehicle market has been segmented on the basis of technology, power source and vehicle. The vehicle segment is further segmented into passenger cars, commercial vehicles, two wheelers and other vehicles. Commercial vehicle segment is the dominating segment with a revenue share of 39.62% in 2020. Mercedes-Benzes is planning to invest approximately $1 billion in electric vehicle production and projects around 25% of electric cars may soon be electrified by 2022.Electric commercial vehicles include trucks, vans, buses can be used on both unpaved and paved roads in cities. Government proactive stance to reduce carbon emission across the globe have positively impacted the growth of commercial electric vehicles globally.
Hybrid electric vehicle market dominates the technology segment of the global electric vehicle market by capturing largest market share of over 51% in 2020. Hybrid electric vehicle market is anticipated to grow at a CAGR of 23.9% during the forecast period The hybrid electric vehicle market is primarily driven by high adoption of hybrid electric vehicles owing to dual energy options present in hybrid electrical vehicles. Plug-in hybrid electric vehicle market is expected to grow at a highest CAGR of 24.3% in the forecast period. The growth of plug-in hybrid electric vehicles is also attributing to the increasing demand for fuel efficient vehicles.The growth of plug-in hybrid electric vehicles is also attributing to the increasing demand for fuel efficient vehicles.
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Geographically, the global electric vehicle market has been segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). Asia pacific is dominating market in global electric vehicle market with a revenue share of 38% in 2020. Asia pacific is also growing with a fastest CAGR of 24.6 % during forecast period. Proactive government policies in Asia pacific countries such as China, India, and Japan etc. are driving Asia Pacific electric vehicle market.
Product launch is the primary strategy adopted by the companies in the electric vehicle market. New and advanced products help to improve company market visibility while competing effectively with the key competitors already present in the market. Partnership/Joint ventures is the secondary strategy adopted by the companies in the electric vehicle market. Strategic partnership allows the companies to share their resources in order to serve their respective self-interest. The top companies in this market include BYD Company Ltd, Nissan Motors Co Ltd, Daimler AG, Tesla Motors and General Motors.
KEY MARKET MOVEMENTS
- Global electric vehicle market is estimated to rise at a CAGR of 23.8% during forecast period (2022-2030).
- Commercial vehicle segment is the dominating segment with a revenue share of 39.62% in 2020.
- Hybrid electric vehicle market dominates the technology segment of the global electric vehicle market by capturing largest market share of over 51% in 2020.
- Hybrid electric vehicle market is anticipated to grow at a CAGR of 23.9% during the forecast period
- Plug-in hybrid electric vehicle market is expected to grow at the highest CAGR of 24.3% in the forecast period.
- Asia pacific is dominating the market in global electric vehicle market with a revenue share of 38% in 2020.
- Asia pacific is also growing with a fastest CAGR of 24.6 % during the forecast period.
- Product launch is the primary strategy adopted by the companies in the electric vehicle market.
- The top companies in this market include BYD Company Ltd, Nissan Motors Co Ltd, Daimler AG, Tesla Motors, and General Motors.
