Noida, Feb. 10, 2021 (GLOBE NEWSWIRE) -- According to BlueWeave Consulting, the global market for electric vehicle market should grow from USD 121.8 billion in 2020 to USD 236.3 billion by 2027, with a CAGR of 10.6% during the forecast period (2021–2027). In the present scenario, the rapid growth of the electric vehicle market has ceased or at least paused temporarily. However, in comparison to other regions, Europe has seen the strongest growth in electric vehicles.
In the coming 2 years, more than 240 new models of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) are expected to be introduced in the market. It is expected that around 130 million electric vehicles could be on the road by 2030 globally. In order to meet this number, huge charging stations are required and this will be very expensive. In order to meet the global demand for electric vehicle charging stations, both in public spaces and within homes, around USD 100 billion to USD 170 billion should be invested in the next ten years (2020-2030). Charging in residential and industrial buildings is the dominant place for the near future and will remain crucial to scaling the industry across the three most advanced electric vehicle markets including China, the EU-27, U.K., and U.S.
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In the present scenario, electric vehicle charging stations in private residences are very common, however, in order to meet the consumer demand, on-site commercial charging is expected to become a standard building feature in the coming 10 years. Electrical-equipment suppliers, building developers, and urban planners must integrate charging infrastructure into standard building-design plans in order to make electric vehicles more accessible and affordable. The electric vehicle market in 2030 is expected to require more than 50 million chargers in buildings, consuming at least 520 TWh per year.
In the present scenario, electric vehicles have a range of 150 to 300 miles per charge, making them more than appropriate for the 95% of vehicle journeys that are less than 30 miles. Today, charging infrastructure is deployed by the potential bottleneck to service the projected electric vehicle density. Denmark and the U.K have declared bans on sales of petrol-powered vehicles after 2030, while California has set a similar target for 2035.
Some cities are moving even further, with plans within the next decade to prohibit gasoline- and diesel-fueled cars entirely. In terms of electricity distribution, this size of a vehicle fleet will push additional annual power demand across China, the EU-27, U.K., and the U.S. from 180 to 235 terawatt-hours (TWh) by 2025 and 525 to 770 TWh by 2030. Meeting this requirement would enable property owners over the next decade to install dedicated charge point portfolios of AC level 2 chargers and DC quick chargers (DCFCs) across their facilities.
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Growing concerns over environmental pollution acting as a major growth driver
A high greenhouse gas (GHG) content is released into the atmosphere by internal combustion engine (ICE) vehicles. The governments of many countries have taken measures to deploy electric vehicles in order to curb this. Such programs will help boost the quality of the air. The reliance on fossil fuels would be minimized by the use of electric vehicles. As customers use more electric vehicles, the use of gasoline-powered vehicles would be less required, resulting in lower emissions of greenhouse gases. The pollution associated with producing electricity for electric vehicles will be further reduced as these technologies improve. For instance, International Renewable Energy Agency stated that by replacing existing vehicle fleet with electric vehicles in 2040, the State of California could reduce CO2 tailpipe emissions by a total of 124 million metric tons.
COVID-19 Impact
The spread of the COIVD-19 pandemic has posed a major threat to the global automotive industry due to the ongoing lock-down in different economies around the world, which has seriously affected the production of electric vehicles worldwide. Moreover, the spread of the infectious disease has also adversely affected the activities of some auto giants. Companies such as Nissan Motor Co., Tesla Inc., Daimler AG, BMW AG, and Kia Motors Corp. have discontinued their manufacturing facilities temporarily and diverted their interest towards the manufacture of PPE, generating dynamism in these facets of the company. In the future, government stimulus packages could enable the electric vehicle economy to overcome an economic crisis brought on by COVID-19 by heavily investing in charging infrastructure.
To further stimulate its automotive industry, China is one of the countries expected to make such an investment. As part of a stimulus plan to improve its economy after the recession triggered in part by trade tensions and coronavirus, the Chinese government has emphasised new infrastructure.' Therefore, most governments in the affected regions have used infrastructure rehabilitation as a form of economic stimulus. As the effects of COVID-19 related lock-down spread in the first quarter of 2020, global sales of electric vehicles declined dramatically in major markets, including Europe and the US. For major automotive OEMs and battery producers; falling market demand, disruption to upstream and downstream supply chains, and government directives have now resulted in the suspension and curtailment of production.
Supercharging segment is expected to grow at the faster rate in the global electric vehicle market during the forecast period
Based on the charger type, the market has been segmented into normal charging and supercharging. The supercharging segment is expected to grow at a faster rate during the forecast period, owing to the increasing demand for its deployment in commercial stations. The supercharging segment includes rapid AC chargers (up to 43 kW), DC chargers, and Tesla Superchargers. These chargers have the potential to charge an electric vehicle battery, up to 80%, within 30 minutes. The major factor driving the segmental growth is the growing adoption of technologies, such as Radio Frequency Identification (RFID) & Near-field Communication (NFC), in charging stations installed on highways. Electric bus manufacturers are establishing partnerships with OEMs for the development of fast-charging stations.
European electric vehicle market is expected to witness the fastest growth during the forecast period, followed by North America, and the Asia-Pacific market
According to the new emissions standard of the European Union, 95 grams of carbon dioxide per kilometer for passenger cars are set, which in turn increases electric vehicle sales because it set forth that 95% of the fleet must meet this standard in 2020 and 100% in 2021.
The automotive industry in countries such as U.S. & Canada is inclined towards innovation, technology, and the development of the advanced electric vehicle. In terms of volume sales, the North American market is expected to grow positively by over 14% during the forecast period, where the region, primarily U.S. would post an upward sales trend for electric passenger cars, followed by light-duty and class-8 electric trucks, and fleet utility electric vehicles. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles. Additionally, in 2018, Electrify America launched to promote EV adoption, announced its plans to invest USD 200.0 million for California. Thus, the demand for electric vehicles in North America is bound to rise over the forecast period.
Competitive Landscape
The leading players in the global electric vehicle market include Tesla, BYD, BMW, Volvo, Mercedes, FREIGHTLINER, Piaggio & C. SpA, Addax Motors, Balkancar Record, Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation & other prominent players. Factors such as reducing battery prices boosting electric vehicle demand and creation long-term value for customers will provide considerable growth opportunities to electric vehicle manufactures. These industry players implement various strategies such as mergers & acquisitions, partnerships, and new product launches to enhance profitability and company growth. For instance, in the last quarter of 2020, BYD and the Hokkaido Nippon-Ham Fighters jointly announced a strategic partnership agreement on transportation for the Hokkaido Ballpark F Village which is slated to be opened in 2023. Under the agreement, BYD will provide a range of emissions-free products, including pure electric buses, forklifts, and more.
Scope of the Report
By Propulsion Type
- Battery electric vehicle
- Hybrid electric vehicle
- Plug-in hybrid electric vehicle
- Fuel-cell electric vehicle
By Vehicle Type
- Passenger vehicles
- Commercial vehicles
- Two-wheelers
By Charging Type
- Normal charging
- Supercharging
By Region:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- Latin America
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global electric vehicle market size & forecast. The report promises to provide recent technology trends of the electric vehicle market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Blue Weave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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About Us
Blue Weave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.