Dublin, Aug. 06, 2019 (GLOBE NEWSWIRE) -- The "Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Vehicle Market is Estimated to Grow from 3,269,671 Units in 2019 to Reach 26,951,318 Units by 2030, at a CAGR of 21.1%.
The market study covers the electric vehicle market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as charging station type, propulsion type, vehicle type, vehicle class, component, and region.
The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).
Heavy investments from automakers in EVs and encouraging government policies and subsidies are significant factors for the growth of the electric vehicle market globally
Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of availability of charging stations and initial high costs can create a hurdle for its growth.
Increasing adoption of electric buses likely to propel the growth of commercial vehicles during the forecast period
The commercial vehicle segment is expected to be the fastest-growing market. Increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial vehicle segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacing fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of eCommerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
Mid-priced vehicle segment is expected to grow at the highest CAGR
The future of EVs is expected to be bright and with time, the price of batteries, one of the most vital components in an EV, will reduce significantly, which would make EVs more affordable. Mid-priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries in the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles.
In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric Mini vehicles in China. In December 2018, the company launched its new flagship vehicleORA R1under its new ORA' electric car brand. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.
The Asia Pacific market is expected to register the fastest growth during the forecast period
The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in countries such as China, Japan, and South Korea is inclined toward innovation, technology, and development of advanced 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. BYD, BAIC, Chery, and SAIC, among others, are some of the key players in the Asia Pacific electric vehicle market.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Electric Vehicle Market
4.2 EV Market, By Region
4.3 EV Market, By Propulsion Type
4.4 EV Market, By Vehicle Class
4.5 EV Market, By Vehicle Type
4.6 EVSE Market, By Charging Station Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Favorable Government Policies and Subsidies
5.2.1.2 Heavy Investments From Automakers in EVs
5.2.1.3 Growing Concerns Over Environmental Pollution
5.2.1.4 Demand for Increased Vehicle Range Per Charge
5.2.1.5 Major Increase in EV Models
5.2.2 Restraints
5.2.2.1 Lack of Standardization of Charging Infrastructure
5.2.3 Opportunities
5.2.3.1 Use of Vehicle-To-Grid (V2G) EV Charging Stations
5.2.3.2 EV Charging Stations Powered By Renewable Energy
5.2.4 Challenges
5.2.4.1 High Cost of EVs in Comparison to Ice Vehicles
5.2.4.2 Stringent Rules for Installation of Charging Stations
5.2.4.3 Limited Range of EVs
5.3 Upcoming Electric Vehicle Models
5.4 Europe Passenger Car Market Share Analysis
5.4.1 BEV
5.4.2 PHEV
5.5 US Passenger Car Market Share Analysis 2017
5.6 US Passenger Car Market Share Analysis 2018
5.7 China Passenger Car Market Share Analysis 2017
5.8 China Passenger Car Market Share Analysis 2018
5.9 Transition Towards Electric Vehicles From ICE
5.10 Companies Analysis in EV Ecosystem
5.10.1 Competitive Leadership Mapping (Major Players)
5.10.2 Competitive Leadership Mapping (SME/Start-UPS)
5.10.3 EV Ecosystem Competitive Leadership Mapping
6 Industry Trends
6.1 Introduction
6.2 Shared Mobility
6.3 Batteries Used in Solar Vehicles
6.3.1 Lead-Acid Battery
6.3.2 Lead Carbon Battery
6.3.3 Lithium-Ion Battery
6.3.4 Solid-State Battery (SSB)
6.4 Smart Charging System
7 Global EV Market, By Government Regulations
7.1 Introduction
7.2 Canada
7.3 China
7.4 Denmark
7.5 France
7.6 Austria
7.7 Germany
7.8 Spain
8 Global EV Market, By Component
8.1 Introduction
8.2 Battery Cells & Packs
8.3 On-Board Charger
8.4 Infotainment System
9 Global EV Market, By Charging Station Type
9.1 Introduction
9.2 Research Methodology
9.3 Normal Charging
9.3.1 Increase Adoption of Electric Vehicles Will Boost the Demand
9.4 Super Charging
9.4.1 Demand for Fast Charging Station Will Boost the Demand for Super Charging
9.5 Key Primary Insights
10 Global EV Market, By Propulsion Type
10.1 Introduction
10.2 Research Methodology
10.3 Battery Electric Vehicle (BEV)
10.3.1 Increase in Vehicle Range Per Charge Will Boost the Demand
10.4 Fuel Cell Electric Vehicle (FCEV)
10.4.1 Demand for Zero-Emission Vehicles Will Uplift the Market
10.5 Plug-In Hybrid Electric Vehicle (PHEV)
10.5.1 Government Providing Tax Benefits and Incentives Will Boost the Demand
10.6 Hybrid Electric Vehicle (HEV)
10.7 Key Primary Insights
11 Global EV Market, By Vehicle Type
11.1 Introduction
11.2 Research Methodology
11.3 Passenger Car (PC)
11.3.1 Growing Emission Norms Will Boost the Demand
11.4 Commercial Vehicles (CV)
11.4.1 Growth of E-Commerce and Logistics Will Boost the Demand
11.5 Key Primary Insights
12 Global EV Market, By Vehicle Class
12.1 Introduction
12.2 Research Methodology
12.3 Mid-Priced
12.3.1 Decrease in Battery Price Will Boost the Demand
12.4 Luxury
12.4.1 Demand for High-End Technology Will Boost the Demand
12.5 Key Primary Insights
13 Global EV Market, By Region
13.1 Introduction
13.2 Asia Pacific
13.2.1 China
13.2.1.1 Increased Investment in Charging Infrastructure Will Uplift the Market
13.2.2 India
13.2.2.1 ABB to Set Up Electric Vehicle Chargers Facilities Will Boost the Demand
13.2.3 Japan
13.2.3.1 Advancement in Battery Technology Will Boost the Demand
13.2.4 South Korea
13.2.4.1 Increased Investment in Electric Vehicles Will Boost the Demand
13.3 Europe
13.3.1 France
13.3.1.1 Government Offering Purchase Grants Will Boost the Demand
13.3.2 Germany
13.3.2.1 Rising Sales of Hybrid Vehicles By Domestic Players Will Boost the Demand
13.3.3 Netherlands
13.3.3.1 Government Focus Towards Greener Vehicles Will Boost the Demand
13.3.4 Norway
13.3.4.1 Emergence of E-Mobility Will Boost the Demand
13.3.5 Sweden
13.3.5.1 Strong Existing Charging Infrastructure Will Boost the Demand
13.3.6 UK
13.3.6.1 Country Investment Towards Ultra-Low Emission Vehicles Will Boost the Demand
13.3.7 Denmark
13.3.7.1 Government Promoting Private Infrastructure Will Boost the Demand
13.3.8 Austria
13.3.8.1 Country Moving Towards Cleaner Vehicles Will Boost the Demand
13.3.9 Switzerland
13.3.9.1 Country Focus Towards Expansion of Electric Vehicle Charging Infrastructure
13.3.10 Spain
13.3.10.1 Increasing Investments in FCEV Will Uplift the Market
13.4 North America
13.4.1 Canada
13.4.1.1 Increasing Development in Electric Vehicles Infrastructure Will Boost the Demand
13.4.2 US
13.4.2.1 Increasing Production Capacity of Electric Vehicles Will Uplift the Market
14 Competitive Landscape
14.1 Overview
14.2 Market Ranking Analysis
14.3 Competitive Scenario
14.4 Global Competitive Leadership Mapping (Major Players)
14.4.1 Visionary Leaders
14.4.2 Innovators
14.4.3 Dynamic Differentiators
14.4.4 Emerging Companies
14.5 Competitive Leadership Mapping (SME/Start-UPS)
14.5.1 Progressive Companies
14.5.2 Responsive Companies
14.5.3 Dynamic Companies
14.5.4 Starting Blocks
14.6 Competitive Leadership Mapping (EV Components)
15 Company Profiles
15.1 Key Players
15.1.1 Tesla Motors
15.1.2 Nissan Motor
15.1.3 BYD
15.1.4 BMW
15.1.5 Volkswagen
15.1.6 Toyota
15.1.7 Ford
15.1.8 Volvo
15.1.9 Daimler
15.1.10 Hyundai
15.1.11 Honda
15.1.12 Continental
15.2 Key Players From Other Regions
15.2.1 North America
15.2.1.1 General Motors
15.2.1.2 Rivian
15.2.1.3 Faraday Future
15.2.1.4 Fisker
15.2.2 Europe
15.2.2.1 Alcraft Motor Company
15.2.3 Asia-Pacific
15.2.3.1 Byton
15.2.3.2 KIA Motors
15.2.3.3 BAIC Motor
15.2.3.4 Chery
15.2.3.5 SAIC Motor
15.2.3.6 JAC
15.2.3.7 Zotye
15.2.3.8 Geely
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