Global Electric Vehicles (EV) Market Insights, Size and Growth Forecast To 2031

 

Global electric vehicle (EV) market is estimated to be worth USD 197.4 Billion in 2020 and is projected to grow at a CAGR of 21.64% between 2020 to 2031. An electric vehicle (EV) basically operates on electricity and these vehicles runs on fuel. The internal vehicles run on an electric motor that requires constant supply of energy from batteries. There are a variety of EV batteries used in these vehicles and includes molten salt, lithium ion, zinc-air, and various nickel-based designs. The EV use one or more than one electric motors or traction motors for propulsion. These vehicles are powered by a collector system through electricity from charging station deployments or can be charged by self-charging devices.

Because of technological advancements and the production of electric vehicle batteries on a mass scale in great volumes, the cost of electric vehicle batteries has been declining over the past decade. This has led to a decrease in the cost of electric vehicles as electric vehicle batteries are one of the most expensive parts of an electric vehicle. In 2010, the price of an electric vehicle battery was around USD 1,100 per kWh. Conversely, by 2020 their price fell to about USD 137 per kWh whereas the price is as low as USD 100 per kWh in China. This is because of reducing manufacturing costs of these batteries, abridged cathode material prices and superior volumes of production, etc. The prices of electric vehicle batteries are anticipated to fall to about USD 60 per kWh by 2030, which will significantly, decline the price of electric vehicles making them cheaper than conventional ICE vehicles.

The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disturbed in the initial outburst of COVID 19. Manufacturers had to wait until lockdowns were lifted to restart production, which affected their businesses. Therefore, vehicle manufacturers had to regulate the production volume. Likewise, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity problems. The automotive industry is highly capital-intensive and relies on frequent financing to endure operations. Therefore, the production suspension during the initial months of the outburst and lower demand had an unprecedented impact on electric vehicle manufacturers in the initial months of the pandemic.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”


Propelling Demand from Customers
The preferences of customers and consumers changes over time. In light of this, manufacturers are keen to understand the ever-changing needs and incorporate them in their product portfolio. Many players in the market are already focused on development of top-notch electric vehicles revolving around auto enthusiasts’ needs. As the manufacturers meet the customer needs, the sales of the top players in the market is significantly increasing. For instance, in June 2021, BYD delivered XX commercial electric vehicles, including XX buses. Year-to-date sales of commercial electric vehicles amounted to XX, including XX buses. The company sold XX passengers plug-in cars, which is 207% more than a year ago, in China. 

Furthermore, Volkswagen Group's global deliveries of full-electric vehicles more than doubled in the first half of 2021, substantially driven by demand in Europe. Europe was the automaker's top EV market, with sales of XX, up 156 percent. Thus, such a high demand substantially increases the growth rate of the global electric vehicles market.

The global electric vehicles market was capitalized for USD XX Billion in 2019 and is estimated to reach USD XX Billion by the end of 2026, developing at a CAGR of over 21.64% during the forecast period 2021–2031.

Market Dynamics
  • Driver
  • Restrain
  • Opportunities
  • Challenges
Market Segmentation 
Global Electric Vehicles market it is segmented into component, vehicle type, vehicle class, top speed, vehicle drive type, EV charging point type, charging, and propulsion. On the basis of Component, the market is classified into Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier. In 2021, the Battery Cells & Packs segment is expected to dominate the market. It generated USD XX million in 2021 and is projected to reach USD XX million by 2031, growing at a CAGR of 22.15% from 2021 to 2031. On the basis of Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Among these, the Commercial Vehicles dominate the market during the forecast period. Based on Vehicle Class the market is divided into Mid-priced and Luxury. 

Key Segments
  • Component 
  • Vehicle Type 
  • Vehicle Class 
  • Top Speed 
  • Vehicle Drive Type 
  • EV Charging Point Type 
  • Charging 
  • Propulsion 
  • By region
Key Benefits for the Electric Vehicles Market
  • Our research reports help you understand the consumer behaviour and hence assist you to understand the on-going trend in the market.
  • Our reports give you a 360-degree view of the market assisting you to understand the exact factors that are driving the sales and the possible future changes in consumer tastes. It therefore helps you take informed business decisions.
  • We track the markets right from the research stage and thus offer highly information research findings
  • Our study is based on analysis by in-house team of analysts as well as data gathered by on-field consultants. We use proven survey methodology to find out the actual trends prevailing in the market. We also study and let you understand the factors behind the trending products, applications, technologies etc.
  • Our study reveals you the potential products that may gain traction in next 6 to 8 years. Staying informed of lucrative business opportunities help you stay prepared for the growth in demand for a product in near future.
The major companies operating in the global Electric Vehicles market
Prominent companies include
  • Tesla
  • BYD Inc.
  • Volkswagen AG
  • BMW Group
  • Nissan Motors
  • Toyota Motor Corporation
  • Ford Motor Company
  • AB Volvo
  • Saic Motors
  • Hyundai Group
  • Honda Motors
  • General Motors
  • Daimler AG and others

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