Electric Vehicle Market Overview
The electric vehicle market was valued at USD 370.86 billion in 2021, and it is expected to reach USD 1298.32 billion by 2027, growing at a CAGR of 23.35% over the forecast period (2022-2027). The automotive industry in countries such as China, India, Japan, and South Korea is inclined toward innovation, technology, and advanced electric vehicle development. China’s Ministry of Transport is offering subsidies and other benefits for the development of low emission bus fleets, thereby, further positively influencing the market. For instance, 61,000 more new energy buses were sold by Chinese bus makers during 2020, despite the pandemic. The bus production in China accounted for around 15,000 units during 2020. Moreover, in November 2020, Yutong Bus signed an agreement with Qatar Free Zones Authority (QFZA) and Mowasalat to establish a KD factory in Qatar. The company is expected to supply 741 units of e-buses for FIFA World Cup 2022.
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Electric Vehicle Market – Geographical Overview
The Asia-Pacific region is expected to witness the fastest growth, followed by Europe and North America. The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth of electric vehicles during the forecast period. Developed nations such as the United States, Germany, and the United Kingdom are actively promoting the use of electric vehicles to reduce emissions, which resulted in the growth of electric vehicle sales. To fulfill the charging station gap in North America, Tesla will construct numerous charging stations across the United States and Canada, including solar-powered charging stations, to improve infrastructure for EVs.
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Key Highlights of the Electric Vehicle Market
- Ford company had previously committed to spending USD 11.5 billion on electrifying its vehicle lineup through 2022, and in its recent announcement, it increased its investment in autonomous and electric vehicles amid continuous lockdowns to boost vehicle sales.
- Mercedes Benz had confirmed that it would roll out 25 new plugin hybrid electric vehicles in addition to fully electric vehicles by 2025. The wide product offering by companies attracted many consumers and resulted in a growing market for electric vehicles.
- In November 2021, Tesla Inc announced plans to invest up to 1.2 billion yuan (USD 187.91 million) to expand production capacity at its Shanghai factory. Tesla’s Shanghai factory was designed to make up to 500,000 cars a year and currently has the capacity to produce Model 3 and Model Y vehicles at a rate of 450,000 total units a year.
- In August 2021, Toyota announced its new BEV series, Toyota bZ, in the establishment of a full line-up of electrified vehicles. A concept version of the first model in the series was unveiled at Auto Shanghai, and 15 BEVs are expected to be introduced globally by 2025.
Recent Developments in the Electric Vehicle Market
- In February 2022, Tesla Inc revealed plans to expand parts production at its Shanghai factory to meet the growing demand for exports.
- In December 2021, The Volkswagen Group announced that it will invest EUR 89 billion in new technology within the next four years as part of a push to make a quarter of all its sales battery-electric by the end of 2026.
- In December 2021, Toyota partners with BYD. Toyota Motor Corp will launch an all-electric small sedan in China late next year. The new electric vehicle will reportedly be slightly bigger than the Toyota Corolla and sell for less than under 200,000 yuan
- In September 2021, Tesla Inc. was granted EUR 120 million in funding by Brandenburg state parliament for its new Gigafactory Berlin. In addition to its vehicle assembly lines, Tesla is also planning a battery cell factory in Grünheide.
Related Reports and Links
- China Electric Vehicles Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
- Electric Vehicle Battery Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
List of Key Players in the Electric Vehicle Market
- Tesla Motors Inc.
- Daimler AG
- BYD Company Ltd
- Volkswagen AG
- Toyota Motor Corporation
- Honda Motor Company Ltd
- Nissan Motor Co. Ltd
- Chery Automobile Co. Ltd
- SAIC Motor Corp. Ltd
*List Not Exhaustive
Mordor Intelligence has segmented the global electric vehicle market based on propulsion type, vehicle type, charging type, and geography:
- Propulsion Type (Market Size & Forecast based on Revenue (USD billion), 2018-2027)
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Vehicle Type (Market Size & Forecast based on Revenue (USD billion), 2018-2027)
- Passenger Cars
- Commercial Vehicles
- Charging Type (Market Size & Forecast based on Revenue (USD billion), 2018-2027)
- Normal Charging
- Fast Charging
- Geography (Market Size & Forecast based on Revenue (USD billion), 2018-2027)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Rest of Europe
- Rest of the World
- South America
- Middle-East and Africa
- North America
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