Electric Vehicle Market - Global Forecast to 2030: Market Volume is Expected to Reach 26,951,318 Units

DUBLIN, July 10, 2019 /PRNewswire/ -- 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%.

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.

The present age is considered as the age of electromobility. Growing emission levels and stringent government regulations have compelled automakers to develop cost-efficient and environment-friendly modes of transport. Increasing the volume of toxic gases emitted by vehicles has created an alarming situation and made it imperative for various governments to take preventive steps to reduce pollution. Thus, the governments of various countries have taken stringent measures to increase the adoption of electric vehicles. Electric vehicles produce zero or very low emission of local air pollutants. In addition, battery electric vehicles produce lower noise due to the absence of IC engine.

The adoption rate of electric vehicles is increasing, and many countries across the globe are investing heavily in research and development. Countries such as Canada, France, India, Netherlands, and France have introduced various campaigns to boost the adoption of electric vehicles. In 2017, the Clean Energy Ministerial launched EV30@30, which is an ambitious plan to reach 30% sales share for electric vehicles by 2030. In May 2018, the French Government partnered with the country's automotive sector to achieve this target.

In addition, France continues to support the installation of charging points available to the public. Canada outlined a vision for future EV uptake accompanied by ambitious policies in some provinces, such as the zero-emissions vehicles (ZEVs) mandate in Quebec. British Columbia announced legislation for the most stringent ZEV mandate worldwide: 30% ZEV sales by 2030 and 100% by 2040.

Leading private automakers such as Tesla, Volkswagen, Nissan, Toyota, and Honda have gradually shifted focus toward electric vehicles. For instance, leading German vehicle manufacturer Volkswagen announced its plan to launch 70 new electric models by 2028 instead of the 50 planned previously. The reducing price of the battery has significantly lowered the cost of an electric vehicle, which in turn allows it to target a larger customer base. Hence, the popularity of EVs has grown in the recent past.

The Electric Vehicles Initiative (EVI), which is a multi-government policy forum to accelerate the introduction and adoption of electric vehicles worldwide, has set a target of reaching an electric car fleet of 20 million by 2020 globally. The Paris Declaration on Electro-Mobility and Climate Change has also set a similar global deployment target of 100 million electric cars by 2030. In 2018, the global electric vehicle sales, which include BEVs, PHEVs, and FCEVs, reached near 2 million units, with a final figure of 1,934,225 units.

The increasing popularity of electric vehicles is driven by increased EV range, decreasing battery price, and an increased number of EV models. Leading EV manufacturer Tesla plans to expand the sales globally. In July 2018, Tesla announced a deal with Chinese authorities to build a new auto plant in Shanghai, China. Tesla plans to produce affordable versions of the Model 3 sedan and the Model Y SUV in the Shanghai-based facility, which will allow the company to offer these vehicles in the Chinese market without bearing import costs.

The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

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
13.3.10Spain
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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