CHICAGO, July 1, 2019 /PRNewswire/ -- According to the new market research report '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', published by MarketsandMarkets™, the Electric Vehicle Market is projected to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030, at a CAGR of 21.1% during the forecast period.
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Asia Pacific is expected to lead the market during the forecast period
Asia Pacific is expected to be the largest Electric Vehicle Market. The market growth in the region can be attributed to the rising demand for greener transportation along with several initiatives by private organizations as well as governments. The region is home to some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of the Electric Vehicle Market, and hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. Recently, in March 2019, the Indian government announced the second phase of FAME – II, which includes setting up of 2,700 charging stations in metro cities. Also, the Indian government plans to make it mandatory for cab-hailing companies Ola and Uber to have 40% of their fleet as electric vehicles. China is also investing heavily in the production of electric commercial vehicles with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. In Japan, In December 2017, Toyota announced its plan to launch 10 new EV models by 2020. The EV charging infrastructure in Japan is already at an advanced stage. Hence, EV sales and electric vehicle charging stations market in Japan are expected to grow significantly in the near future. All these factors will drive the Electric Vehicle Market in the Asia Pacific region.
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Mid-priced segment is expected to grow at the highest CAGR
The mid-priced segment is expected to be the fastest growing market. In Asia Pacific region, China is one of the leading countries for 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 vehicle under its new 'ORA' electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles. Also, established automotive manufactures such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share.
Super charging segment is expected to grow at the highest CAGR
Super charging stations are stations with high DC charging units. The super chargers accounted for nearly 28% of the total electric vehicle supply equipment in 2018. In the near future, super chargers are estimated to witness a high growth rate because of the increase in the demand for electric vehicle. OEMs such as Tesla provide super chargers capable of adding 20 to 30 miles per hour of charge to a vehicle.
North America: The US is expected to lead the North American market
The North American region is estimated to be the fastest growing market. North America comprises developed economies such as the US and Canada. North America is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and establishment of new government regulations are driving the Electric Vehicle Market in this region.
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The global Electric Vehicle Market is dominated by major players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).
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