Worldwide Electric Vehicle Industry to 2030 - Low-priced Segment is Expected to be the Largest in the Vehicle Class Segment

Dublin, May 10, 2022 (GLOBE NEWSWIRE) -- The "Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030" report has been added to's offering.

The global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.

The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast

Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market.

Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC etc. have been strong players in the market. These companies have a strong market for their EV's around the world. Passenger cars account for the largest share in the electric vehicle market. Countries such as China have a low waiting period for electric vehicles compared to that for ICE powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement which further support the market growth. The fast growth of EV chargers have also led to the growth of the EV passenger car market.

DC (Super charging) to be the fastest-growing e-charging segment in the forecast period

Currently, Asia has the highest number of DC Chargers in the world, while Europe stands the 2nd best. Higher investments by governments has paid a significant role in the region. Superchargers are projected to grow at a fast rate in all 3 regions, especially in North American region due to the fast-projected transformation to EV's in the US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, the UK etc.

In Asia, Superchargers exist mostly in China and some in Japan and South Korea. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.

Low-priced segment is expected to be largest in the Vehicle class segment in the forecast period

Low-priced EVs are mainly available in the Asia Pacific region. China's top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020.

Suzuki is expected to enter the low-priced segment in the coming years with plans to open new manufacturing facilities in India. The upcoming Model 2 by Tesla for the Chinese market is also expected to cost around USD 20,000. With affordability as the main criteria in this segment, it has immense potential in the long run, with countries making policies to shift fully to EVs in the coming decades. Low-priced electric vehicles are small, lightweight, and less costly to produce and purchase. This kind of EV is also called Mini-EVs and is mainly available in China.

Some of the bestselling low-priced EVs are offered by BYD, SAIC Motors, and Great Wall Motors (China). In April 2020, the world's cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost approximately USD 5,000 and did not have additional features except traditional driving. This also became one of the top sold EV models in 2020 and 2021. Great Wall Motors's Black Cat, White Cat, and Good Cat were some of the top-selling EVs from the company, which pushed it to be one of the largest EV manufacturers in the world in 2021. In November 2020, Great Wall Motors launched its latest EV (Good Cat), which further started sales in Thailand in 2021. BYD's Han, Qin Plus PHEV, Song, and Qin Plus EV also had substantial sales in 2021, which belong to this segment.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Premium Insights
4.1 Attractive Opportunities in Electric Vehicle Market
4.2 Electric Vehicle Charging Station Market, by Charging Point Type
4.3 Electric Vehicle Market, by Vehicle Type
4.4 Electric Vehicle Market, by Vehicle Class
4.5 Electric Vehicle Market, by Propulsion Type
4.6 Electric Vehicle Market, by Vehicle Top Speed
4.7 Electric Vehicle Market, by Vehicle Drive Type
4.8 Electric Vehicle Market Growth Rate, by Region

5. Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Reducing Prices of Batteries to Support Demand for Cost-Effective EVs Faster Charging Speed to Enable Plug and Charge Use of EVs Rising Petroleum Prices Increase Demand for EVs Due to Lower Electricity Cost Lower Emissions Contribute to Demand for EVs Development of Private and Semi-Public EV Charging
5.2.2 Restraints High Initial Investments for Installing EV Fast Charging Infrastructure Insufficient EV Charging Infrastructure to Slow EV Adoption Longer Charging Time Than Other Fuels to Hinder Shift to EVs Lower Vehicle Range Hampers Use of EVs for Traveling
5.2.3 Opportunities Rising Demand for Electric Vehicles in Automotive and Transportation Sectors Government Initiatives Pertaining to EVs Development of Wireless EV Charging Technology for On-The-Go Charging Use of EVs for Fleets and Commercial Applications
5.2.4 Challenges High Cost of Electric Vehicles Compared to Ice Insufficient Standardization of EV Charging Infrastructure Lower Availability of Lithium for Use in EV Batteries Insufficient Grid Infrastructure Globally
5.3 Porter's Five Forces
5.4 New and Upcoming Electric Vehicle Models, 2021-2025
5.5 Top-Selling EV Models in 2021 (Worldwide in Thousands)
5.6 Electric Vehicle Market Ecosystem
5.7 Notable Developments in EV Market (2021)
5.8 Supply Chain Analysis
5.9 Electric Vehicle Pricing Analysis
5.10 Technology Analysis
5.11 Patent Analysis
5.12 Trade Analysis
5.13 Case Study
5.13.1 Nissan Leaf in Durham County, North Carolina
5.13.2 Adoption of Electric Buses as Public Transport in Shenzhen, China
5.14 Regulatory Overview
5.15 Key Conference & Events in 2022-2023
5.16 Trends and Disruptions
5.17 COVID-19 Impact Analysis
5.18 Electric Vehicle Market, Scenarios (2022-2030)

6. Electric Vehicle Charging Station Market, by Charging Point Type
6.1 Introduction
6.1.1 Operational Data
6.1.2 Assumptions
6.1.3 Research Methodology
6.2 AC (Normal Charging)
6.2.1 Increased Adoption of Electric Vehicles to Boost Demand
6.3 DC (Super Charging)
6.3.1 Demand for Fast Charging of EVs to Fuel Super Charging Segment Growth
6.4 Inductive Charging
6.5 Key Primary Insights

7. Electric Vehicle Market, by Component
7.1 Introduction
7.2 Battery Cells and Packs
7.3 Onboard Charger
7.4 Motor
7.5 Reducer
7.6 Power Control Unit
7.7 Battery Management System
7.8 Fuel Cell Stack
7.9 Fuel Processor
7.1 Power Conditioner
7.11 Air Compressor
7.12 Humidifier

8. Electric Vehicle Market, by Propulsion Type
8.1 Introduction
8.1.1 Operational Data
8.1.2 Assumptions
8.1.3 Research Methodology
8.2 Battery Electric Vehicle (BEV)
8.2.1 Increase in Vehicle Range Per Charge to Raise Demand
8.3 Fuel Cell Electric Vehicle (FCEV)
8.3.1 Demand for Zero Emission Vehicles to Uplift FCEV Market
8.4 Plug-In Hybrid Electric Vehicle (PHEV)
8.4.1 Government Provision of Tax Benefits and Incentives to Significantly Push Demand for Phevs
8.5 Hybrid Electric Vehicle (HEV)
8.6 Key Primary Insights

9. Electric Vehicle Market, by Vehicle Class
9.1 Introduction
9.1.1 Operational Data
9.1.2 Assumptions
9.1.3 Research Methodology
9.2 Low-Priced
9.2.1 Growing Demand for Affordable EVs Due to Upcoming Stringent Laws to Increase Demand
9.3 Mid-Priced
9.3.1 Decline in Battery Price Expected to Improve Demand
9.4 Luxury
9.4.1 High-End Technology Expected to Expand Demand for Luxury Segment
9.5 Key Primary Insights

10. Electric Vehicle Market, by Vehicle Drive Type
10.1 Introduction
10.1.1 Operational Data
10.1.2 Assumptions
10.1.3 Research Methodology
10.2 Front Wheel Drive (FWD)
10.3 Rear Wheel Drive (RWD)
10.4 All Wheel Drive (AWD)
10.5 Key Primary Insights

11. Electric Vehicle Market, by Vehicle Top Speed
11.1 Introduction
11.1.1 Operational Data
11.1.2 Assumptions
11.1.3 Research Methodology
11.2 <125 Mph
11.2.1 Decrease in EV Price Expected to Boost Demand
11.3 >125 Mph
11.3.1 Demand for High-End Vehicles Expected to Push Demand
11.4 Key Primary Insights

12. Electric Vehicle Market, by Vehicle Type
12.1 Introduction
12.1.1 Operational Data
12.1.2 Assumptions
12.1.3 Research Methodology
12.2 Passenger Car (PC)
12.2.1 Growing Emission Norms to Boost Market Demand
12.3 Commercial Vehicles (CV)
12.3.1 Growth of E-Commerce and Logistics Expected to Amplify Demand
12.4 Key Primary Insights

13. Electric Vehicle Market, by Vehicle Connectivity
13.1 Introduction
13.2 V2B or V2I
13.3 V2G
13.4 V2V
13.5 V2X

14. Electric Vehicle Market, by End Use
14.1 Introduction
14.2 Operational Data
14.3 Private
14.4 Commercial Fleets

15. Electric Vehicle Market, by Region

16. Competitive Landscape

17. Company Profiles
17.1 Key Players
17.1.1 Tesla
17.1.2 Volkswagen AG
17.1.3 SAIC Motors
17.1.4 BYD
17.1.5 Stellantis
17.1.6 BMW Group
17.1.7 Nissan Motors
17.1.8 Hyundai Group
17.1.9 Great Wall Motors
17.1.10 Toyota Motor Corporation
17.1.11 GAC Motors
17.1.12 Renault Group
17.2 Other Key Players
17.2.1 Geely
17.2.2 General Motors
17.2.3 Rivian
17.2.4 Fisker
17.2.5 Lucid Motors
17.2.6 Ford Motor Company
17.2.7 BAIC Motors
17.2.8 Mitsubishi Motors
17.2.9 Chery
17.2.10 JAC
17.2.11 Zoyte
17.2.12 Daimler AG
17.3 Key Startups
17.3.1 Xpeng
17.3.2 Byton
17.3.3 Nikola Corporation
17.3.4 Altcraft Motor Company
17.3.5 Nio
17.3.6 Faraday Future
17.3.7 Leap Motors
17.3.8 WM Motors
17.3.9 Fresco Motors
17.3.10 Lordstown Motors

18. Analyst's Recommendations

19. Appendix

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Global Electric Vehicle Market

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