Pune, India, June 27, 2019 (GLOBE NEWSWIRE) -- The rise in emission levels globally has called for new methods to control. The automotive sector has been taking corrective steps to control emission levels and play its part in reducing emissions. The shift to electric mobility as a viable solution to fuel-driven vehicles is likely to push the growth of electric vehicles.
Market Outlook
The global electric vehicle market is projected to reach a valuation of USD 356.5 billion by 2023, as per the report on Wise Guy Reports (WGR). It is touted to exhibit 18.96% CAGR from 2017 to 2023 (forecast period). Developments in production of electric vehicles (EVs) and subsidies given by nations are factors driving the electric vehicle market growth.
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Growth Factors
Supportive Policies - Government initiatives to introduce electric vehicles to the mainstream public are likely to boost the demand in the electric vehicle market. This is exemplified by the National Development Plan for Electric Mobility by the German nation for electrification of all vehicles. Installation of charging stations at all points for charging batteries of hybrid (HEVs) and plug-in hybrid vehicles (PHEVs) will be work favorably for the market. Similar moves have been made by the Indian government to establish electric infrastructure by 2022 giving auto makers ample time to introduce vehicle designs for the public.
Extended Battery Life - Lithium-ion batteries are the most common type used in all EVs, HEVs, and PHEVs. In 2019, Innolith, a Swedish startup has filed a patent for 1,000 watt-hours per kilogram (WH/kg) which can run for 600 miles. It may enter the market in three years. The electric vehicle market is expected to thrive due to large number of battery manufacturers establishing headquarters in China, an automotive hub.
Segmentation
The global electric vehicle market is segmented by vehicle type and technology.
By vehicle type, it is segmented into two wheelers, commercial vehicles, and passenger cars. Among these, passengers accounted for above 60% market share in 2016. It can display a CAGR close to 20% during the forecast period due to various manufacturers launching products for the segment.
By technology, it is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Battery electric vehicles accounted for 51.40% share in 2016. On the other hand, the plug-in hybrid electric vehicles segment can exhibit 21.75% CAGR during the assessment period.
Regional
Geographically, the global electric vehicle market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC accounted for more than 50% share of the market in 2016. It can exhibit 20.35% CAGR during the forecast period. China is one of the biggest revenue generators of the region, with the country responsible for 507,000 EVs and PHEVs. It can continue to generate profits due to various automakers establishing parts and component units to streamline the supply chain and increase bottom line margins. India can also account for a major share in the region due to rollout of indigenous policies which require car manufacturers to obtain licenses to operate in the country. This would ensure patented innovations are produced at no extra charge and protection of domestic jobs which can boost economic growth.
Europe is set to be a potential destination for the global electric vehicle market due to stringent policies mandating the reduction of emissions. In addition, renewable energy targets set by countries in the European Union can drive the sale of EVs exponentially. Norway had the largest market share of 29%, followed by the Netherlands (6.4%) and Sweden (3.4%).
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Competitive Outlook
Prime electric vehicle manufacturers include Toyota Motor Corporation, Mitsubishi Motors Corporation, Nissan Motor Company, Tesla Inc, Hyundai Motor Company, Volkswagen, Daimler AG, BMW, Ford Motor Company, General Motors, and others.
Although Tesla is considered to lead the market due to launch of new vehicles perennially, legacy automakers are bound to give stiff competition. This is evident by the electric version of vehicles launched by Mercedes, Audi, BMW, and Porsche.
Acquisitions are expected to be witnessed in succession over the forecast period as a means to attain a larger market share. In 2019, Germany-based Volkswagen Group acquired a minor stake in Northvolt, a Swedish battery manufacturer to ensure its standing in the electric vehicle market.
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