Dubai, UAE, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Part I: Global Electric Vehicle (EV) Market Outlook to 2028:
As per a recent report published by Extrapolate, the global Electric Vehicle Market was valued at USD 229.07 billion in 2021 and is projected to surpass a valuation of USD 691.56 billion by 2028 at a CAGR of 17.10% during the forecast period 2022-2028.
Extrapolate’s analysis of the global electric vehicle market shows that sales of electric vehicles are growing rapidly. In the first half of 2022, sales of electric vehicles increased by 62% compared to the same period in 2021, which translated to over 4 million vehicles. In 2021, over 6.6 million electric vehicles were sold around the globe. A variety of factors are driving the growth, including government incentives for purchasing the first EV car and falling electric vehicle prices.
The majority of electric vehicles are sold in China (62%), followed by the United States (15%) and Europe (20%). The growth of the electric vehicle market is being driven by a number of factors, including government incentives, falling battery costs, and increasing consumer awareness.
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Leading Players in the Electric Vehicle Industry are:
- Tesla, Inc.
- General Motors Company
- Nissan Motors Co. Ltd.
- BYD Company Ltd.
- Daimler AG
- Ford Motor Company
- Toyota Motor Corporation
Battery Electric Vehicles Generate Over 70% of Sales Revenue in Global EV Market:
As the world focuses on combating climate change and reducing emissions, the battery electric vehicle (BEV) is forecast to generate over 60% of the electric vehicle industry revenue by 2028. The Paris Climate Agreement has galvanized support for BEVs as a way to reduce emissions and help meets global climate targets. In Europe, BEV sales are expected to increase from 3.44 million units in 2021 to 8 million units in 2022, a 57% increase as compared to last year, while in China, they are expected to grow from 5% to 15% by the end of 2028. This growth will be driven by continued improvements in technology, particularly around energy density and charging times, as well as a decrease in battery costs.
The cost of batteries is anticipated to fall from $600 per kilowatt hour (kWh) in 2016 to $100/kWh by 2030. This rapid growth in BEVs is expected to result in them generating over 70% of the revenue in the electric vehicle majorly impact is will have a major impact on the oil and gas industry as demand for petroleum products falls. It is also likely that demand for electricity will rise, as BEVs require significantly more power than internal combustion engine vehicles.
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Passenger Electric Vehicle to Account for 60% of All New Cars Sold by 2030:
The adoption of passenger electric vehicles (EVs) is expected to increase significantly over the next decade, with projections indicating that they will account for 50% of all new cars sold by 2028. There are several factors driving this trend, including advancements in technology, increased environmental concerns, and changing consumer preferences. In 2021, more than 16.5 million electric cars were running on roads around the globe; it is expected that this number will reach 310 million units by 2028.
One of the primary drivers for the growth in EV adoption is the growing concern about the environmental impact of transportation. EVs produce zero emissions at the tailpipe and have lower emissions over their entire life cycle compared to internal combustion engine vehicles (ICEVs). As governments and consumers become more aware of the urgent need to reduce greenhouse gas emissions and mitigate climate change, there is an increasing demand for low-emission transportation options.
Apart from this, consumer preferences are also shifting towards EVs. As awareness increases, more consumers are considering them as a viable alternative to ICEVs. Additionally, the growing availability of charging infrastructure, including both public charging stations and home charging options, makes it more convenient for consumers to own and operate an EV. Furthermore, some governments are offering incentives such as tax breaks and credits to encourage consumers to purchase EVs, making them even more attractive.
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U.S. to Compete Aggressively in Global Electric Vehicle Market:
It is estimated that there are currently over 17.5 million electric vehicles (EVs) on the road globally as of 2021, with this number expected to grow rapidly in the coming years. In China, the world's largest EV market, sales increased by 56% in 2022 and are forecast to continue rising at a similar rate in the coming years.
Europe is another key market for EVs, with sales growing rapidly in recent years. Norway has been a particularly strong market. The country sold over 138,265 passenger EVs in 2022, with EVs accounting for nearly 79.3% of new car sales. This is largely due to generous government incentives for buyers, but other European countries are also witnessing strong growth.
China and Europe are currently leading the market in terms of sales, but the US is expected to compete aggressively as more models are released and charging infrastructure improves. The US plans to compete aggressively in the global electric vehicle (EV) market by investing in research and development, supporting the manufacturing of EVs and EV components, and implementing policies to increase the adoption of EVs. This includes initiatives such as the Advanced Technology Vehicles Manufacturing (ATVM) loan program, which provides loans to manufacturers to develop and produce fuel-efficient vehicles and components, and tax credits for EV buyers. The goal is to increase the number of EVs on the road and reduce dependence on fossil fuels.
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BYD, Tesla, and Volkswagen Group are the Top Players in Electric Vehicle Market:
BYD is the world's largest manufacturer of electric buses, and it also makes electric cars and trucks. In Q1 and Q2 2022, the company sold over 650,000 electric vehicles. The company has also been expanding its operations into other countries, such as India and the United States, where it has set up a factory in California. BYD's electric vehicles are some of the most popular on the market, and the company has a wide range of models to choose from.
The study suggests that the company invests a huge sum in innovation and is constantly working on new technologies to improve its electric vehicles. As a result, it has developed a unique battery technology that allows its electric cars to have a longer range than other types of electric vehicles. It has also become a key factor in the company's monopoly in the Chinese electric vehicle market. In order to stay afloat in intense market competition, BYD is also working on self-driving technologies like Tesla and plans to launch a fleet of autonomous taxis in China in the near future.
Tesla is an American company that makes electric cars and batteries. Tesla's Model S is the world's best-selling electric car. In the first half of 2022, Tesla sold over 560,000 electric vehicles. The Volkswagen Group is a German company that makes cars, trucks, and buses. It has been making electric vehicles since 2010. The Volkswagen Group has sold over 350,000 electric vehicles so far in the first half of 2022.
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Part II: Global Electric Vehicle Charging Station Market 2023-2030:
The global Electric Vehicle Charging Station Market size was worth around USD 15.36 billion in 2021 and is projected to reach a valuation of USD 43.87 billion by 2030 at a CAGR of 14% between 2022 and 2030.
Extrapolates published a new report on the global electric vehicle (EV) charging station industry and finds that it is poised for significant growth. By 2030, the number of charging stations is expected to surpass 40 million. Wherein, the number of private chargers is expected to grow by 20-fold to nearly 28 million. It was also found that the industry will need to consolidate to survive and thrive, with the number of companies falling from more than 3,000 today to just a few hundred over time. This consolidation will be driven by a combination of factors, including economies of scale, technological advancement, and regulatory changes.
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Favorable Government Policies and Increasing Emphasis on Sustainable Transportation to Drive the EV Charging Station Market:
- Government incentives and regulations promoting the adoption of electric vehicles
- Increasing demand for electric vehicles
- Advancements in charging technology, including the development of fast-charging infrastructure
- Increasing environmental concerns and a desire to reduce dependence on fossil fuels
- Economic factors, such as the decreasing cost of electric vehicle batteries and the potential for revenue generation through charging station operations
Slow & Fast Charger Generates the Highest Market Revenue:
By type, the electric vehicle charging station market is segmented into two main categories: rapid charger and slow & fast charging. Slow and fast charger mainly covers level 2 charging stations, which can charge an EV in a few hours and currently hold the largest share of the market. Currently, there are more than 126,000 level 2 charging stations in the US. However, the DC fast charging segment is expected to grow at the highest CAGR during the forecast period, as these charging stations can charge an EV in a matter of minutes.
Public Chargers to Offer Lucrative Business Opportunity in Public Parking Facilities and Retail Locations:
The public segment is expected to hold the largest share of the EV charging station market during the forecast period. This is due to the increasing number of EV charging stations being installed in public places such as shopping centers, airports, and parking lots. As the demand for electric vehicles continues to grow, it is likely that the number of public EV charging stations will continue to increase. This presents a potential business opportunity for companies in the EV charging industry, as well as for companies that operate public parking facilities or retail locations where EV charging stations could be installed. It also presents an opportunity for electric utilities, as they could potentially generate revenue by providing power to these charging stations.
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Over 13.2 Million Charging Points to Be Installed in North America by 2030:
In terms of geography, the EV charging station market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to dominate the market, with China being the largest contributor to the market in this region.
However, North America is expected to see a huge jump in the installation of new charging stations. For instance, our data suggest that the region is estimated to install over 12 million residential charging points and 1.2 million public charging points by 2030. January 2021, there were over 46,000 public EV charging stations in the United States, with over 120,000 individual charging outlets. This represents a significant increase from just a few years ago when there were fewer than 20,000 public EV charging stations in the country.
There are several different types of public EV charging stations, including Level 1, Level 2, and DC fast charging stations. The availability of public EV charging stations varies by state and region. California has the most public EV charging stations, with over 9,000 as of January 2021. Other states with a high number of public EV charging stations include Texas, Florida, and New York.
EVBox and ABB are Leading Companies in the Electric Vehicle (EV) Charging Station Market:
Both the companies have a strong presence in the industry, offering a range of products and services for EV charging. EVBox is known for its innovative and user-friendly charging stations, while ABB is a well-established player with a reputation for reliability and durability. Both companies have seen significant growth in recent years, driven by the increasing demand for EV charging infrastructure. They target different segments of the market, EVBox focuses on commercial and residential customers, while ABB has a strong presence in the public and semi-public markets. Both companies have an extensive network of partners and distributors that help them expand their reach and increase their market share.
Some of the key players in the global electric vehicle charging station industry are BYD Motors Inc., Tata Power Company Ltd, Schneider Electric, BP pulse, Webasto, Siemens, EVBox, Eaton, ABB, Shell International B.V., ChargePoint, Inc., and Tesla, among others.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Electric Vehicle Charging Station Market
Chapter 5. Global Electric Vehicle Charging Station Market Overview, By Charging Type, 2017 - 2030 (USD Million)
Chapter 6. Global Electric Vehicle Charging Station Market Overview, By Charging Method, 2017 - 2030 (USD Million)
……...Continued
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