The global & APAC electric vehicle market held a market size of about 229.8 billion in 2021 and is projected to reach nearly USD 1,725 billion by the year 2030 and USD 72,798 billion by 2050 at a CAGR of 21.99% from 2022 to 2050. Around 6,724 thousand units of electric vehicles were sold in 2021.
Vehicles which are fully or partially powered on electric power are electric vehicles. The market is expected to grow owing to the increasing demand for low-emission vehicles, growing initiatives to accelerate EV deployment, and reducing EV charging infrastructure costs. According to the International Energy Agency, the sale of electric cars reached 3 million in 2020 as compared to 2.1 million in 2019.
However, the lack of EV charging infrastructure and high costs associated with it, electricity costs uncertainty & requirement of space, and emergence of hydrogen cell vehicles are likely to negatively hamper the market growth.
Government initiatives to accelerate EV deployment
The adoption of electric vehicles is supported by the recognition received by governments of various countries for their adoption as they reduce pollution levels. Governments of countries such as the U.S., India, and China have taken various initiatives to promote the adoption of electric vehicles across their countries. They have promoted the growth in this segment by offering incentives, imposing tax rebates, and preferential policies, among others. For instance, in India, state of Maharashtra declared its EV policy in 2021. This policy provides incentives of Rs. 5,000 per kilowatt-hour of battery capacity to all types of electric vehicles buyers. The subsidy transfers the amount to the beneficiaries in 30 days. Hence, government regulations and tax exemptions are anticipated to boost the market growth.
The global & APAC electric vehicle market is segmented based on type, vehicle type, charger, and power output.
? Battery electric vehicle (BEV)
? Fuel cell electric vehicle (FCEV)
? Plug-in hybrid electric vehicle (PHEV)
? Hybrid electric vehicle (HEV)
The battery electric vehicle (BEV) segment is expected to grow at the fastest CAGR of around 22.329% during the forecast period owing to their high usage in trucks, special delivery vans, and high-performance sports cars. The hybrid electric vehicle (HEV) are estimated to surpass a market value of USD 100 billion by 2029. HEVs provide benefits such as low tailpipe emissions and high fuel economy, among others. This is expected to boost the segment?s growth.
By Vehicle Type,
? Commercial Vehicle
? Passenger Car
? Two & Three Wheelers
The commercial vehicle segment is anticipated to grow at the highest growth rate of around 22.35% during the forecast period owing to the rising demand for pickup trucks. The passenger cars segment is estimated to generate a revenue of more than USD 150 billion in 2022.
By Charger Type,
The normal charger segment held an opportunity of more than USD 60,000 billion during 2022 to 2050. This is due to various government initiatives for accelerating deployment of charging infrastructure.
By Power Output,
? Less than 100 KW
? 100-250 KW
? Above 250 KW
The 100-250 KW segment witnessed the fastest rate of around 25.93% from 2022 to 2030 owing to its growing usage in various types of vehicles.
By region, the global & APAC electric vehicle market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Asia Pacific region is expected to grow at the fastest CAGR of 23.76% from 2022 to 2050, owing to the increasing demand for cheaper electric vehicles for routine use and the large scale charging network in China. Also, government support in this region is also expected to boost the market growth. China, Japan, South Korea, India, and Australia are among the countries which are rapidly adopting electric vehicles in Asia Pacific region.
The Europe region is anticipated to hold a market opportunity of more than USD 400 billion during 2022 to 2030 owing to the high demand for electric vehicles in countries such as Germany and Norway.
Major players in the global & APAC electric vehicle market include Tesla Motors, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.p.A., BYD Company Motors, Ford Motor Company, Zhejiang Geely Holding Group, Tata Motors Limited, Mahindra & Mahindra Limited, MG Motor India, Olectra Greentech Ltd., JBM Auto Limited, and Other Prominent Players.
The cumulative market share of the four major players is near about 35%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in February 2022, Nissan invested USD 500 million for transforming its Canton assembly plnt for buiding its Nissan and Infiniti EV models from 2025. The company invested USD 13.5 billion in its U.S. manufacturing operations.
The global & APAC electric vehicle market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global & APAC electric vehicle market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Global EV Market: EV Sales, EV Charger Sales, By Type, 2019, Top Selling EV Models, Industry Metrics (2018 Production & Exports)
? Charging System for EVs, Battery Used in EVs
? EV Consumer Behaviour Analysis: Lower Emission, Lower Operating Cost, Rebates/Tax Incentives, Social Status, Others
? Asia Pacific Countries Rapidly Adopting EV: China, Japan, India, South Korea, Australia
? Regulation & Policies ? By Country
The global & APAC electric vehicle market report answers questions such as:
? What is the market size and forecast of the Global & APAC electric vehicle Market?
? What are the inhibiting factors and impact of COVID-19 on the Global & APAC electric vehicle Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global & APAC electric vehicle Market?
? What is the competitive strategic window for opportunities in the Global & APAC electric vehicle Market?
? What are the technology trends and regulatory frameworks in the Global & APAC electric vehicle Market?
? What is the market share of the leading players in the Global & APAC electric vehicle Market?
? What modes and strategic moves are considered favorable for entering the Global & APAC electric vehicle Market?