Asia Pacific is projected to display prompt growth in the upcoming years: “Decision foresight”
Market Overview
Pune, India, 9thJune,2021: Global electric vehicles market accounted 169.8million USD in 2020 and is predicted to reach 1060.2 million USD by 2030 with a CAGR of20.10% during the forecast period. This information is published by ““Decisionforesight”“, in its report, titled, “Global Electric Vehicle Market, 2020-2030.”According to International Energy Agency In 2020, there were more than 10million electric cars on the road throughout the world, with battery electricmodels driving the growth. Despite the Covid epidemic, electric carregistrations grew in key countries in 2020. On a total cost of ownershipbasis, electric automobiles are progressively becoming more competitive inseveral nations. Several governments gave or extended economic incentives tohelp electric car buyers weather the market slump.
COVID-19 Impact: Huge impact over Commercial BusinessSales Observed amid Pandemics
The economic consequences of the Covid-19epidemic had a huge impact on the global market for all sorts of automobiles.OEMs had to wait for the lockdowns to be removed before they could beginproduction, which had a negative impact on their companies. As a result,automakers had to alter their manufacturing volumes. Component production wasalso halted, and tiny Tier II and Tier III manufacturers suffered cash flowproblems. The production halt during the early months of the epidemic, alongwith decreased demand, had an extraordinary impact on EV manufacturers in theearly months of the pandemic. New automobile registrations fell by almost athird in the first half of 2020 compared to the previous year.
But EVs were in high demand during theCovid-19 period. As a result, there is an increasing need for electric vehiclemanufacture all over the world. However, due to lockdowns and logistics issues,most firms' output was hampered in the first several months. Following thelockdowns, however, demand for electric vehicles soared as governmentsthroughout the world pushed people to switch to low-emission automobiles. Manycountries have also expanded the number of electric vehicles charging stationsand hydrogen fuelling stations around their country.
Segmentation
The electric vehicle industry is split into threecategories based on technology: hybrid electric cars, plug-in hybrid electricvehicles, and battery electric vehicles. Despite having the smallest marketshare, plug-in hybrid electric cars are expected to expand at the quickestrate. The vehicle type segmentation includes passenger automobiles, commercialvehicles, two-wheelers, and other vehicles. Due to the extraordinary increase insales in China, two-wheelers are expected to dominate the industry in terms ofvolume. The passenger automobile category is expected to grow.
The systemdesign of parallel hybrid, series hybrid, and mixed hybrid powertrains does notapply to battery-powered electric cars. As a result, this category excludesbattery electric vehicle market volume statistics, resulting in a market valuethat is considerably lower than the entire market value. Parallel hybridpowertrains presently dominate the market and are expected to expand at ahigher rate than series and mixed hybrids in the future.
Drivers and Restraints
Governments allaround the globe encouraging the industry for development electric models DrivingMarket Growth
Consumers are becoming more interestedin electric vehicles that are equipped with linked entertainment systems,sensors, and automation. Many consumers are delaying their purchases in theglobal car sector since the horizon clearly points to the adoption of electricvehicles by 2025. The Zero Emission Vehicle requirement stipulates that by2025, the vehicle shall account for 10% of total sales worldwide. Withcompanies like Mercedes-Benz, Hyundai, Toyota, GE, and BMW planning new models,electric car usage will certainly increase even without government support.
As worries about long-term growthdevelop across the world, the global electric vehicle industry promisesconsiderable growth. Governments all around the globehave encouraged their industry to develop sophisticated electric models andproduce them. Consumer and government demand is increasing, which is asignificant plus for the government. At first, public transit will see the mostrapid adoption of electric cars, with cities such as Glasgow, New York, London,Shanghai, and New Delhi making significant purchases to broaden the scope ofelectric vehicles. In the foreseeable future, the growing size of economies forelectric car producers will promote expansion of electric automobiles.
Regional Insights
In 2018, electric vehicle sales in the UnitedStates increased by 80%, thanks to the introduction of the Tesla Model 3standard version on the market. The rate of growth dropped in 2019 due to anumber of factors. Tesla's US sales fell in 2019 due to an increase in foreigndeliveries and the progressive phase out of the federal tax credit in Januaryand July. The federal government's recent attempts to relax restrictions maycause the EV industry in the United States to slow even more. For example, theEPA altered fuel-economy regulations in March 2020, lowering the objective to40 miles per gallon (mpg) by 2026 from 54 mpg. Low oil prices now are alsocontributing to the EV slowdown, since they decrease the overall cost forvehicles with internal combustion engines (as compared with EVs). Thesedevelopments are causing a lot of uncertainty, and the growth of the USelectric vehicle industry might be heavily influenced by the number of statesthat embrace California's Zero-Emission Vehicle Program and the vagaries of oilprices.
Asia Pacific is projected to display prompt growthin the upcoming years. Incentives for the electric car industry in China havebeen reduced as a result of significant legislative initiatives. Purchasesubsidies were set to expire at the end of 2020, but after signs that theywould be phased out more gradually before to the epidemic, they were insteadslashed by 10% and extended to 2022 by April 2020, in the middle of thepandemic. Several cities eased automobile licence rules in response to thepandemic's economic concerns, letting more internal combustion engine vehiclesto be registered in order to assist local car manufacturers.
Competitive Landscape
Innovative and AdvancedTactics Adopted by Key Players to Sustaintheir Position
Almost allof the world's major automakers have produced and distributed electricautomobiles. Honda Motor Co., Ltd., Toyota Motor Corporation, Tesla Motors,Inc., Ford Motor Company, Nissan Motor Corporation Ltd., and Bayerische MotorenWerke AG are some of the leading manufacturers of electric cars, with hybrids,plug-in hybrids, and pure battery electric vehicle versions on the market. Tesla will build a number of charging stations in theUnited States and Canada, including solar-powered charging stations, toboost EV infrastructure in the region. Company from India for its clients, Olahas also chosen to build the world's largest EV charging network. Ola Hyper chargerNetwork will feature over 1 lakh charging sites spread across 400 locations to provideOla electric scooter users with convenient charging options.
Industry Development
July 2021:Ola, a Bengaluru-based mobility platform, announced on July17 that it has received 1,00,000 pre-launch bookings for its electric scooterin only 24 hours after enabling pre-launch bookings for the two-wheeler.
List of Key Players Covered in this Market Report
· Tesla, Inc.(United States)
· ToyotaMotor Corporation (Japan)
· VolkswagenAG (Germany)
· GroupeRenault (France)
· Hyundai(South Korea)
· JianglingMotors Corporation Limited (China)
· Tata Motors(India)
· BMW(Germany)
· BYD CompanyLimited (China)
· Daimler AG(Germany)
· MG Motors(China)
· JaguarLandrover (India)
· Ford Motors(USA)
· GeneralMotors Company (United States)
· NissanMotors Co. Ltd. (Japan)
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