Despite the rapid growth, there will be 1.4 billion passenger vehicles on the road in 2030 and EVs account for just 8% of these. Global electric vehicles market is expected to grow at a CAGR of more than 22% and is anticipated to reach around USD 700 Billion by 2026. Original equipment manufacturers (OEMS) have invested billions to deliver new electrified models, from R&D to factory redesign. PDF download. All of these sectors will be transformed by growing electric car adoption. Battery Electric Vehicles Market size valued at USD 150 billion in 2018 and is estimated to exhibit at around 16% CAGR from 2019 to 2025. (2011) formulated an agent based vehicle consumer choice model taking into account the fact that a potential customer’s purchase decision is affected by media coverage and social interactions. (2012) reviewed the recent market forecasts and analysis of all types of electric vehicles. The electric vehicle revolution calls for a surge in battery demand. IDTechEx electric vehicles market forecasts 2015-2025 2 1.3. @AI_Energy, Nick Albanese Tweets by Canalys . Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. Underlying material prices will play a larger role in the future, but the introduction of new chemistries, new manufacturing techniques and simplified pack designs will keep prices falling. This research report categorizes the given market based on, vehicle type, propulsion type, vehicle class, component, charging station type, We deliver real-time and historical data, forecasts, analytical insight, tools and software solutions. Link the transformation of the transport segment across mining, power and infrastructure and oil markets. Average battery energy density is rising at 4-5% per year and new chemistries are hitting the market. EXECUTIVE SUMMARY AND CONCLUSIONS 1 1.1. The market research study on “Electric Vehicle market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Electric Vehicle market. China accounts for the largest share of global EV sales as it looks to reduce energy imports, clean up urban air quality, build its domestic auto industry, and attract manufacturing investment. Buy our reports to address business challenges and make better commercial decisions with objective insights, analyses and data. Metals and mining. Consumer attitudes have evolved. Combined, these add just 5.2% to global electricity demand. Click here to see the full list of charts and figures included in the client report. If you would like to learn more about how we use cookies and how you can manage them, see our Cookie policy. EVs across all segments are already displacing 1 million barrels of oil demand per day. @colinmckerrache, Dr. Ali Izadi-Najafabadi Español Português Deutsch Français * the site will be machine translated. Increasing pollution associated with greenhouse gases and stringent government regulations pertaining to limiting carbon emissions from conventional automobiles are driving the industry growth. Equally sobering, EV sales declined by 25 percent during the first quarter of 2020. Maximum EV charging speeds are also rising. forecast for electric vehicle (EV) sales, in January 2019, the EV market has made great strides, and not just in terms of sales. Utilities. This research provides a comprehensive methodology to forecast the demand of a technology which is not widespread yet, such as electric cars. Two-wheeled vehicles (scooters, mopeds, motorcycles) and municipal buses are already going electric quickly and accelerate further in the next ten years. But then COVID-19 completely … Shanghai (China), Bengaluru (India), Singapore, Reading (UK) and Portland (US) – Monday, 8 February 2021. 7 State of Electric Vehicles, Electric Vehicle Council, August 2019, p. 11. Battery-powered electric vehicles (BEVs) and plug-in hybrids (PHEVs) will seize almost a quarter of the market by 2030; we had previously projected their global market share at … I am pleased to share with you this report on the growth of the electric vehicle market and the strategies required to succeed therein. By 2040, over half of all passenger vehicles sold will be electric. Lead author Australian Energy Market Commission. Progressive Markets published a report, Electric Vehicle Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025, which says that the electric vehicle market is expected to grow $ 152,488 million at a CAGR of 5.76% during the forecast period, 2018 - 2025. Our globally focused research connects market intelligence that was previously siloed for stakeholders in the electric vehicle market. By the mid-2020s EVs reach up-front price parity – without subsidies – with internal combustion vehicles in most segments, but there is wide variation by region. Battery electric vehicles account for the majority of these, but plug-in hybrids also play a role over the next ten years before fading as pure electrics continue to get cheaper. They will drop in 2020 before continuing to rise as battery prices fall, energy density improves, more charging infrastructure is built, and sales spread to new markets. Subsidies and technological improvements are expected to increase the market share of EVs over the coming decade. The global electric vehicle (EV) market growth is attributed to various growth factors such as growing concerns related to carbon emissions and high investments from the government and electric vehicle manufacturers, among others. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by … The global energy transition ties together established markets with emerging power sources of the future. Contact us. Th… But in 2019, the number of units sold increased only to 2.3 million, from 2.1 million, for year-on-year growth of just 9 percent. Retail fuels. BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Zulkarnain et al. Connect the moving parts between oils, metals, fuels, power and infrastructure industries to gain a full view of electric vehicles' global market impacts in our one-stop-shop solution. RW-10344-229503776.pdf | RW-10344-229503776.pdf | RW-10344-229503776.pdf | Integrated oil and gas. This year, the scope has also been expanded to include commercial and DC fast charging vehicles. Alejandro Zamorano-Cadavid, Allen Tom Abraham, Kwasi Ampofo, Nannan Kou, Will Edmonds, Dr. Ian Berryman, Josh Landess, Jinghong Lyu. Commercial vehicles and freight, Additional authors: As fuel efficiency gains grow in ICE cars and EV popularity takes hold, gasoline and diesel retailers need detailed forecasts and market analysis to understand what’s next for their business. Policymakers are pushing the auto market towards lower emissions. Electric vehicles came into existence in the mid-19th century. The EV evolution is taking off in new parts of the world. Lithium-ion battery pack prices fell 87% from 2010 to 2019, with the volume-weighted average hitting $156/kWh. Issues paper . The electric share of total vehicle sales is still small, but it is rising fast. SUMMARY . Some segments will take longer, but by 2029 most will have reached parity with comparable internal combustion engine (ICE) vehicles. Share this article . Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Shared mobility The value market for electric vehicles EVs of all types 1 1.2. Electric car market share research that's built for you. The rising electric vehicle stock requires the charging stations and an established electric grid to continue the smooth operations of the vehicles. We help our clients address their most pressing strategic and commercial challenges. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. We've worked together with traditional automotive and fuel-retail companies to guide their business transition through the budding electric vehicle market. We've paired our proven authority in macro oil forecasting with unrivaled expertise in power and renewables, metals and automotive sectors. Real mass market adoption only starts after this point in most markets (Figure 5 and Figure 6). PHEV: Plug-in Hybrid Electric Vehicle •Full hybrid electric vehicle with larger battery pack which can be recharged from the electricity grid thereby enabling a longer electric-only driving range. They let you easily navigate your way around the site and allow us to improve its performance, or even recommend content we believe will be of most interest to you. Market sectors and technology trends 16 1.6. • Electric vehicles become price competitive on an unsubsidized basis beginning in 2025. China electric vehicle sales 2021 . BNEF clients can access the full report, its breakdown by technology and region, as well as the underlying Excel data and previous editions. Radical changes to EV economics and technological innovations are disrupting transportation, metals, utility and oil and fuel markets around the world. More stringent fuel economy regulations for commercial trucks and other policy measures will be needed to bend the curve faster. The fuel retail business will never be the same again. Subscribe to our trusted data and analysis for global energy, chemicals, metals and mining industries. The global electric vehicle market size was USD 273.22 billion in 2019. In its base-case scenario, the International Energy Agency (IEA) expects EV use to rise from 4 million vehicles in 2018 to 120 million by 2030, or from 0.3 per cent to over 7 per cent of the global car fleet. The choice model specification differs from … The global impact of COVID-19 has been unprecedented and staggering, with EVs witnessing a positive demand shock across all regions amid the pandemic. 1. Electric vehicle forecast Electric vehicle Cu demand Key Findings: • All types of EV require a substantial amount of copper. 1 Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase. We use cookies on the public areas of our website. Shared mobility usage drops in 2020 as COVID-19 pushes people into private cars, but by 2040 it represents 16% of all kilometers travelled by road. For the plug-in hybrid electric vehicle market, Eppstein et al. 1. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. Colin McKerracher Retail fuels. Number of countries that have announced plans to phase out sales of internal combustion vehicles. See how our results transformed business decisions. Inform strategies for the confluence of emerging power sources of the future and transportation advancements, Plan for the future with unrivaled expertise in the power and renewables, metals and oil sectors. No matter your role in the global transport market, we have you covered. The EV market is swiftly expanding with time and in the next few decades, the electric vehicle segment will overwhelm the gasoline vehicles segment. New research from Canalys shows that global sales of electric vehicles (EVs) in 2020 increased by 39% year on year to 3.1 million units. DOWNLOAD PDF [53 Pages Report] Post COVID-19, the global EV and EV infrastructure market is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1%. EV sales rose 65 percent from 2017 to 2018 (Exhibit 1). Canalys: Global PC market swells by 55% in Q1 2021 to 82.7 million . We cover a diverse range of industry sectors and focus areas across the entire natural resources value chain. developments in the electric vehicle market since the 2016 report was published, including unforeseen changes in the availability of the most popular EV models including the Mitsubishi Outlander and the Nissan Leaf. Metals and mining. Consumer choice and competitive pricing will be key to attracting new buyers to the market. Delivery vans are the next segments to cross the tipping point. Autonomous vehicles progress steadily but do not materially impact global travel patterns until the latter half of the 2030s. Even the government subsidies for purchasing electric vehicles is playing a significant role for the consumers. Growth of the electric vehicle market 03 The supply side of the EV market 10 Implications for the industry 12 Next steps 16 Endnotes 18 Key contacts 19. Close. Sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars. Automakers and large fleet operators are accelerating their investments in electrification as part of their long-term climate commitments, and to meet near-term policy requirements. Automakers are accelerating their EV launch plans, partly to comply with increasingly stringent regulations in Europe and China. Utilities. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities. Electric Vehicles (EVs) present multitudes of uncertainties across several energy markets. Typical electric assistance: 60kW to 165kW. Electric Vehicle (EV) Market Growth Value Overserved to be at Rising CAGR of 18.4% Through 2025 | Global Electric Vehicle Industry Research By Manufacturers, major Segments and Regional Analysis with Size, Share, Trends, Technology By Forecast 2025 Electric Vehicle Market Attractiveness Unraveling Challenges and Opportunities. Trends, impacts and policies . The electric vehicle battery market size was valued at USD 13,383.0 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 16.7% from 2019 to 2025. Integrated oil & gas and NOCs. Global electric vehicle market 2020 and forecasts. Looking beyond passenger cars, several ‘killer apps’ are emerging for electrification. Electric assistance greater than 30kW. The rise of electric vehicles (EV)1 means long-established automotive players are experiencing profound and prolonged challenges such as new technologies and products, new competitors like Tesla Motors and Google, and the rise of fuel-efficiency regulations. All those EVs add electricity demand, but not as much as you might think. Short-term analytics (previously Genscape), Natural resources research for financial services, Oil Field Services & Original Equipment Manufacturers, 2020 Featured Reports - Power & Renewables, Evaluate key market trends in the electric vehicle market across multiple segments, Assess commodity demand, supply and price impact across oil, fuels, power, infrastructure, and metals and mining, Understand consumer behaviors driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with a one-stop data set, Make more confident decisions in business development plans, Understand which commodity segments are most at risk of the revolution sweeping through transport, Quantify electric vehicles versus internal combustion engines in various regions, Evaluate the growth of the electric vehicle market across multiple segments, Stay up-to-date on the policy landscape and drivers behind the electric vehicle world, Realise investment options and drive corporate strategy, Understand consumer behaviours driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with one-stop data set, Inform supply/demand forecasts with one-stop data set, Stay up-to-date on the global policy landscape, Understand commodity segments risk of the transport revolution, Identify companies in a position to succeed as electric vehicle adoption grows. It is used in batteries, windings and copper rotors used in electric motors, wiring, busbars and charging infrastructure. Gain unbiased market insight into the industries surrounding the EV space. In the context of the arrival of electric vehicles on the car market, new mathematical models are needed to understand and predict the impact on the market shares. Electric road vehicles in the European Union . The system will also forecast annual vehicle miles traveled for all vehicles and recharging demand by time of day for electric vehicles. How will manufacturers keep up with evolving technology advancements? The market for electric vehicles (EVs) is growing rapidly. The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Privacy | Terms | Disclaimer | 沪ICP备17049401号-4, Want to learn how we help our clients put it all together? Select language × English 中文 日本語 한국어 ไทย Bahasa Indonesia. @NickRAlbanese, Dr. Nikolas Soulopolous Introducing Wood Mackenzie's Electric Vehicle Service Go beyond forecasts. COVID-19 will delay some of these, but by 2022 there will be over 500 different EV models available globally. These factors are leading to a rise in the sales and production of electric vehicles globally. All of these sectors will be transformed by growing electric car adoption. Electric vehicles in the retail energy market 20 February 2020. Integrated oil and gas. Oil demand from passenger vehicles is hit hard by COVID-19 and never recovers to 2019 levels, but growth in heavy commercial vehicles keeps overall road transport oil demand growing until 2031. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. The last two years have seen a sea change in attitudes towards EVs. Canalys: Global electric vehicle sales up 39% in 2020 as overall car market collapses . Markets like China and parts of Europe achieve much higher penetrations, but lower adoption in emerging markets reduces the global average. EVs and fuel cell vehicles reduce road CO2 emissions by 2.57Gt a year by 2040 – and are set for much larger reductions thereafter – but total emissions are still 6% higher in that year than they were in 2019. By 2040 passenger EVs consume 1,290TWh, commercial EVs consume 389TWh, e-buses consume 216TWh and electric two-wheelers consume 69TWh. “Growing Electric Vehicle Stock is Expected to Drive the Market” The governments are providing vehicle manufacturers with rebates, subsidies, quotas, and tax exemption. Batteries and motors numbers 2015-2025 14 1.4. Sign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts. Fuel economy regulations, quota systems and city policies all play a growing role. Passenger EV sales jumped from 450,000 in 2015 to 2.1 million in 2019. Alongside other trends, such as digitalisation, autonomous driving and shared mobility, electric mobility is also gaining momentum. Government interventions have pushed forward and pulled back. In many advanced economies, EVs prevent overall electricity demand from falling. Global electric vehicle market 2020 and forecasts. High-level findings of the Electric Vehicle Outlook 2020 are available in the free executive summary below. Click the infographic below to get a glimpse of our integrated research. No matter your role in the global transport market, we have you covered. Vehicle demand By continuing to browse the site you are agreeing to our use of cookies. Technological advances and societal changes have triggered a drastic evolution in mobility. This rises to 31% by 2040 as the fleet slowly changes over. Electric Vehicle Market - Overall Industry Analysis 2025. The projection for 2021 is estimated to be down by 34% as compared to pre-COVID estimation. … 8 State of Electric Vehicles, Electric Vehicle Council, August 2019, p. 19. Batteries keep getting better. Electric vehicles become an increasingly common sight in the years ahead. Growth in the electric-vehicle market has slowed. League table of largest EV manufacturers 15 1.5. Our previous forecast, completed in 2017, showed xEV sales taking a quarter of the market by 2025 and approaching 50% by 2030. U.S. Electric Vehicle Market Jing Liy January 27, 2019 Abstract Competing standards often proliferate in early stages of product markets and may lead to socially ine cient investment. The report draws on our team of specialists around the world and looks at how these trends will impact the automotive, energy, infrastructure, and battery materials markets over the next 20 years. This paper studies the e ect of unifying three incompatible standards for charging electric vehicles in the U.S. from 2011 to 2015. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. Electric Vehicle Forecasts, Trends and Opportunities 2015-2025 Contents Page 1. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. Seeing to this, various Electric Vehicle companies are making advancements, incorporating technology and adding various innovative attributes to Electric Vehicle making them more convenient and in lines with the carbon emission norms, which is expected to boost the Electric Vehicle market in the region. The global electric vehicle market is estimated to grow at a CAGR of more than 23% during the forecast period 2021-2027. © 2021 Bloomberg Finance L.P. All rights reserved.