How much is the electric vehicle market worth? Tesla Inc. is the leading player in the global market. Moreover, the reduction in battery prices and government support for vehicle electrification are anticipated to keep the market growth buoyant over the next few years. Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. This is because these vehicles have not yet achieved economies of scale and because they are not mass-produced. The PHEV segment is growing at a steady pace, decreasing prices of these vehicles are anticipated to boost the demand in the near future. All EV models use one or more electric motors for propulsion. Moreover, Daimler AG also provides financing, insurance, fleet management, leasing, and innovative electric mobility services. This would suggest that we still have a long road ahead until we can declare electrification a reality. Besides, the rapid adoption of fuel-efficient vehicles will augur well for the market in Europe. However, this situation will likely change in the coming years, as several projects focused on ultra-fast charging have already been announced in Europe. While the direction is right, it’s good to keep in mind that as of 2019, only 2.5% of the world’s passenger vehicles run on electricity. In 2019, over 30 new and improved BEV/PHEV models were introduced, which will push EV sales in this year and the next. It provides consumers with multiple benefits, such as reduced selling prices, zero or low registration fees, and free charging infrastructure of EVs at multiple charging stations. The Super-September edition of the Dutch EV market saw it return to red (-3% YoY), but with the crash of the overall market, the PEV market share actually jumped to 27%, 6 points ahead of September 2019, a time when we had no covid disruption a healthy automotive market saw plugins jump to 21% share, thanks to the (then) upcoming changes on the company car rules, that were set to start … North America is expected to witness the highest growth in the market. For example, as of 2018, China has been the home to 5 million low-speed electric vehicles (LSEVs). Increasing Investments in Electric Cars to Drive the Market. Thank you Fortune Business Insights for your efforts and prompt response”, “I had a great experience working with Fortune Business Insights. However, that number still sits slightly lower than the 3.9 per cent market share ZEVs held in Q1 2020. For the EV market, further technological advances include: Ultimately, these changes will lead to massive cost reductions and increased production efficiency. Europe and the US are relatively far behind with 1.2 and 1.1 million EVs respectively. Statista. In absolute terms, China remained the world’s largest EV market, with 2.3 million electric vehicles in active use. The steps taken by the regional government to reduce carbon emissions have been the driving factor for the growth of the market in Europe. hbspt.cta._relativeUrls=true;hbspt.cta.load(2330692, '85242b86-e8b2-4d8d-9c1d-ef5c7b7959db', {"region":"na1"}); ©2021 Liikennevirta Oy (Ltd.), VATIN FI25889862. After several adjustments in the financial incentives and tax code to favor the purchase of all-electric vehicles, the market share rose to 14.9% in 2019 and 24.6% in 2020, with ample dominance of battery electric vehicle sales in both years. Actually, here in 2020 thus far it looks like it is falling, with three out of the four months thus far seeing lower Tesla EV market share than we have seen in a long while. The rise in fuel prices and the environmental impact of traditional fuel vehicles have opened the door to alternative fuel vehicles on the market. For example, while recent developments in battery characteristics are driven by a high demand for batteries in consumer electronics, the EV business will undoubtedly benefit from this. This is a clear deviation from the growth rates of the previous 6 years, which were between 46% and 69%. The COVID-19 pandemic had a severe impact on the global automotive industry, the lockdown caused due to the pandemic led to the closure of several automotive production facilities. When it comes to the future, according to the EV Market Outlook 2020, there are two possible scenarios: While only time (and new data) will tell which of these predictions will be closer to the truth, if you’re interested in familiarizing yourself with more. - Oct. 30th 2020 10:45 am ET. December’s new car sales figures, released by the SMMT today, show that there was another excellent month for EV (electric vehicle) sales and completing a year of high growth for EVs in 2020. In Europe, 76% of all charging points are concentrated in just 4 countries: The Netherlands, Germany, France, and the UK. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. V2G technology enables electricity to be returned to the grid from car batteries, the same way stationary storages are connected to the grid. Speaking of efficiency, several manufacturing plants have released their plans of expanding their EV production capacity as a result of increased policy support. UK EV market share tops 10% for 2020. The demand for BEV is gaining attention as the governments as well as private entities are planning to deploy a web of charging infrastructure across the world in order to promote the usage of green energy. On the fleet side, DHL has made an ambitious pledge to reach 70% clean operations of last-mile pick-ups and deliveries by 2025. We know where we will be getting business intelligence from in the future.”, “Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. The global impact of COVID-19 has been unprecedented and staggering, with EVs witnessing a positive demand shock across all regions amid the pandemic. The average plug-in electric car sales in the passenger car segment (excluding pickup trucks/bigger vehicles) in January-April 2020: U.S. - 5.5% (it was 4.2% in 12-months of 2019) Europe - 7.7% … Privacy policy. Consumers are increasingly inclined to use hybrid or battery-powered cars, which is expected to drive the market. Few prominent EVs launched by Daimler include EQC, Smart EQ, GLC F-Cell, Concept EQV among others. In this guide, we’ll serve you all the latest facts, figures, and forecasts you need to know about the EV market and its predicted growth , Europe secured €60 billion in investments to produce EVs and batteries, Shared electric scooters (e-scooters), electric-assist bicycles (e-bikes) and electric mopeds now available in over 600 cities across more than 50 countries, In Europe, 76% of all charging points are concentrated in just 4 countries: The Netherlands, Germany, France, and the UK, projects focused on ultra-fast charging have already been announced in Europe, Plug&Charge feature allows our customers to identify themselves directly by connecting their vehicle to a charger. Strict government regulations are expected to propel the market growth. “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. These subsidies have also encouraged automakers to increase their production of EVs. The company has launched a range of passenger cars, commercial vehicles, and electric buses to support the growing EV demand. Despite the overall drop in sales, global EV market penetration increased by 0.3 percentage points from 2018 to 2019, for a total share of 2.5 percent. For business owners and consumers alike, smart EV charging allows greater convenience and control over electricity consumption. Overall, the country by country development of EV sales and market share can be conveniently viewed in the graph below. Both markets have national and local subsidy schemes in place – China recently extended its subsidy scheme until 2022. Europe is expected to become the main region. Which region held the highest market share in the global market? Fortune Business Insights says that the global market size was USD 273.22 billion in 2019 and is projected to reach USD 985.72 billion by 2027. utilities and power companies are currently increasing their investment in EV charging infrastructure, EV charging industry trends, you can download our free guide here, The second — and more ambitious — scenario known as. EV and PHEV sales in Europe continue to break records in 2020 with a 142% increase of deliveries to over 1,36 million registrations of plug-in vehicles, which is 11.4% of the total European car market, more than triple the share of 2019! All rights reserved. Another interesting perspective relates to the development of new EV parts and charging technologies. For the first four months of 2020, the IEA estimates that the passenger car market will have contracted by 15% year over year, while sales of electric passenger and commercial light-duty vehicles will remain close to 2019 levels. The commercial vehicle segment is expected to experience growth during the forecast period due to the ever-increasing innovations in the battery of EVs to enhance the load capacity of the vehicle. I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Fred Lambert. The BHEV segment is expected to be the leading segment in this market during the forecast period. Now, let’s look at some of the most effective EV-related policies from around the world. Fast chargers, on the other hand, are slowly increasing in popularity. For the EV market, further technological advances include: 1. changes in battery chemistry 2. changes in energy density 3. changes in the size of battery packs Ultimately, these changes will lead to massive cost reductions and … Fun fact: 80 terawatt-hours is somewhat comparable to the electricity demand of Finland in 2019. In freight transportation, on the other hand, light-commercial EVs (LCEs) reached 380 000 units in 2019, which is great news for the future of commercial trucking. In Europe, the European Union has formed a regulation to reduce the CO2 emissions of light and medium commercial vehicles by 15% before 2025. Recent data from an Automotive News/Experian collaboration has revealed something expected but shocking at the same time: In 2020, Tesla outsold its … While only 5.2% of China’s vehicles are electric, Norway has 56% of its vehicles running on electricity in 2019. The IEA estimates electric vehicle sales will account for 3% of global … In the grand scheme of things, it seems safe to conclude that the public debate over EVs vs. ICE cars environmental impact is slowly turning in the favor of EVs. By the 2040s, electric vehicles will add up to over 30 TWh of installed battery storage capacity. Monthly updated sales statistics can be found at European Alternative Fuel Observatory. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. In 2015 just 1.1% of new vehicles registered had a plug compared to 3.2% in 2019; by the end of December, this … In European Union countries, a new Clean Vehicles Directive also provides a public procurement of electric buses. Looking forward to work together in the future”, “It has been a delightful experience working with you guys. During the year, EVs emitted 38 million tonnes of carbon-dioxide equivalent on a well-to-wheel basis. The adoption rate of EVs in Asia-Pacific is high owing to the presence of EV manufacturers' original equipment manufacturers and other automakers in the region. Thank you!”, “I recommend Fortune Business Insights for their honesty and flexibility. EV charging industry trends, you can download our free guide here. Tesla Inc. is a California based EV manufacturing company, the Tesla cars are well known for their autopilot mode allowing semi-autonomous features in their car range. However, the sales of all types of EVs improved post-June 2020 as the lockdown lifted in most of the countries. An estimated 350 million electric two/three-wheelers make up 25% of all two/three-wheelers in circulation worldwide. Electric vehicle (EV) registrations in the U.S. in 2020 reached 1.8 percent market share, their highest level yet, demonstrating increased consumer interest, a new analysis from IHS Markit notes. And while actions like these are worthy of attention on their own, their fringe benefit is of course that they act as signalling devices for the rest of the market. The 18,771 sales total in Q3 represents a 3.7 per cent market share of all vehicles purchased in the quarter, which is up from the 3.3 per cent seen in the previous quarter and the 3.5 per cent during the same period in 2019. The report was very accurate and as per my requirements. Chinese growth to ramp up again China's growth in EVs is driven by general economic demand and by the phasing in of new energy vehicle requirements since 2018. In 2019, the number of light electric vehicles globally reached 2 264 400 units, 9 % higher than for 2018. Europe passed China in EV sales with a 137 % increase in a disturbed auto market, which had suffered volume losses up to 80 % during the 2nd quarter. 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. Share of total kilometers in shared mobility applications. A lot of people are skeptical of the benefits of electric cars; the fact that there’s a gas station situated every few miles (which cannot be said for EV charging stations) only adds to this notion. The increasing investment in EVs is considered to be a driving force for the growth of the market. The electric vehicle (EV) market is still in its nascent stage in India. If you're interested in learning more about smart charging (including the definition, benefits, practical how-tos, and more), take a look at our complete guide. The market is projected to grow from USD 246.74 billion in 2020 to USD 985.72 billion in 2027 at a CAGR of 17.4% in the 2020-2027 period. Chart. High Manufacturing Cost to Hinder Market Growth. And if that wasn’t enough, we’re also working on some pretty exciting new stuff here at Virta. In 2020, a total of 1,367,138 passenger plug-in electric cars was registered in Europe (up 142% year-over-year). Electric micromobility options have expanded rapidly since their emergence in 2017. For example, while recent developments in battery characteristics are driven by a high demand for batteries in consumer electronics, the EV business will undoubtedly benefit from this. With the overall automotive market in the red, added to another record month, the November PEV share jumped to a record 5.9% share (4.1% BEV), pulling the 2020 plugin share to 3.8% (2.6% BEV), and with the help of a great December, expect the final 2020 share to … You can learn more about bi-directional charging and our V2G solution by reading this quick guide. Electricity is the main energy source for EVs. Passenger Car Segment is Expected to Hold the Largest Electric Vehicle Market Share. The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. "Market share of newly registered passenger electric vehicles in selected European countries in 2020, by type." Desember 2020 was a record-breaking month, where we reached a market share of a whopping 66,7 percent. These factors will help promote the growth of this segment during the forecast period. Our global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. The company also built solar power generation plants to make green energy available for the charging stations. EVs would secure approximately 32 per cent of the total market share for new car sales (see figure 2). The majority of these are in China, driven by bans in many Chinese cities on two-wheelers with internal combustion engines. In 2019, Europe secured €60 billion in investments to produce EVs and batteries - 19 times more than in 2018. Projected electric vehicle market share of global sales 2030-2050 Electric vehicles - average range forecast 2020-2030 Electric vehicles - global lithium-ion battery pack costs 2011-2030 6. The V2G market is projected to grow to over $ 5 billion between 2020-2024. For example, our proprietary Plug&Charge feature allows our customers to identify themselves directly by connecting their vehicle to a charger.