Electric Vehicle Market Size Receives Immense Government Support Post COVID-19 Outbreak

 

Market Dynamics

Market Research Future (MRFR) anticipates the electric vehicle (EV) market size 2020 to record a decent CAGR of 18.4% between 2017 and 2025 (evaluation period). We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the global market has been analyzed in the report, which also outlines the latest developments that have taken place following the coronavirus disease outbreak.

COVID-19 Analysis

In the aftermath of the COVID-19 outbreak, the surge in risk perception among consumers, fall in fuel prices along with disruptions in the supply chain have majorly impacted the sale of electric vehicles. The EV industry is trying to stay afloat with the help of government support, which is continuously promoting the use of EVs despite the financial crunch faced by people. SARS-CoV-2 and its after effects have made consumers extremely risk-averse to higher costing vehicles like EVs. The automotive industry that generally views electrification as the best way to achieve a greener planet can expect some tough roads ahead.

Amid the lockdown imposed in countries, to retain the importance of electrification and attract more investments, market players are taking up a technology based approach to achieve their respective EV targets. Post pandemic, the EV industry has been receiving excellent back up from the government, which has managed to keep up the sales of EVs. The Electric Vehicle Market Size can remain fortified, given the increasing awareness among people regarding the long-term impact of EVs for lower air pollution levels as well as fuel efficiency. Top automakers are ready to launch advanced EVs in the market, with the intention of sustaining their growth as well as customer base across the globe, especially post the novel coronavirus outbreak.

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For instance, in June 2020 it was reported that Volkswagen is ready to launch its first edition electric car called ID.3, sometime this month. This EV launch was encouraged by the jump in the sale of battery electric cars in the month of May in Germany, with the surge noted to be close to 20% in the country.

Key Drivers and Main Challenges

Strict carbon emissions standards have shifted people’s focus towards electric vehicles. For example, European Union has set a target of zero carbon gas emissions by the year 2050. Since electric vehicles generate lower gas emissions compared to the traditional vehicles, governments of various countries are trying to boost the awareness and encourage the use of these vehicles to bring down air pollution, oil consumption, and more.

 

Increasing spending on electric vehicles has been an incredible growth booster in the worldwide market for EVs. Companies like Ford Motor Company, Groupe Renault and Daimler AG are investing significantly in their manufacturing plans with respect to EVs. To cite a reference, Ford Motor Company in June 2020 announced that it is planning to spend close to USD 11.0 billion for manufacturing at least 40 EVs by the year 2022. Considering these favorable initiatives, it is safe to assume that the electric vehicles market can observe noteworthy expansion in the following years.

The global market can also remain strong on the back of the rising use of electric vehicles in government and commercial sectors along with the surge in company partnerships that share a common goal of a greener planet. To illustrate, in 2020, Uber partnered with Nissan with the key objective of manufacturing 2,000 EVs for the Uber drivers across London. This move on the part of Uber highlights its target of making all its vehicles free of carbon emission by 2025.

Segmental Review

The electric vehicle industry can be considered for charging station, connector type, installation type as well as vehicle type.

The technology-based categories covered in the study are battery, hybrid, along with plug-in hybrid electric vehicle. The market for plug-in hybrid electric vehicles can remain dominant throughout the review period owing to the rising number of electric vehicle charging stations worldwide.

The key vehicle types studied are commercial vehicles, two-wheelers as well as passenger cars. In 2018, reports confirmed that the passenger car segment seized the biggest share in the electric vehicle market size, trailed by commercial vehicles and two-wheelers.

Regional Outlook

Europe, North America, Asia Pacific or APAC, and RoW/the rest of the world are considered to be the key regions where the electric vehicles market can observe varying levels of expansion during the appraisal period.

The APAC market has emerged as the leader in the global market, as a result of the escalating demand for EVs in Japan, India and China. The APAC can observe higher growth in the coming years, thanks to the strong government support, mounting disposable income of the people and the surge in preference for eco-friendly products.

North America is one of the most lucrative markets for electric vehicles, on account of the rising sale of electric cars in Canada and the US. The presence of some of the most profitable electric vehicle vendors in the United States such as Tesla, Chevrolet and GM also favors the regional market.

The RoW market, comprising Africa, the Middle East and South America, can also perceive notable growth in the years ahead, given the expanding pool of electric vehicle manufacturers along with the advancements in the charging infrastructure.

 

Top Vendors

Top vendors recognized in the market study include Daimler AG (Germany), Volkswagen (Germany), Ford Motor Company (US), General Motors (US), Mitsubishi Motors Corporation (Japan), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), BMW (Germany), Nissan Motor Company (Japan), Tesla Inc. (US), and more.

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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