The global electric vehicle market size is projected to reach 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%.
The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast.
Electric passenger car is the fastest-growing segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC, etc. have been strong players in the market.
These companies have a strong market for their EV’s around the world. Passenger cars account for the largest share in the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for electric vehicles. Countries such as China have a low waiting period for electric vehicles compared to that for ICE-powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2050. US and China also follow such an agreement. The fast growth of EV chargers has also led to the growth of the EV passenger car market.
Supercharging to be the fastest-growing recharging segment in the forecast period
Currently, Asia has the highest number of Superchargers in the world, while Europe stands the 2nd best. This is because people in Asian countries prefer to fast charge for their vehicles for daily use. Superchargers are projected to grow at a fast rate in all 3 regions, but mostly in North American region due to the fast-projected transformation to EV’s in US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, UK etc. In Asia, Superchargers exist mostly in China and some in Japan, South Korea, etc. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.
Mid-Priced segment is expected to be largest in the Vehicle class segment in the forecast period.
A mid-priced vehicle is considered to have a price below USD 45,000. This vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles. Established automotive manufactures such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share. In April 2020, the world’s cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost around USD 5,000 and came with no additional features except traditional driving. This also became one of the top sold EV models in 2020. Some other mid-priced EV include Renault Twizy, Seat Mii electric, Fiat 500, VW e-up, MG5 EV, MG ZS EV, etc. Other companies like Hyundai, Honda, Toyota, etc. are working on developing low-cost EV’s for sale in Asian countries.