An electric vehicle is a vehicle where the propulsion is provided by an electric motor. Electric energy is utilized as a transportation fuel in electric vehicles to provide electricity. Electric vehicles provide a number of advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and other advantages because they are powered by electricity. Consumers' shifting attitudes toward electric vehicles are boosting market growth as they become increasingly worried about pollution.
In these vehicles, a variety of batteries are employed such as Zinc-air, Lithium ion, molten salt, and others. Electric vehicles were created to replace traditional modes of transportation, which pollute the environment. Due to several technological developments, electric vehicles have grown in popularity. Electric vehicles beat conventional vehicles in terms of fuel economy, carbon emissions, and maintenance, as well as the convenience of charging at home, a smoother ride, and reduced engine noise. Battery, hybrid, and plug-in hybrid electric vehicles are the three types of electric vehicles. Furthermore, electric vehicles do not require engine oil changes, but they are significantly more expensive than their gasoline counterparts.
The global electric vehicle market is expected to grow at a CAGR of around 27% over the period of next 5 years.
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The trend of less vehicular emissions in various countries, as well as the expansion of public charging infrastructure in China, France, U.S and Norway among other industrialized countries owing to strict government rules is likely to fuel market growth. For instance, According to the United Nations Environment Programme (UNEP), urban buses produces a significant amount of black carbon emissions. Thereby, UNEP provides policy and technical assistance to twenty cities in Africa, Asia Pacific and Latin America to create low-emission public transportation such as e-buses. UNEP has also collaborated with the International Council for Clean Transport and regional partners to provide technical assistance in removing and identifying barriers to the adoption and design of clean buses in order to meet public commitments. For instance, TransLink, Northern Ireland's public transportation business, increased its battery-electric bus fleet from 4 to 19 in January 2021. In 2022, the 15 new battery-electric buses are scheduled to arrive and commence operation on Route 100. Furthermore, the advantages of electric buses in terms of the environment are also contributing to the market expansion of electric vehicles.
Furthermore, technological developments in electric vehicle are likely to generate a variety of market growth prospects. Automobile manufacturers are focusing on the development of more effective electric vehicle systems with lower specific emissions and lower costs. Companies have also begun creating shrunk engines for use in vehicles, as smaller engines aid in meeting the forthcoming BHARAT STAGE VI emission standards. This is due to the fact that they emit fewer pollutants than heavier and larger engines. These shrunken tiny engines' compactness and cost-effectiveness add yet another dimension to their utility. As a result, the future development of advanced GDI systems gives lucrative opportunities to key players.
ELECTRIC VEHICLE MARKET SEGMENTATION:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Class:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The Asia Pacific region held the largest share in the electric vehicle market in the past years. In terms of electric vehicle sales, Asia Pacific has excelled than its western competitors. In the region, sales of battery electric vehicles have surged considerably since 2010. Furthermore, China was predicted to continue to produce the most electric vehicles in the Asia Pacific area in 2023, with the biggest number of electric vehicles in use. The three Asian countries including China, Japan and South Korea, are world leaders in the field of electromobility. While South Korea is technologically advanced, Japan and China dominate in terms of production and market share.
Furthermore, due to increased vehicle production and sales in the United States had led the North American electric vehicle market. Moreover, favorable government initiatives have also contributed to the market growth. The Federal Transit Administration (FTA) announced in August 2018 that it would be awarding USD 84.5 million in Low or No Emission Vehicle Program funds to 52 projects in 41 states. The investment will go toward buying hybrid and battery electric buses. In 2016, Ontario's provincial government unveiled its five-year Climate Change Action Plan. The plan includes actions such as extending the rebate programme for leasing or purchasing electric vehicles until 2020, establishing 4 years free nightly electric vehicle charging programme, and investing in electric vehicle charging stations in a variety of public settings.
FEW KEY PLAYERS IN ELECTRIC VEHICLE MARKET:
- Nissan Motor Corporation
- BMW Group
- Volkswagen AG
- Toyota Motor Corporation
- Daimler AG
- Tata Motors Limited
- MG Motor India
- Mahindra & Mahindra Limited
- JBM Auto Limited
- Olectra Greentech Ltd
- General Motors
- BYD Company Motors
- Energica Motor Company S.p.A
- Ford Motor Company.
-In June 2021, Tata Motors announced to launch 10 battery electric vehicles in its product portfolio by 2026.
-In February 2020, JBM Auto had launched two electric buses Eco-Life e12 and e9 electric buses which are powered by fast charging lithium batteries, and buses can run upto 150 km in a single charge.
-In April 2021, BYD had launched 4 new electric vehicle models including Song Plus EV, Qin Plus EV, E2 2021, and Tang EV that are equipped with Blade batteries in Chongqing.
-In October 2020, BYD and Hino entered into an agreement to form a joint venture to develop commercial BEVs.