Major players in the electric car market are Toyota, BMW, BYD, Tesla, Volkswagen, General Motors, BAiC Motors, SAIC, and Daimler AG. The global electric car market is expected to decline from USD 533.4 billion in 2019 to 515.8 billion in 2020 at a compound annual growth rate (CAGR) of -3.31%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 1150.7 billion in 2023 at a CAGR of 30.67%. The growth is mainly because of their low cost, low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs, and most importantly being environmentally friendly.
The electric car market consists of electric car sales and services related to it. An electric car is an electric vehicle that runs by a chargeable battery such as Nickel-Metal Hydride (NI-MH) Battery, Lithium-ion Battery, Fuel Cell Battery. Electric cars are available in Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicles (FCEV) which are used for personal home use or commercial use.
Asia-Pacific was the largest region in the electric cars market in 2019. Europe is expected to be the fastest-growing region in the forecast period.
The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users. Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point, and/or stopping by at any charging station. Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car. Tesla, BMW, Rolls Royce, Volkswagen, Nissan, etc. are working on wireless charging system cars because the OEMs and technology companies figured out that it is much easier to charge an electric vehicle by wireless charging system than a plug-in system. Qualcomm’s technologies, continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology which helps to charge the electric vehicle while driving. Therefore, the wireless charging system has a huge scope in the future to electrify vehicles all over the world.
The electric car market covered in this report is segmented by type into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV). It is also segmented by battery type into lithium-iron-phosphate (LFP), lithium-nickel-manganese cobalt oxide (Li-MnC), lithium titanate oxide (LTO) battery, lithium-nickel-cobalt-aluminum oxide (NCA) battery, nickel-metal hydride (Ni-Mh) battery, lead-acid battery.
Lack of standardization of charging infrastructure is slowing down the electric cars market. The charging infrastructure is a charging point for Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), Fuel Cell Electric Vehicles (FCEV) available in every region. According to McKinsey 2018 the report, there will be an estimated 120 million electric vehicle units on road by 2030. The demand for electric vehicles is rising due to environmental concerns and health Hazards. The sudden shift to electric vehicles in many regions leads to a lack of charging infrastructure. Tesla, BYD, BAIC Motor, and other international OEMs are expected to launch 66 electric vehicle models in 2020. However, many regions don’t have proper charging infrastructure for electric vehicles due to higher up-front capital, higher operating costs, and currently low utilization of electric vehicles. This factor is likely to challenge the growth of this market.
In February 2019, Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto (California) acquired Maxwell technologies an Energy storage company for a deal of USD 218 million. Maxwell technologies produce ultracapacitors an energy storage device or battery that is used in electric vehicles. The acquisition helped Tesla to get Maxwell’s dry electrode technology which mainly used to produce ultracapacitors. These dry electrode technology ultracapacitors are used in electric vehicles to boost performance and also more cost-effective than other technologies.
The growing demand for electric vehicles is driving the electric cars market. Electric cars are one of the fastest-growing segments in the electric vehicles market. According to the InsideEVs report (Electric vehicle world sales database), in 2019 nearly 2.2 million electric vehicles were sold globally. And, according to Forbes, Electric vehicles (EVs) will surge to 57% which is more than half of global passenger car sales by 2040. The major companies in the automobile industry such as Tesla, BMW, Volkswagen, and others are expected to release around 200 models of electric vehicles. Electric vehicles don’t use fuel or gas and they are more economical than other vehicles. The demand for an electric vehicle is growing because of their low maintenance, less carbon emission, convenient charging, less noise from the engine, higher fuel costs.
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