NEW YORK, March 28, 2024 /PRNewswire/ — The global electric vehicle (ev) market size is estimated to grow by USD 343.01 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 13.51% during the forecast period. APAC held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 47%.
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APAC is expected to play a pivotal role in propelling the global electric vehicle (ev) market
Geographic Landscape:
The electric vehicle (EV) market in APAC is experiencing significant growth due to increasing concerns over climate change, air pollution, and carbon footprint reduction. ICE vehicles, including those fueled by petrol, CNG, and LPG, are being replaced by EVs as regional governments impose stricter CO2 emission standards. OEMs such as Ford, Stellantis, BYD, Mahindra, and SAIC-GM-Wuling are investing heavily in R&D for EVs and FCEVs, utilizing advanced technologies like solid-state batteries and fuel cells. Global EV sales reached USD xxx billion in 2020, with new car registrations showing exponential % increase year-on-year. European governments are also implementing zero-emission targets, stimulating the global EV market growth. Despite the diversity within APAC, the region remains a major player in both producing and consuming vehicles, presenting both opportunities and challenges for the EV sector in decarbonizing the global roads.
Key Company
Electric Vehicle (EV) Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Electric Vehicle (EV) Market report includes information on the product launches, sustainability, and prospects of leading vendors including Bayerische Motoren Werke AG, BYD Co. Ltd., Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Group Co. Ltd., Ford Motor Co., Geely Auto International Corporation, General Motors Co., Guangzhou Automobile Group Co. Ltd., Honda Motor Co. Ltd., Hyundai Motor Co., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Tesla Inc., Toyota Motor Corp., Volkswagen AG .
Market Drivers
The EV market is experiencing significant growth, with ICE vehicles facing increasing pressure from climate change and air pollution concerns. The global EV sector saw new car registrations surge in 2020, reaching over 3 million units, surpassing the previous year’s sales. This trend is expected to continue, with global EV sales projected to reach USD 802.8 billion by 2027. OEMs like Ford, Stellantis, and SAIC-GM-Wuling are investing heavily in R&D to produce more efficient EVs, with a focus on solid-state batteries and fuel cell electric vehicles (FCEVs) using hydrogen fuel cells. The shift towards zero-emission targets is driving the demand for EVs, with governments worldwide implementing stimulus measures to support the industry’s growth. However, challenges remain, including the need to reduce the carbon footprint of EV production and the reliance on lithium-ion batteries, which require cobalt and other resources with environmental concerns. The decarbonisation challenge continues, with CO2 emission standards becoming increasingly stringent for both petrol, CNG, and LPG vehicles. European governments are leading the way, with many setting ambitious targets for electric car fleets on global roads.
Market Overview
The Electric Vehicle (EV) market is experiencing significant growth, with various players making strides in the sector. Companies like Globals Electric, EV, and Electricar are leading the charge in the industry. These companies are focusing on developing advanced charging infrastructure and manufacturing efficient EVs. The use of lithium-ion batteries and supercapacitors in EVs is a key trend, as they offer longer driving ranges and faster charging times. Additionally, governments worldwide are implementing policies to promote the adoption of EVs, such as subsidies and tax incentives. The market is also witnessing the emergence of autonomous EVs, which are expected to revolutionize the transportation sector. Overall, the EV market is poised for substantial growth in the coming years, driven by technological advancements, government initiatives, and increasing consumer awareness.
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Market Landscape
The Electric Vehicle (EV) market, a segment of the global automotive industry, is experiencing significant growth due to various factors. Governments and energy utilities offer tax benefits and subsidies to promote EV adoption, particularly in passenger cars and public transportation. EVs include various vehicle types, such as buses, heavy-duty trucks, e-scooters, two-wheelers, and three-wheelers. The EV charging infrastructure is crucial, with public charging points and smart charging trends shaping the industry. Vehicle-to-grid (V2G) technology and EV parts, including charging technologies and automotive lithium-ion batteries, are essential components. Battery production, raw materials like lithium and nickel, energy density, and battery packs are key areas of focus. Manufacturing processes and electrification targets are driving the growth of EV manufacturing plants. Governmental and local policies, such as stated policies scenario and announced pledges scenario, are essential in shaping the market. Incentives like vehicle purchase incentives totaling GBP 1.6 billion and electrification targets are major market drivers. LDV and HDV sales, as well as two/three-wheeler sales, are expected to increase in major markets.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
