The global electric vehicle market is expanding rapidly and is projected to grow at a CAGR of 25.6% from 2019 to 2026. According to a new Acumen Research and Consulting report, “Electric Vehicle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026,” the electric vehicle market will reach over $567.2 billion by 2026.
In relatively recent years, the introduction of electric vehicles (EVs) has changed the automotive industry dramatically. A continuously increasing demand for fuel-efficient vehicles as well as concern toward greenhouse gases has increased the demand for EVs across the globe. These factors have driven the demand for the growth of the EV market. Many companies continue to focus on the development of new and advanced technologies that can be incorporated in the vehicles. The high cost of the vehicles and limited penetration may slow the growth of the market.
Based on type, the global EV market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Hybrid electric vehicle is the largest segment for electric vehicle by type, and is likely to be the largest segment by the end of the forecast period. Hybrid electric vehicles have advantages due to the combination of a conventional internal combustion engine system with an electric propulsion system. Moreover, the presence of an electric powertrain provides better fuel efficiency than a conventional vehicle. This has led hybrid vehicles to attain the highest market share over other segments. However, the battery electric vehicle segment is expected to progress in terms of market share and exhibit the largest market share by the end of the assessment period. Based on application, the global EV market is segregated into two-wheeler, passenger cars, and commercial cars. The passenger car segment emerged as the global leader in the EV market due to growth in adoption of electric passenger cars compared to two wheelers and commercial vehicles. Over the next five years, the commercial vehicle segment is expected to grow at the highest CAGR due to benefits associated with electric powertrains compared to internal combustion engines.
Geographically, the EV market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global EV market due to the adoption of advanced technology, the presence of major players, and high spending power of people. The United States holds the major share in the global market. High spending power, innovative technology, and presence of major players will support the growth of the market. Europe holds the second leading position in the market followed by Asia Pacific. Germany, France, and UK are the major shareholders in the market. Asia Pacific is expected to have a huge opportunity in the market. The presence of the developing economy, rapid development in technology, development in infrastructure, and increasing spending power of the people have driven the growth of the EV market.
LAMEA holds the lowest share in the market. The Middle East holds the major share in the market, while the African region holds the developing market.
Some of the major players in the market are Tesla, BMW Group, Nissan Motor Corp., Toyota Motor Corp., Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.
Related to the EV market is the EV charging station market. According to another recently published Acumen Research and Consulting report, “Electric Vehicle Charging Stations Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026,” the global EV charging station market is expected to grow at a CAGR of 40.5% from 2019 to 2026 and reach over $3.4 billion by 2026.
As EV use expands in every automotive sector, including truck, utility vehicle, and transport, the electric vehicles must be backed up by the installation of an ample number of EV charging stations. These stations are capable of charging the electric vehicles on the go, which makes the use of electric vehicles sustainable in today’s world. EV charging stations have features of fast charging with minimal cost and battery testing. Launch of electric vehicles in recent years by giants in the automotive sector including Tesla, Mercedes, BMW, and others have increased the demand for EV charging stations across the globe. Moreover, stringent government regulations promoting the use electric vehicles and restricting the use of vehicles running on fossil fuels is supporting the EV charging station market.
The global EV charging station market is segmented into type of charger, application, power output, supplier type, and region. Based on type of charger, the market is segmented into AC charging station and DC charging station. DC charging station dominated the global EV charging station market and is further expected to continue its dominance during the forecast period. Based on type of application, the global EV charging station market is segregated into private and public. Public charging station emerged as a global leader as of 2018 with the majority of the global market share. Based on type of power output, the global EV charging station market is segregated into <11 kW, 11 kW-50 kW, and >50 kW. For market segmentation based on supplier type, the global EV charging station market is segregated into OE charging station and private charging station.
Geographically, the EV charging station market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global EV charging station market due to the increasing number of electric vehicles, stringent government regulations, and presence of EV manufacturers in the region. The U.S. is likely to hold the major share of the North America EV charging station market followed by Canada. Growing need of import-export through trucks and other transport vehicles in the U.S. and Canada is escalating the demand for electric vehicles and subsequently EV charging stations during the forecast period.
The Europe EV charging station market is the second leading region in the global market because of government policies banning vehicles running on fossil fuels by 2025. Germany is expected to gross the largest share of the market due to increasing demand for electric vehicles and EV charging stations in the country, followed by the UK.
The Middle East is expected to gross a low share of the global EV charging station market due to the presence of an ample amount of fossil fuel oil fields in the region.
Latin America is likely to experience significant growth with a healthy CAGR due to the rapidly increasing industrial sector in the region. Africa is forecasted to grow steadily over the next few years because of an increase in the number of favorable government regulations.
Some major players in the global EV charging station market are Mojo Mobility, General Electric, Wi Tricity Corp., ChargePoint, and EVgo Services.