I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Electric vehicle (EV) registrations in the US in 2020 reached record market share of 1.8%, demonstrating increased consumer interest for electric vehicles, according to new analysis from IHS Markit. Besides, the rapid adoption of fuel-efficient vehicles will augur well for the market in Europe. V2G technology enables electricity to be returned to the grid from car batteries, the same way stationary storages are connected to the grid. For example, as of 2018, China has been the home to 5 million low-speed electric vehicles (LSEVs). Chart. Which region held the highest market share in the global market? In order to fulfil the charging station gap in North America, Tesla constructed a web of charging stations across the U.S. and Canada. With additional growth in the first quarter of 2020, EV penetration is now at 2.8 percent. Amid COVID-19, the outlook for 2020 global EV sales becomes more difficult. Shared electric scooters (e-scooters), electric-assist bicycles (e-bikes) and electric mopeds now available in over 600 cities across more than 50 countries worldwide. The European standard for V2G charging will be ready in late 2020. You can learn more about bi-directional charging and our V2G solution by reading this quick guide. Fast chargers, on the other hand, are slowly increasing in popularity. For the EV market, further technological advances include: Ultimately, these changes will lead to massive cost reductions and increased production efficiency. After several adjustments in the financial incentives and tax code to favor the purchase of all-electric vehicles, the market share rose to 14.9% in 2019 and 24.6% in 2020, with ample dominance of battery electric vehicle sales in both years. Tesla Inc. is the Top Player in the Market. We value them as a research company worthy of building long-term relationships.”, “Well done Fortune Business Insights! "The overall picture is that global EV sales have returned to the S-Curve [growth trajectory] in terms of volume and are somewhat above trend in terms of share," EV-volumes said. Besides, the government exempts purchase tax, import tax, and road tax based on different subsidies. Electric micromobility options have expanded rapidly since their emergence in 2017. The market is projected to grow from USD 246.74 billion in 2020 to USD 985.72 billion in 2027 at a CAGR of 17.4% in the 2020-2027 period. In other words, private home and workplace charging with type 1 and type 2 slow chargers continue to be the preferred mode of charging for the general public. And if that wasn’t enough, we’re also working on some pretty exciting new stuff here at Virta. In 2019, there were about 598 000 fast chargers in the world, 82% of which were in China. Tesla Inc. is the leading player in the global market. UK EV market share tops 10% for 2020. This is a clear deviation from the growth rates of the previous 6 years, which were between 46% and 69%. Another interesting perspective relates to the development of new EV parts and charging technologies. In 2019, the Asia Pacific market revenue was at USD 146.46 Billion. The adoption rate of EVs in Asia-Pacific is high owing to the presence of EV manufacturers' original equipment manufacturers and other automakers in the region. Fred Lambert. In order to reduce the amount of greenhouse gas emissions in the atmosphere, governments of many countries in the world have implemented strict vehicle emission regulations. The reasons for this shift are due to the decrease in sales in the second half of 2019 in the two largest markets, China and the USA. China accounts for the largest share of global EV sales as it looks to reduce energy imports, clean up urban air quality, build its domestic auto industry, and attract manufacturing investment. - Oct. 30th 2020 10:45 am ET. Similarly, manufacturing EVs requires a lot of assets and investment, which may also affect the growth of the market. Europe passed China in EV sales with a 137 % increase in a disturbed auto market, which had suffered volume losses up to 80 % during the 2nd quarter. December 2020 also represented the highest monthly share for new EV registrations at 2.5 percent of the industry, which IHS says is a record monthly level. Looking forward to work together in the future”, “It has been a delightful experience working with you guys. Asia Pacific dominated the market share in 2019. By continuing to visit this site you agree to our use of cookies . This outlook is underpinned by supporting policies, particularly in China and Europe. And DB Schenker wants to make its transport activities in European cities emission-free by 2030. utilities and power companies are currently increasing their investment in EV charging infrastructure, EV charging industry trends, you can download our free guide here, The second — and more ambitious — scenario known as. The strict steps taken by various governments to curb air pollution are anticipated to boost the EVs industry over the forecast period. Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. How much is the electric vehicle market worth? In addition, the government shall also be developing EV charging stations across the U.S. to support the development of EVs in the country. In this guide, we’ll serve you all the latest facts, figures, and forecasts you need to know about the EV market and its predicted growth , Europe secured €60 billion in investments to produce EVs and batteries, Shared electric scooters (e-scooters), electric-assist bicycles (e-bikes) and electric mopeds now available in over 600 cities across more than 50 countries, In Europe, 76% of all charging points are concentrated in just 4 countries: The Netherlands, Germany, France, and the UK, projects focused on ultra-fast charging have already been announced in Europe, Plug&Charge feature allows our customers to identify themselves directly by connecting their vehicle to a charger. For the EV market, further technological advances include: 1. changes in battery chemistry 2. changes in energy density 3. changes in the size of battery packs Ultimately, these changes will lead to massive cost reductions and … Governments are providing attractive policies and incentives to promote the sales of EVs. The International Energy Agency said it expects electric vehicle sales to set a new market share record in 2020. All rights reserved. Besides this, the report offers insights into the market trends and highlights key industry developments. The global electric vehicle market size was USD 273.22 billion in 2019. Electric vehicle (EV) registrations in the U.S. in 2020 reached 1.8 percent market share, their highest level yet, demonstrating increased consumer interest, a new analysis from IHS Markit notes. The demand for BEV is gaining attention as the governments as well as private entities are planning to deploy a web of charging infrastructure across the world in order to promote the usage of green energy. The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. We know where we will be getting business intelligence from in the future.”, “Thank you for sending the market report and data. Europe and the US are relatively far behind with 1.2 and 1.1 million EVs respectively. A lot of people are skeptical of the benefits of electric cars; the fact that there’s a gas station situated every few miles (which cannot be said for EV charging stations) only adds to this notion. the use of cloud-connected charging devices. During the year, EVs emitted 38 million tonnes of carbon-dioxide equivalent on a well-to-wheel basis. For example, our proprietary Plug&Charge feature allows our customers to identify themselves directly by connecting their vehicle to a charger. No pin codes, RFID tags, or credit cards necessary. The market is projected to grow from USD 246.74 billion in 2020 to USD 985.72 billion in 2027 at a CAGR of 17.4% in the 2020-2027 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. These factors will help promote the growth of this segment during the forecast period. On the fleet side, DHL has made an ambitious pledge to reach 70% clean operations of last-mile pick-ups and deliveries by 2025. Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles. Overall, China accounts for 80% of the world electricity demand for EVs. The average plug-in electric car sales in the passenger car segment (excluding pickup trucks/bigger vehicles) in January-April 2020: U.S. - 5.5% (it was 4.2% in 12-months of 2019) Europe - 7.7% … Actually, here in 2020 thus far it looks like it is falling, with three out of the four months thus far seeing lower Tesla EV market share than we have seen in a long while. The Volkswagen Group’s electric car offensive with a large number of new models resulted in deliveries of approximately 231,600 all-electric vehicles, more than three times the volumes delivered in 2019. The Petroleum Ministry of India mandated all automotive manufacturers to start manufacturing BS-VI vehicles post 1 April 2020, The decision was aimed at reducing air pollution in the country. Market to Show Positive Signs of Recovery Post COVID-19 Lockdown. The BHEV segment is expected to be the leading segment in this market during the forecast period. Plug-in hybrids were also very popular with customers, who purchased 190,500 units (+175 percent). In European Union countries, a new Clean Vehicles Directive also provides a public procurement of electric buses. As of now, there are more … Monthly updated sales statistics can be found at European Alternative Fuel Observatory. Moreover, Daimler AG also provides financing, insurance, fleet management, leasing, and innovative electric mobility services. For instance, Daimler AG invested USD 20 billion in 2018, for the procurement of EV batteries. By the 2040s, electric vehicles will add up to over 30 TWh of installed battery storage capacity. While only 5.2% of China’s vehicles are electric, Norway has  56% of its vehicles running on electricity in 2019. Therefore, the market is expected to experience long-term growth during the electric vehicle market forecast period. Strict government regulations are expected to propel the market growth. However, this situation will likely change in the coming years, as several projects focused on ultra-fast charging have already been announced in Europe. @FredericLambert. In other words, it is public pledges like these that pressure competitors and stakeholders to act faster than they otherwise would have. "Market Intelligence for High-Geared Performance", Region : Global | Format: PDF | Report ID: FBI101678. The global stock of electric buses in 2018 was 460 000, almost 100 000 vehicles more than in 2017. On the other hand, utilities and power companies are currently increasing their investment in EV charging infrastructure. Electric cars rise to record 54% market share in Norway in 2020. Now, let’s look at some of the most effective EV-related policies from around the world. The important countries contributing to the growth of the region are the United Kingdom, Germany, and France. Let's start by looking at some historical data about the development of the global EV market. The private sector, and car manufacturers, in particular, have primarily responded positively to the ongoing changes in the market. These vehicle types include, for instance, microcars that are relatively popular in China. Passenger Car Segment is Expected to Hold the Largest Electric Vehicle Market Share. Very satisfied with the overall report as it has helped me to build strategies for my business”, “This is regarding the recent report I bought from Fortune Business insights. Strict Government Regulations on Vehicle Emissions to Promote Market. However, that number still sits slightly lower than the 3.9 per cent market share ZEVs held in Q1 2020. While it’s true that EVs increase electricity consumption, that can become the saving grace of energy utilities in the future. To know how our report can help streamline your business, Speak to Analyst, Battery Electric Vehicles BEV Segment is Expected to Dominate the Market. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. EVs would secure approximately 32 per cent of the total market share for new car sales (see figure 2). It’s no secret that governmental and local policies play a huge role in the adoption of EVs. “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. December’s new car sales figures, released by the SMMT today, show that there was another excellent month for EV (electric vehicle) sales and completing a year of high growth for EVs in 2020. Share of total kilometers in shared mobility applications. The real EV boom in Europe started in June and July and reached its peak in December with nearly 285 000 sales, +260 % y/y growth and a market share of 20 %. The first month more than half of the new car market was fully electric, was in March 2019 – since then this has become the norm rather than the exception. Another interesting EV trend in 2020 relates to public transportation and the sharing economy. In 2015 just 1.1% of new vehicles registered had a plug compared to 3.2% in 2019; by the end of December, this … While the direction is right, it’s good to keep in mind that as of 2019, only 2.5% of the world’s passenger vehicles run on electricity. Lastly, you can't mention EV charging trends without acknowledging vehicle-to-grid (V2G). However, as the global EV sales increase in number, this too will change. Tesla Inc. is known for its innovative product designing, technological enhancements, and quality assurance. In China, it … Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. In freight transportation, on the other hand, light-commercial EVs (LCEs) reached 380 000 units in 2019, which is great news for the future of commercial trucking. Despite the overall drop in sales, global EV market penetration increased by 0.3 percentage points from 2018 to 2019, for a total share of 2.5 percent. As shown in the chart, the number of electric vehicles as a proportion of all new vehicles showed a significant increase in 2020. If quarantines and factory closures continue into Q2, insufficient parts supply affects the global car industry during a longer period. The majority of these are in China, driven by bans in many Chinese cities on two-wheelers with internal combustion engines. Based on the type, the market is segmented into a BEV, plug-in hybrid EV, and hybrid EV. Note that, in the UK, March and September are new registration plate months, which accounts for the twice-yearly peaks in sales and drop in market share in these periods. The increasing investment in EVs is considered to be a driving force for the growth of the market. The market is projected to grow at a CAGR of 17.4% and will exhibit exponential growth during the forecast period (2020-2027). In 2020, a total of 1,367,138 passenger plug-in electric cars was registered in Europe (up 142% year-over-year). About 6.5 million of the chargers were private, light-duty vehicle slow chargers. The rise in fuel prices and the environmental impact of traditional fuel vehicles have opened the door to alternative fuel vehicles on the market. The IEA estimates electric vehicle sales will account for 3% of global … Virta has been recognised as one of the global leaders in V2G technology. Both markets have national and local subsidy schemes in place – China recently extended its subsidy scheme until 2022. In addition, the government has also invested in infrastructure construction and formulated favorable policies. A third trend that’s steadily increasing in the EV space is the smart charging of electric vehicles, i.e. Companies such as Groupe Renault, Ford Motor Company, and Daimler AG are investing heavily in their plans to produce EVs. Their global market share increased from 2,5 % in 2019 to 4,2 % in 2020. The steps taken by the regional government to reduce carbon emissions have been the driving factor for the growth of the market in Europe. For example, while recent developments in battery characteristics are driven by a high demand for batteries in consumer electronics, the EV business will undoubtedly benefit from this. Fun fact: 80 terawatt-hours is somewhat comparable to the electricity demand of Finland in 2019. EV charging industry trends, you can download our free guide here. And while actions like these are worthy of attention on their own, their fringe benefit is of course that they act as signalling devices for the rest of the market. In Europe and the United States, a large majority of publicly accessible chargers that were installed in 2019 were slow chargers. The India EV market is anticipated to register a CAGR of about 20% during the forecast period (2020 - 2025). The 2022 to 2024 period is considered to be the most optimistic period for EV sales as manufacturers are planning to launch new vehicles in this period. Overall, we estimate that electric car sales will account for about 3% of global car sales in 2020. This is because these vehicles have not yet achieved economies of scale and because they are not mass-produced. Therefore, it forces many governing bodies to impose strict emission vehicle regulations on car manufacturers to curb vehicle emissions. By 2024, the electric vehicle charging station market is expected to reach a CAGR of 38%. It provides consumers with multiple benefits, such as reduced selling prices, zero or low registration fees, and free charging infrastructure of EVs at multiple charging stations. In 2019, Europe secured €60 billion in investments to produce EVs and batteries - 19 times more than in 2018. Daimler AG is one of the largest manufacturers of commercial vehicles and high-end automobiles in the world. For instance, the U.S. government is planning to invest USD 287 billion in highway developments over the next five years. The average market share is 11% (6.2% BEVs and 4.8% PHEVs). However, the sales of all types of EVs improved post-June 2020 as the lockdown lifted in most of the countries. Volkswagen Group Global Electric Car Sales in 2020. These subsidies have also encouraged automakers to increase their production of EVs. Remarkable job and great efforts by your research team. There is no internal combustion engine among them. The COVID-19 pandemic had a severe impact on the global automotive industry, the lockdown caused due to the pandemic led to the closure of several automotive production facilities. Electricity is the main energy source for EVs. Privacy policy. Asia-Pacific is expected to show significant growth in the global market owing to the growing demand for passenger cars in developing nations. In Western Europe, the share … Request a Free sample to learn more about this report. If you're interested in learning more about smart charging (including the definition, benefits, practical how-tos, and more), take a look at our complete guide. High Manufacturing Cost to Hinder Market Growth. In addition to China, one of the global leaders in electric bus fleets is Chile, aiming to electrify all of its public transport by 2040. The combined 2020 market share for cars with an electric drive (battery-electric, plug-in, fuel cell) in Germany stood at a record high of 13.5%," KBA said. In Europe, 76% of all charging points are concentrated in just 4 countries: The Netherlands, Germany, France, and the UK. Electric vehicles hit record market share, says JATO . For business owners and consumers alike, smart EV charging allows greater convenience and control over electricity consumption. In addition, the absence of infrastructure associated with the development of EVs has proven to be a negative factor, which has affected the growth of the market. February 11, 2021. An Infographic Representation of Electric Vehicle Market, To get information on various segments, share your queries with us. hbspt.cta._relativeUrls=true;hbspt.cta.load(2330692, '85242b86-e8b2-4d8d-9c1d-ef5c7b7959db', {"region":"na1"}); ©2021 Liikennevirta Oy (Ltd.), VATIN FI25889862. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The company has launched a range of passenger cars, commercial vehicles, and electric buses to support the growing EV demand. While it’s true that EVs increase electricity consumption, that can become the saving grace of energy utilities in the future. We use cookies to enhance your experience. The company also built solar power generation plants to make green energy available for the charging stations. With the overall automotive market in the red, added to another record month, the November PEV share jumped to a record 5.9% share (4.1% BEV), pulling the 2020 plugin share to 3.8% (2.6% BEV), and with the help of a great December, expect the final 2020 share to … Fortune Business Insights says that the global market size was USD 273.22 billion in 2019 and is projected to reach USD 985.72 billion by 2027. What was the revenue of the market in Asia Pacific in 2019? In 2019, over 30 new and improved BEV/PHEV models were introduced, which will push EV sales in this year and the next. For example, while recent developments in battery characteristics are driven by a high demand for batteries in consumer electronics, the EV business will undoubtedly benefit from this. What is the leading segment in the global market? Favorable Government Subsidies and Policies to Promote Electric Vehicle Sales. For the first four months of 2020, the IEA estimates that the passenger car market will have contracted by 15% year over year, while sales of electric passenger and commercial light-duty vehicles will remain close to 2019 levels. Speaking of efficiency, several manufacturing plants have released their plans of expanding their EV production capacity as a result of increased policy support. The Super-September edition of the Dutch EV market saw it return to red (-3% YoY), but with the crash of the overall market, the PEV market share actually jumped to 27%, 6 points ahead of September 2019, a time when we had no covid disruption a healthy automotive market saw plugins jump to 21% share, thanks to the (then) upcoming changes on the company car rules, that were set to start … Recent data from an Automotive News/Experian collaboration has revealed something expected but shocking at the same time: In 2020, Tesla outsold its … What is the key factor driving the global market? Moreover, the reduction in battery prices and government support for vehicle electrification are anticipated to keep the market growth buoyant over the next few years. The global impact of COVID-19 has been unprecedented and staggering, with EVs witnessing a positive demand shock across all regions amid the pandemic. It looks quite comprehensive and the data is exactly what I was looking for. On a global scale, conventional cars are one of the main causes of air pollution. Electric Truck Market Size, Share & Trends Analysis Report By Vehicle Type (Battery Electric Trucks, Hybrid Trucks), By Region, And Segment Forecasts, 2020 - 2027. The hybrid EV held the largest market share in 2019, HEV offers the dual option as electric as well as fuel-based driving range, especially in regions with insufficient charging infrastructure availability. Increasing Investments in Electric Cars to Drive the Market. Our global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs are superior to conventional vehicles, but the cost is higher than that of gasoline-powered vehicles. The regional growth can be attributed to growing initiatives by the Department of Energy (DOE) to build charging infrastructure throughout the U.S. to support the growing number of EVs in the region. The report was very accurate and as per my requirements. In addition to the factors above, the report encompasses several factors that have contributed to the electric vehicle market growth over recent years. "Market share of newly registered passenger electric vehicles in selected European countries in 2020, by type." Consumers are increasingly inclined to use hybrid or battery-powered cars, which is expected to drive the market. China and Europe also recently strengthened and extended their New Energy Vehicle mandate and … All EV models use one or more electric motors for propulsion. EV and PHEV sales in Europe continue to break records in 2020 with a 142% increase of deliveries to over 1,36 million registrations of plug-in vehicles, which is 11.4% of the total European car market, more than triple the share of 2019! But even with the stagnant growth in the two largest markets, global EV sales still grew, largely in part to Europe, which saw 44% growth. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”, “Please pass on our sincere thanks to the whole team at Fortune Business Insights. Driven by EU car CO2 targets, industry and governments committed 3.5 times more to EV and battery production in Europe than they did in China. In Europe, the European Union has formed a regulation to reduce the CO2 emissions of light and medium commercial vehicles by 15% before 2025. BEV sales accelerated in the final months of 2020, hitting its highest level for any single month in December, with a 66.7% share of the car market. An estimated 350 million electric two/three-wheelers make up 25% of all two/three-wheelers in circulation worldwide. Altogether EVs consumed approximately 80 terawatt-hours of electricity in 2019, a large proportion of which can be attributed to two-wheelers in China. It is expected to grow at a much faster rate, as the government has undertaken various initiatives to promote electric vehicles in the country. The runners up Iceland and Netherlands have reached 25.5% and 15% EV penetration, respectively. The PHEV segment is growing at a steady pace, decreasing prices of these vehicles are anticipated to boost the demand in the near future. Statista. In 2019, the number of light electric vehicles globally reached 2 264 400 units, 9 % higher than for 2018. Major companies such as Ford Company and Mercedes Benz are also investing heavily to produce EVs. When it comes to the future, according to the EV Market Outlook 2020, there are two possible scenarios: While only time (and new data) will tell which of these predictions will be closer to the truth, if you’re interested in familiarizing yourself with more. To put that into perspective, that’s nearly half (45%) of the global stock of EVs. The electric vehicle (EV) market is still in its nascent stage in India. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. At the end of 2019, there were about 7.3 million chargers worldwide, 2.1 million more than in 2018. In absolute terms, China remained the world’s largest EV market, with 2.3 million electric vehicles in active use. The passenger car segment accounts for the major share in the global market owing to increased sales and demand for passenger cars in Asia-Pacific. Issue 131 | September 2020; Electric vehicles hit record market share, says JATO; Back to cover page. Value (USD Billion) & Units (Thousands Units). Energica Motor Company S.P.A (Modena, Italy), General Motors Company (Michigan, United States), Toyota Motor Corporation (Toyota City‎, Japan), Jiangling Motors Corporation Limited (Jiangxi, China), Lucid Motors, Inc. (California, United States), Europe (U.K., Germany, France, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. The global electric vehicle market has taken a huge leap forward in the past decade.
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