Northrook, IL -- (SBWIRE) -- 10/14/2019 -- The Global Electric Vehicle Market is projected to grow from 3 million units in 2019 to reach 27 million units by 2030, at a CAGR of 21.1% during the forecast period.

The electric vehicle market comprises major manufacturers such as Tesla (US), BYD (China), BMW(Germany), Volkswagen (Germany), and Nissan (Japan).

North America: The US is expected to lead the North American market

North America is estimated to be the fastest growing market during the forecast period. North America comprises developed economies such as the US & Canada and is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving the electric vehicle market in this region.

FCEV segment is expected to grow at the highest CAGR

FCEVs have a better fuel economy and can travel around 300-400 miles with a full fuel tank. The refueling time for fuel cell powered vehicles is about 3 to 5 minutes. This makes FCEVs an ideal option for transportation on definite or fixed routes. However, the availability of infrastructure such as hydrogen refueling stations, hydrogen production facilities, and supporting fuel cell technology is minimal worldwide due to the substantial cost of fuel cell stack and system. However, countries like Japan and South Korea are investing in the development of FCEVs. For instance, Japan is aiming to set up 900 hydrogen refueling stations and 800,000 fuel cell cars by 2030. In South Korea, the Ministry of Knowledge Economy is also making similar efforts to promote fuel cells in the country.

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Recent Developments:

- In March 2019, Tesla launched its fully electric Model Y, which can carry seven passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.

- In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan's commitment to driving electrification in the region.

- In April 2019, BYD announced the launch of the K12A at the company's headquarters in Shenzhen, the world's first 27-m electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.

- In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been configured specially for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.

EV charging stations powered by renewable energy

EVs can be charged at an electric charging station or using a solar panel. The use of renewable energy to power EV charging stations is one of the key opportunities for players in the electric vehicle charging market. Due to the lower price and easier installation of solar panels, solar powered charging stations have become ideal for homeowners or commercial buildings. These charging stations can be installed at residential buildings, shopping malls, theatre complexes, convention centers, parks, and other facilities. 10 solar panels can provide the electricity required to power an electric vehicle that can drive approximately 21,000 km each year. Due to the rapidly advancing solar panel innovations and designs, companies have started developing solar powered charging stations to reduce the dependency on fossil fuels.

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Favorable government policies and subsidies

The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles. Also, governments are providing incentives and subsidies to encourage EV sales. The Chinese government will provide revised incentives of up to USD 3,700 for BEVs. These incentives from governments have also encouraged automakers to develop an increasing number of electric vehicles.

Several governments are providing various kinds of incentives such as low or zero registration fee and exemption in import tax, purchase tax, and road tax. Apart from providing subsidies, governments are also making favorable policies for the development of charging infrastructure. The US government recently invested USD 5 billion for promoting electric infrastructure. The federal Internal Revenue Service (IRS) tax credit is USD 2,500 to USD 7,500 per new EV purchased for use in the US. The size of the tax credit depends on the size of the vehicle and its battery capacity. A similar trend can be observed in European countries. Countries such as Norway and Germany are investing heavily in promoting EV sales. Thus, owing to the high amount of incentives and subsidies in Europe, a high growth rate in electric vehicle sales can be observed.

The mid-priced segment is expected to grow at the highest CAGR

The mid-priced segment is expected to be the fastest growing market during the forecast period. In the Asia Pacific, China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing vehicles that are relatively less expensive. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new 'ORA' electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles. Also, established automotive manufacturers such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share.

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