The market is projected to be worth USD 957.42 billion by 2030, registering a CAGR of 24.51% during the forecast period (2022 – 2030). , The market was valued at USD 208.95 billion in 2021.
One of the most modern technologies, electric vehicles with the most up-to-date characteristics, is causing a rapid development in the automobile business. The government is actively supporting the electric vehicle market by enacting favorable rules and providing subsidies to the electric vehicle sector and automobile makers in order to lower pollution rates. Tax breaks, non-monetary benefits such as new car registration and carpool lane access, increased vehicle range, active participation of OEMs, provision of charging infrastructure in regular places, and other factors can all contribute to the expansion of EV market trends.
The year 2020 did not show a big growth in overall new car registrations. The global market for all types of cars was negatively affected by the COVID-19 pandemic and the economic downturn that followed.
The outlook for 2020 global EV sales was quite unpredictable at the beginning of the year amid COVID-19. However, as time showed, the year 2020 turned out to be surprisingly positive despite the pandemic and its effects. The global EV sales grew by 43% from 2019 and the global electric car industry market share rose to a record 4,6% in 2020.
Carried by a decarbonisation challenge most leading nations now take seriously, 2021 is a game changer in the history of EV sales and it is expected that 6.4 million vehicles (EVs and PHEVs combined) will be sold globally by the end of the year. It would then represent a 98 % year over year increase.
Looking at the first six months of the fiscal year (April to September), Europe (1.06 million new registrations) and China (1.149 million new registrations) are expected to account for the highest share of new electric car registrations in 2021, followed by the United States (297 000 new registrations).
The increase in electric car registrations in Europe, where numbers are accelerating a lot faster than elsewhere since 2019, can be attributed to stimulus measures introduced by many European governments.
The biggest concentration of privately owned electric two/three wheelers is in Asia, specifically in China, accounting for 99% of registrations. Globally, there is currently around 290 million two/three wheelers. The market is also growing in Europe, rising by 30% in 2020.
When it comes to heavy-duty trucks (HDT), manufacturers are showing their commitment to electrification of mobility. Many truck manufacturers strive for an all-electric future. HDT registrations were up 10 % in 2020 globally. Turning the existing fleet of HDT intro electric vehicles matters because if they only account for 10 % of ICE vehicles, they are responsible for 70 %, of ICE CO2 emissions.
Electric buses also grew in popularity since 2020. The global stock of electric buses in 2020 was 600 000. China alone registered 78 000 new electric buses in the past year, holding down their market domination. 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. In European Union countries, the Clean Vehicles Directive also provides a public procurement of electric buses.
(With inputs from Virta Global , Global Newswire)
