Analysis by Propulsion (BEV, PHEV, and ECEV); by Components (Motor, Reducer, and Others); by Vehicle Class (Low-priced, Mid-priced, and Luxury); by Speed (>100 MPH, 100 – 125 MPH, and <125 MPH); by Drive Type (Front, Rear, and Others) and by Vehicle Type (Passenger Cars, and Commercial Vehicles) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global electric vehicle market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the large production of electric vehicles in the region. China is the top producer of electric vehicles as per International Energy Agency. The electric car registration rose from year 2019 with almost 1000 thousand units to year 2020 with around 1300 thousand units. Further, the large population in the region is expected to increase the demand of electric vehicle in the assessment period. The population in East Asia and Pacific as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with rise in disposable income are another factors that are anticipated to fuel the electric vehicle market size.
The global electric vehicle market is further classified on the basis of region as follows:
Growth Drivers
Rising Population in the World – As the world population is rising in a steady pace, it generates the need of fuel-efficient vehicles. Thus, the increasing demand by the burgeoning population is expected to raise the production rate of electric vehicles in the forecast period. The World Bank calculated the global population to be 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.
Expansion of Automotive Industry - The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.
Rising Concerns of Carbon Dioxide Emission – A report published recently stated that a passenger vehicle emits about 5 metric tons of carbon dioxide per year. Also, as per International Organization of Motor Vehicle Manufacturers, globally road transport is responsible for about 16% of man-made carbon dioxide emissions.
Increasing Prevalence of Electric Cars - A latest report by International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021.
Challenges
The electric vehicle market is segmented and analyzed for demand and supply by vehicle type into passenger cars and commercial vehicles. Out of these, the passenger cars segment is expected to garner the highest market share by 2033, owing to the high demand of personal vehicles by the burgeoning population. The International Organization of Motor Vehicle Manufacturers (OICA) stated that the global passenger vehicles sales was 56 million in 2021, whereas, the production was 57 million in 2021. Also, the increased preference of electric vehicles over traditional cars by people owing to its advantages is expected to gather highest revenue. The International Energy Agency stated that passenger electric cars are surging in popularity and is estimated that 13% of new car sold in 2022 will be electric.
Our in-depth analysis of the global electric vehicle market includes the following segments:
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Toyota Motor Corporation
BYD Motors Inc. along with Hino Motors, Ltd. has entered into an agreement to set up a new company for commercial battery electric vehicles (BEVs) development.
Toyota Motor Corporation has launched Toyota Bz in newly established series of battery electric vehicles (BEVs), following the establishment of electrified vehicles.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The rising demand of electric vehicles by the burgeoning population and increased concerns regarding environmental protection is expected to fuel the market growth.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.
Ans: The high costs of end product along with the increased need of investments and assets along non presence of standardization among nations is expected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Toyota Motor Corporation, BYD Motors Inc., Mercedes-Benz Group AG, Ford Motor Company, General Motors, Nissan Group, Tesla, Volkswagen AG, Renault Group, Hino Motors, Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by propulsion, components, vehicle class, speed, drive type, vehicle type, and by region.
Ans: The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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