As stated in our extensive report; the Global Electric Vehicle Market accounted for USD 165.1 Billion in the year 2021.
In 2021, Electric car sales reached a record high, regardless of supply chain bottlenecks and the ongoing Covid-19 outbreak. Compared to 2020, sales almost doubled to 6.6 million (a share of nearly 9 percent), leading the total number of electric cars on the road to 16.5 million. In 2021, the sales of electric cars increased by 4 % points.
Electric Vehicle uses one or more electric motors for propulsion and is powered by a collector system with electricity from extravehicular sources, powered separately by a battery and sometimes charged by converting fuel to electricity with the help of fuel cells or a generator or by solar panels.
Factors Influencing Global Electric Vehicle Market Growth
The growth of the Electric Vehicle global market can be attributable to the following:-
- The growth of the global Electric Vehicle market can be attributable
significant factors such as the increasing demand for low emission
commuting and growing environmental
- The prominent incentives being provided by the government on the
production and purchase of
Electric Vehicle to support the Electric Vehicle adoption
will propel the global market.
- Countries all over the globe are setting up targets for emission
reductions following their
battery capacity. However, the ICCT and the IFO
study analysis depend on the exact estimate of emissions from
manufacturing, the 2017 Swedish Environmental Research Institute (IVL)
research. IVL examined
studies published between 2010 & 2016 and
concluded that battery manufacturing emissions are likely
between 150 and
200 kg CO2-equivalent per kWh battery capacity.
- The growing investments by important automotive original
equipment manufacturers (OEMs),
advancements in charging technologies, and
decreasing prices of batteries are other growth aspects expected
the global Electric Vehicle market expansion during the forecast period.
- The stringent emission norms drafted by the government in developing regions: For instance, the stringent greenhouse gas (GHG) emission norms planned by the government, like the Bharat Stage (BS) VI emission standards introduced by India’s Ministry of Road Transport and Highways (MoRTH), plays an essential part in fuelling the market escalation.However, the rising prices of conventional fuel might hamper the growth of vehicle electrification.
Asia Pacific market is Expected to Dominate the Global Market
Asia Pacific holds the largest share in the Electric Vehicle market and is expected to continue this trend in the forecast period. The increase in demand for lower-cost efficient, low-emission vehicles and the mounting demand for passenger cars drive this region's market growth.
Furthermore, China contributes the largest market share in passenger cars and other automobiles. Also, other countries like India, Korea, and Japan are profitable markets since the governments of these countries are investing a lot in EV startups to promote the EVs manufacturing and sales worldwide.
As per VMR, there has been an exponential growth in the Electric Vehicle sale, supported by government initiatives, rising popularity of passenger electric cars, and growing crude oil prices since people look for alternative sources to reduce their monthly payments.
Some of the key players in the Global Electric Vehicle Market include- BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea)Nissan Motor Co., Ltd. (Japan), TATA Motors Limited (India), Mahindra & Mahindra Ltd. (India), Tesla, Inc. (U.S.), Volkswagen AG (Germany), Toyota Motor Company (Japan), Mitsubishi Motors Corporation (Japan), Groupe Renault (France), Beijing Automotive Industry Corp. (BAIC) (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Guangzhou Xiaopeng Motors Technology Company Ltd. (China), NIO Inc. (China). and others.