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Global Electric Vehicle Market

Delivered December 5, 2019. Contributor: Shruti G.

Goals

To determine the total market size of electric vehicle market in US as well as globally and understand the market size as per various propulsion types (BEV, PHEV, Hybrid EV) and vehicle types (passenger cars, commercial vehicles, and others) at both US as well global level. Also, identify the major players in the electric vehicle market and future growth prospects (CAGR).

Early Findings

Electric vehicles have become a much more attractive choice to the consumers in recent years due to increased battery life, efficiency, and affordability. Through our initial research we have found the following information about the electric vehicles market.

Market Size Overview

  • According to the Electric Vehicle Outlook 2019 report by BloombergNEF, more than 2 million electric vehicles (EVs) were sold in 2018 and this is expected to rise to 10 million by 2025. With over a billion vehicles on the road, electric vehicles are still less than 0.5% of the total vehicle fleet.
  • According to the data by Global EV Outlook 2019, global electric passenger car fleet has exceeded 5.1 million in 2018. China remains the biggest market for electric vehicles with nearly 45% of the global stock of EVs, while US is relatively far behind with 1.1 million EVs.
  • EV penetration is highest in Norway with more than 50% of its new cars in 2018 running on electricity.
  • With respect to other types of vehicles, public transportation and other shared vehicles have been gradually becoming greener. Electric scooters are already being used in 129 cities across Europe, US, Asia, Australia and New Zealand.
  • More than 250,000 units of light commercial vehicles were sold in 2018, while medium electric truck sales were in the range of 1,000-2,000.

Key Players

  • Some key players identified in electric vehicles market are Rivian Automotive, Inc., Daimler AG, Tesla, Inc., BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Ford Motor Company, KIA Motors Corporation, and General Motors.

Future Prospects

  • The EVs market is expected to grow at CAGR 25.6% during 2019-2026 and reach sales of more than 567.2 Billion by 2026.

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