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Electric Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Electric Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • October 2021
  • 114 pages
  • ID: 6155630
  • Format: PDF
  • Mordor Intelligence LLP

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The electric vehicle (EV) market was valued at USD 171.26 billion in 2020, and it is expected to reach a value of USD 725.14 billion by 2026, registering a CAGR of around 27.19% during the forecast period (2021-2026).

The impact of the COVID-19 pandemic on the electric vehicle market is inevitable, as it affected almost every other industry in the market. However, the electric vehicle (EV) market is witnessing substantial growth owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the world. For instance, there was a rise in electric vehicle sales dramatically in China and Europe, despite the pandemic showing signs of active market growth during the forecast period.

Factors, such as the increasing cost of fuel and the government initiatives across different geographies to increase awareness about EVs, are expected to promote the usage of electric vehicles over the forecast period. Infrastructure for charging stations continue to expand, and countries like China continue to lead the passenger vehicles and urban buses market owing to a well-established supply chain for batteries and Traction Motors.

The Asia-Pacific region is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in countries such as China, India, Japan, and South Korea is inclined toward innovation, technology, and advanced electric vehicle development. The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth of electric vehicles during the forecast period.

Key Market Trends

Heavy Investments from Automakers in Electric Vehicles

Heavy investments from automakers are expected to cater to the growing demand for EVs and play a major role in the evolution of the electric vehicle market. OEMs offer electric vehicles in different segments ranging from hatchbacks such as Nissan Leaf to high-end sedans like Tesla Model 3. For instance,

Ford company had previously committed to spending USD 11.5 billion on electrifying its vehicle lineup through 2022, and in its recent announcement, it increased its investment in autonomous and electric vehicles amid continuous lockdowns to boost vehicle sales.
Mercedes Benz had confirmed that it would roll out 25 new plugin hybrid electric vehicles in addition to fully electric vehicles by 2025. The wide product offering by companies attracted many consumers and resulted in a growing market for electric vehicles.

In addition, the growing sensitivity of various governments toward a cleaner environment increases the demand for zero-emission vehicles during the forecast period. Developed nations such as the United States, Germany, and the United Kingdom are actively promoting the use of electric vehicles to reduce emissions, which resulted in the growth of electric vehicle sales.

China to Witness Significant Growth

China to solidify its leadership position in the electric vehicle market during the forecast period. With a sales share of around 94%, domestic OEMs currently dominate the Chinese EV market. China imposed a quota on manufacturers for 100% electric or hybrid vehicles, which must represent at least 10% of total new sales. Additionally, some major cities and provinces are imposing increasingly stringent restrictions.

For instance, the city of Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month to encourage its inhabitants to switch to electric vehicles. These kinds of measures are leading China to formulate resolute and optimistic prospects for the development of electric vehicles in the country, which is expected to drive the market.

Generous subsidies and tight regulation continue to drive much of the growth. Electric vehicles are exempt from license-plate lotteries and auctions in some Chinese cities, and this still plays an instrumental role in promoting EVs. After a successful pilot program in selected cities, the Chinese government decided last year to introduce green license plates for new energy vehicles (NEVs) across the country.

BYD, BAIC, Chery, and SAIC are some of the key regional players in the Asia-Pacific electric vehicle market.

Competitive Landscape

The electric vehicle (EV) market is dominated by globally established players such as Tesla Inc., BYD, Daimler AG, Volkswagen, Nissan, and Toyota. For instance,

Taiwanese electric vehicle company Ahmani EV Tech formed a joint venture with Renon to produce battery packs for the Indian automobile market.
Ford Motor Company announced its plans to invest USD 11.0 billion to manufacture new hybrid and fully electric vehicles by 2022 in Canada.
In order to fulfill the charging station gap in North America, Tesla will construct numerous charging stations across the United States and Canada, including solar-powered charging stations, to improve infrastructure for EVs.

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