Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world

Northbrook, IL -- (SBWire) -- 02/03/2022 --The Global Electric Vehicle Market size is projected to grow from 4,093 thousand units in 2021 to 34,756 thousand units by 2030, at a CAGR of 26.8%.

Opportunity: Government initiatives pertaining to EV's

Countries around the world have set up targets of around 2050 to reduce vehicle emissions. They have started promoting the development and sales of EV's and related charging infrastructure. For instance, the US government invested USD 5 billion in 2017 to promote electric vehicle infrastructure such as charging stations. Several governments are providing various kinds of incentives such as low or zero registration fees and exemptions from import tax, purchase tax, and road tax. Furthermore, countries such as Norway and Germany are investing significantly in promoting sales of EVs. Thus, due to the large incentives and subsidies in Europe, a high growth rate in the sale of electric vehicles is observed. This has led to the growth in the demand for components and equipment associated with EV charging operations such as charging cables, connectors, adapters, and portable chargers. Also, as part of a partnership between the US departments of energy and transportation, a 2020 vision for a national fast-charging network is expected to be developed, with potential longer-term innovations which include up to 350 kW of direct current fast charging. Stringent CO2 emission norms have increased the demand for electric vehicles. Governments are investing significantly in providing incentives and subsidies to encourage sales of EVs. These steps taken by governments around the world will help in increasing demand for EV's in the coming decade.

The Electric Vehicle Market is dominated by established players such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany) and Nissan Motors (Japan).

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Recent Developments:

1. In April 2021, Toyota launched the new LS and Mirai models in japan which come with advanced driving assist technology.
2. In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.
3. In April 2021, Volkswagen unveiled the 7 seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. The vehicles will be sold only in China. It comes in two battery versions, 58 kWh and 77 kWh and comes in four powertrain configurations.
4. In March 2021, Volvo showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its XC60 model.
5. In December 2020, Nissan announced the 2021 Leaf model in the US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage ranges between 149 miles and 226 miles per charge.
6. In July 2020, BYD launched its Han which comes with a blade battery and is available in BEV and PHEV versions. It comes with two battery options, 65 kWh option for 314 miles and a 77kWh option for 342 miles range. Its PHEV comes with a 13 kWh battery and a 2.0 L gasoline engine and a 180 kWh electric motor.
7. In March 2020, BMW launched the 2nd generation 330e and 330e xDrive in the North American market. The vehicle comes with a 12 kWh battery and an all-electric range of 20-22 miles.
8. In November 2019, BYD launched its e3 electric sedan in China. It comes with two battery options, 35.2 kWh and 47.3 kWh and a single 70 kW electric motor. The vehicle has a range of around 252 miles.
In May 2019, Hyundai group showcased its new Ioniq electric version with an increased battery of 38.3 kWh (from 28kWh) and a larger range.

COVID-19 Impact on the Electric Vehicle Market:

The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disrupted in the initial outbreak of COVID 19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers had to adjust the production volume. Also, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the initial months of the outbreak and lower demand had an unprecedented impact on EV manufacturers in the initial months of the pandemic.

Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted vehicle production. Manufacturing units around the world were shut down, and vehicle sales have taken a huge hit. However, the majority of the automakers resumed vehicle production with limited production and necessary measures. Conditions improved in the latter months, but overall EV manufacturers did not suffer much as demand for zero-emission vehicles increased during the latter months of 2020. This led to an overall increase in demand for electric vehicles in the market.

However, EV's had a growing demand in the covid-19 period. This led to a growing demand for EV production around the world. In the first few months, however, the production of most companies was affected due to lockdowns and logistics problems. However, post lockdowns, demand for EV's surged as governments around the world increasingly encouraged changing to low emission fuel vehicles. Many countries also increased their EV charging stations and hydrogen fueling stations across their states. This led to a growing demand for BEV's, PHEV's and FCEV's in the market from June to December 2020 and in the first few months of 2021. Overall, there wasn't much of a loss for the electric vehicle market during the pandemic due to its increase in demand.

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