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The global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.
The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast
Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market.
Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC etc. have been strong players in the market. These companies have a strong market for their EVs around the world. Passenger cars account for the largest share of the electric vehicle market. Countries such as China have a low waiting period for electric vehicles compared to that ICE-powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement which further supports the market growth. The fast growth of EV chargers have also led to the growth of the EV passenger car market.
DC (Super charging) to be the fastest-growing e-charging segment in the forecast period
Currently, Asia has the highest number of DC Chargers in the world, while Europe stands the 2nd best. Higher investments by governments has paid a significant role in the region. Superchargers are projected to grow at a fast rate in all 3 regions, especially in the North American region due to the fast-projected transformation to EVs in the US. In the European region, Superchargers exist mostly in countries like Norway, the Netherlands, the UK etc.
In Asia, Superchargers exist mostly in China and some in Japan and South Korea. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.
Low-priced segment is expected to be largest in the Vehicle class segment in the forecast period
Low-priced EVs are mainly available in the Asia Pacific region. China’s top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020.
Suzuki is expected to enter the low-priced segment in the coming years with plans to open new manufacturing facilities in India. The upcoming Model 2 by Tesla for the Chinese market is also expected to cost around USD 20,000. With affordability as the main criteria in this segment, it has immense potential in the long run, with countries making policies to shift fully to EVs in the coming decades. Low-priced electric vehicles are small, lightweight, and less costly to produce and purchase. This kind of EV is also called Mini-EVs and is mainly available in China.
Some of the bestselling low-priced EVs are offered by BYD, SAIC Motors, and Great Wall Motors (China). In April 2020, the world’s cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost approximately USD 5,000 and did not have additional features except traditional driving. This also became one of the top sold EV models in 2020 and 2021. Great Wall Motors’s Black Cat, White Cat, and Good Cat were some of the top-selling EVs from the company, which pushed it to be one of the largest EV manufacturers in the world in 2021. In November 2020, Great Wall Motors launched its latest EV (Good Cat), which further started sales in Thailand in 2021. BYD’s Han, Qin Plus PHEV, Song, and Qin Plus EV also had substantial sales in 2021, which belong to this segment.