ELECTRIC VEHICLE MARKET

 

KEY FINDINGS

• Globally, as of June 2023, there are ~380 Electric cars (HEVs+ BEVs+ PHEVs) on sale generating ~18.9 Million-unit sales annually across the globe.
• The plugged-in electric vehicle market penetration was ~13% in 2022 and by 2026 it could go past 20%.
• The Electric car sales were earlier (till 2015) driven by vehicle electrification of ICE-based platforms but now as more than 80 OEMs have launched 300+ electric cars
• Share of plugged-in electric cars (BEVs+ PHEVs) has now grown to ~55% of all electric car sales  
• BYD, Tesla, Volkswagen, BYD, SAIC, and Geely-Volvo were the market leaders in 2022 holding cumulatively 52% of the plugged-in market
• Toyota remains the market leader for non-plugged-in electric vehicles with 70% of the market share of hybrid vehicles
• The market is set to grow from 2023-2027 continuing the growth it showcased with the market still increasing YoY in China, Europe, and USA right now its tail
• Tesla faces competition in the market in China from local rivals across both mass segments vehicles and luxury vehicles along with multiple international OEMs interested to make China their largest market
• In the first half of 2023, over 5.8 million EVs were sold globally, and 3.2 Million were sold in China alone
• In Europe, the new electric car sales and registrations in H1-2023 were at 1.4 Million with VW Group, and Stellantis leading the pack
• In the USA, there is increased demand from EV pickup trucks – something unique to the EV market and there is tight competition between startups (Rivian) and established players (Ford and GM) to capture this market
• The Indian market has adopted electric scooters over other vehicle segments in 2022 and this trend is set to continue with rising petroleum prices and feature intensive vehicles offered by electric vehicle manufacturers
• Asian except China, African, and South American market will see an increased in hybrid vehicle (non-plugged in) penetration due to the cost structure of electric vehicles as well as initial capital required to set up charging infrastructure along with the lack of network available
• Globally among commercial vehicles, electric buses have seen an increased uptake with vans coming in to the picture in Europe
• Volkswagen invested $17.4 billion in the EV market through its local Chinese joint ventures such as the FAW group, JAC and SAIC motor to support the launch of new battery electric as well as plug-in electric vehicles in the market.
• Panasonic Corp is launching a test line to make Tesla’s 4680 battery cells in Japan.
• Ashok Leyland aims to convert its entire electric vehicle fleet and business to its 100% subsidiary Switch Mobility in the years to come. As a part of the process, the Hinduja group will invest $200 million for its EV fleet.
• Ford Motors had committed to spend as much as $11.5 billion to electrify the lineup of its vehicles, inclusive of retooling, new battery plants, and collaboration with SK Innovation
• Ahmani EV Tech has announced a joint venture with Renon worth an investment of $3.7 million to produce battery packs for the automotive market of India.

 

ELECTRIC VEHICLE MARKET DYNAMICS

The technological advancements in the electric vehicle sector such as the advancement in the production of EV batteries on a large scale as well as the decrease in the cost of these batteries have significantly incentivised people to invest more in this sector. This has led to an overall reduction in cost of electric vehicles as the battery is the most expensive component of an EV.

 

The prices of EV batteries are expected to decrease around $60 per kWh by the year 2030 which will reduce the cost of EVs making them cheaper and accessible to a wide range of population. The EV sales in Europe saw a significant rise during the second quarter of 2021, the new car registrations from plug-in EV raised to 237,934 which was an increase by 157% year-over-year.  here has been a total of over 1 million car registrations for plug-in EV in the year 2021 in Europe which constitutes 16% of the total market out of which 7.6% constitute BEVs.

 

The sales of plug-in EV has surged in China as multiple models are being sold by several OEMs. June of 2021, alone recorded registration of 235,000 plug-in EVs which is approximately more than 160% compared to the year 2020. The market share has also increased to 15% where 12% are BEVs. For the year 2021, over 1.1 million EVs are sold which constitutes 11% of the total market with 9% BEVs.

 

 

The electric vehicle sales in 2021is expected to grow by 15%-20% as compared to 43% growth in 2020. The plugged-in vehicle market grew even after Covid mainly in Europe and China. Both the regions had the backing of government subsidies which helped them to shrug off the initial decline in sales in 2020 to grow.

 

The market is set to grow as multiple OEMs will be coming out with vehicles as well as improved technology. In the first 4 months of 2021, more than 1.5 Million plugged in vehicles were sold across the world.

 

Most of the electric vehicle battery manufacturers are trying to improve the energy density (Wh/kg)-the global average is 250Wh/kg at present) in the immediate future to further increase range (miles driven per charge). The safety aspects of various battery chemistries are also being looked into along with energy density

 

CATL, with the highest electric vehicle battery market share globally, claims to have reached levels of 304Wh/kg as of June 2019, whereas BYD and Tesla are still in the range of 240-260Wh/kg. CATL, LG Chem & Panasonic were the top 3 EV Battery producers in 2020. These 3 cumulatively account for ~65% of the market share.

 

ELECTRIC VEHICLE MARKET SIZE

The global electric car market size was estimated at $119 Billion in 2020 and is estimated to grow to $175 Billion in 2023 at a CAGR of 14%.

 

 

ELECTRIC VEHICLE MARKET ANALYSIS

1. China, US, Europe, and Japan made up for 95% of electric car sales in 2020
2. In the US electric car market, Tesla held 60% of the market and Tesla Model Y was a success but it will face tight competition mainly from Detroit top 3
3. In the Europe electric car market, the volumes in 2020 increased 137% YOY as Europe became the largest market with Renault Zoe being the market leader in Europe
4. China saw a 12% increase compared to 2020 and lost its #1 market position but still is in a tight competition with Europe. 

 

ELECTRIC VEHICLE MARKET SHARE OVERVIEW

The below market share graph is valid for BEV+PHEVs only as Toyota remains the global leader in HEV sales with more than 70% share globally.

 

 

The market is diversified in 2021 with 49% being shared among the top 7 OEMs and 78% being shared with top 20 OEMs. As more players come into the market the diversification will increase and those who can’t keep up with the competition will have to quit the market

 

ELECTRIC VEHICLE MARKET IN CHINA

 

 

• Governments across the globe are providing incentives and regulating policies to promote the production as well as consumption of EVs:

• The city of Beijing has limited the issue of registration permits for combustion engine vehicles to only 10,000 per month in order to encourage people to use more EVs. 
• The government has proposed 70% of passenger vehicles to be electrified by the year 2025 and 100% by the year 2035. With 20% sales of NEV by the year 2025.
• The government has passed the New Energy Vehicle mandate (NEV) which has set limits for OEMs to complete as part of the annual vehicle sale. They will receive 12% NEV credit for each EV sold depending on the electric range, battery type and vehicle density. The credits increase with the years to incentivise more sales; targets of around 14% in 2021, 16% in the year 2022 and as much as 18% in the year 2023.
• The fuel economy standard has also been tightened which will be approximately 4.6L/100 km for WLTP and 4L/100 km for NEDC by the year 2025 for passenger light-duty vehicles.

• The registrations for new EVs were less in the first half of the year 2020 but this was recovered in the second-half of the year in China as the pandemic was constrained. It resulted in the sales rise of about 5.7% from the previous 4.8% in the year 2019. The battery EVs constituted about 80% of the new cars registered.
• Tesla faces competition in the market in China from local rivals, as a strategy to which they have slashed prices of Tesla’s Model Y in China with a price of $42,393 along with additional loan offers and promotional campaigns.
• China is the biggest volume generator for BEVs. BEVs account for 80% of all EVs sold in China, the average everywhere else(except US) is <50%.Among the domestic OEMs, in January to April 2021, Wuling Mini sold ~126k units, BYD Han sold 27k units and Great Wall Ora sold 21k units
• China is the market leader and lead exporter when it comes to commercial electric vehicles with 61k units of EV buses sold in China alone and OEMs such as Yutong and BYD supplying buses globally
• Reliance on subsidies: The subsidies which were supposed to be phased out in 2020 were extended till 2022 with a 20% decrease yearly. The new policy for 2021, the subsidy for pure electric vehicles (PEVs) with a driving range of 300-400km will be lowered to 13,000 yuan per vehicle, from 16,200 yuan in 2020, and the subsidy for PEVs with a driving range of 400km or more will drop to 18,000 yuan per vehicle, from 22,500 yuan

 

To know more about China Electric Vehicle Market, read our report

 

ELECTRIC VEHICLE MARKET TRENDS IN CHINA

• The most popular models through the year 2021 for China has been the Wuling Hong Guang MINI EV with 181,810 units sold. The next ones are the Tesla Model 3 and Model Y with 84,844 and 46,180 units sold respectively. IT is then followed by BYD’s Han (BEV) with 38,665 new units sold.

 

• Market shift to higher segments in China-In 2020,the A00-class(entry level) made up 38% of the market with Wuling Mini EV being the market leader. This is a shift as A00 saw a decrease the year before that. A00 segment vehicles saw increased sales mainly in Tier 3,4, and 5 cities. From January to April 2021, Mini EV saw more than 2x increased sales compared to its nearest competitor Tesla Model 3

 

• Powerful vehicles by startups- Nio, Xpeng and other startups are giving the premium OEMs a run for their money with powerful vehicles, offering free charging and developing infrastructure for their customers. The premium vehicles offered have multiple motors as well as large battery packs to compete with industry leaders such as Tesla and BYD

 

ELECTRIC VEHICLE MARKET IN EUROPE

 

 

• The European Union has announced incorporation of at least 30 million ZEV by the year 2030 and 100% passenger LDV as well as heavy commercial vehicles stock by the year 2050.
• They have set targets with 15% sale of cars by the year 2025 and 30% by the year 2030 and 15% sale of vans by 2025 and 30% by the year 2030, if these targets are met by the manufacturers, their CO2 emission targets may be relaxed.
• The European Union has revised the Clean Vehicle Directive which includes the minimum requisites for the aggregate public procurement for buses in urban areas varying across different states.
• The CO2 emission standards are tightened for different categories of vehicles such as: 15% by 2025 and 30% by 2030 for heavy commercial vehicles, 15% by 2021-2015 and 37.5% by 2030 for cars and vans.

• The new electric car sales and registrations in Q1-2021 have doubled to more than 1.4 million which represents a share of sales at 10%.
• The sales of electric vehicles increased by 50% in Iceland, 25% in Netherlands as well as 30% in Sweden.
• Norway reported a record high sales of electric cars of 75% which was about one-third from the year 2019.
• The United Kingdom has reached the number of registrations twice than the previous year to 176,000.
• Germany has registered 395,000 new electric cars as well as France registered more than 185,000.
• From Jan to April 2021, more than 610k plug- in vehicles were sold with Tesla Model 3 being the market leader followed by VW ID3, Volvo XC40 and Renault Zoe. Among the top 20 sold plugged in vehicles, 11 were BEVs and 9 were PHEVs in the first 4 months of 2021

• Europe has a partial split with 55% of the vehicles sold being BEV while 45% of the plugged-in vehicles sold being PHEVs. Europe also saw an increase of HEV sales in 2020 as efficiency and EuroNcap as driving the market

• Europe also saw an increase in sales in full size vehicles in 2021 with Audi e-Tron and Porsche Taycan leading the market in the first 4 months

 

To know more about Europe Electric Vehicle Market, read our report

 

ELECTRIC VEHICLE MARKET TRENDS IN EUROPE

 

 

 

• The most popular model being sold in Europe is the Tesla Model 3 with a total of over 100,000 units registered in the year 2021. The next best selling EV is the Renault ZOE and Volkswagen ID.3 both of which have over 31,000 units registered for the year 2021. 
• Fast chargers are increasingly becoming very popular in Europe. The number of public fast charging stations have increased by a whopping 55% from the year 2019 to 38,000 in the year 2020. They have enabled longer journeys and increased the sales for the people who don’t have a charging infrastructure at home or work.
• Vehicles with bigger battery packs– Though the average battery pack in Europe was 40 kWh in 2020, 2021 will see an increase in deployed battery capacity as multiple new models such as VW ID4 hit the market to capture greater market share and models such as Tesla Model 3 and Y are market leaders

• Faster charging times– Vehicles such as Porsche Taycan have hit the market with 800 V architecture as well as Ioniq 5 going to hit the market soon with the same architecture. Ionity is setting up charging stations across Europe with 350 kW charging and plan to deploy 400 charging stations. 345 of such charging stations are already deployed
• Commercial LCVS– Multiple cities are releasing zero emission centres and this will see an increase in plugged in vehicle commercial vehicles mainly light as they travel extensively across the city

 

ELECTRIC CAR MARKET IN USA

• The State of California has passed an executive order that requires all the new cars as well as passenger trucks sold in the state be ZEVs by the year 2035.
• According to the Bipartisan Clean Trucks Agreement, 30% sales of ZEVs for all medium and heavy duty vehicles by the year 2030 and 100% by the year 2050 in 15 states/regions and the district of Columbia. ( California, Connecticut, Colorado, New York, Maine, North Carolina and many more).
• The Government has announced the Safer Affordable Fuel Efficient (SAFE) vehicles rule for the model years between 2021-2026 which increases stringency of about 1.5% per year according to the CAFE and CO2 emission standards.

• The automotive car market declined by 23% in 2020 however, the registrations of new EVs fell less than others. In the year 2020, new cars registered were about 295,000 out of which 78% were BEVs which was low fom 327,000 in March.
• Tesla has raised prices in the USA to increase its profit margins for model-Y Long Range at least six times this year, they have bumped it to $53,990
• Federal incentives fell in the year 2020 in lieu of the federal tax credits for General Motors and Tesla as they received maximum car registrations edging their limits.
• In 2020, 328k plugged in vehicles were sold with Tesla holding 60% of the market
• USA is an interesting market to lookout for from 2021-2023 as multiple vehicles from Ford and GM are going to hit the market as they fight for market share in the plugged-in market

• Mustang Mach-E (BEV), sold 1,945 vehicle sales, while F-150 PowerBoost (hybrid) sold 2,852 in May 2021. The most sold vehicle Ford F-150 will have an all-electric variant in 2022 with more than 45k pre orders

• GM will launch Hummer EV as well as all electric Cadillac vehicles to target the premium vehicles as well as electric pickup truck market

• Rivian will see orders of their vehicles on the roads and Ford, GM, and Tesla will be strong competitors

 

To know more about US Electric Vehicle Market , read our report

 

ELECTRIC CAR MARKET TRENDS IN USA

• Electric pickups– Multiple electric pickups are going to hit the market and the competition will be stiff as OEMs in USA have their highest sales in pickups

 

• Multiple Motors and increasing power – All the pickups upcoming are with multiple motors and increasing torque along with power. This will lead to new users as torque is addictive

 

• Premium plugged in vehicles– Tesla Roadster, Lucid Motors as well Polestar will be looking to capture the premium market for whom price isn’t an issue but performance will provide the upper hand

 

 

 

ELECTRIC VEHICLE MARKET FORECAST

The electric vehicle market globally is predicted to grow from the year 2021 to the year 2026 at a CAGR of around XX%. The factors that are facilitating the growth of this industry are the growing demand for low emission vehicles, subsidies and tax benefits on zero-emission vehicles as well as governmental regulations for transportation. Governments across the globe have increased their investments to develop EV charging stations and infrastructures along with incentives for buyers as well as OEMs to manufacture more products.

 

In China,we expect many long range BEV models with connected and semi-autonomous features to be introduced in the Chinese market post 2021 from all mainstream domestic brands like Geely , JAC, Great Wall Motors, SAIC, Geely etc ,many of them are under development right now. The A00 segments will see increased traction in semi urban areas as the battle it out without subsidies

 

COVID-19 IMPACT ON ELECTRIC VEHICLE MARKET

The global automotive market for the automotive sector was affected significantly by the economic impacts of the COVID-19 pandemic. The first half of the year 2020 witnessed a drop in new car registrations which was about a third from the same half of the previous year due to the restrictions put in place and lockdowns across the world. The production and manufacturing units of OEMs were at a halt until the relaxation in COVID protocols which affected the business gravely. 

 

However, the decrease was offset partially by the strong activity in the second half of the year 2020 which recovered the market and resulted in a low drop of 16% year-on-year overall basis. With the new car sales of conventional vehicles dropping, the global electric car sales rose to 4.6% after the pandemic.

 

After rapid growth in the automotive sector for over a decade, in the year 2020 the stock of electric cars globally hit the 10 million milestone with an increase of 43% over the year 2019. The battery electric vehicles (BEVs) have accounted for approximately two-third of the new car sales in the year 2020. China has the largest fleet of electric vehicles with 4.5 million electric cars, though Europe recorded the largest annual increase in EVs to reach 3.2 million.

 

Several factors have contributed to the increase in registrations and recovery of the market in spite of the COVID-19 repercussions in the year 2020. Electric vehicles have gradually become more competitive in some of the countries as per the total cost of ownership. Governments across the globe have provided incentives that have buffered the purchases in the electric vehicle market.

 

ELECTRIC VEHICLE MARKET RECENT DEVELOPMENTS

 

 

• In July 2021, Panasonic Corp, a key battery supplier to Tesla Inc. is launching a test line to make Tesla’s 4680 battery cells in Japan. Tesla claims that these cells will cut the battery costs in half and ram the production to a 100 fold by the year 2030.
• In July 2021, Hyundai Motor Group, a company based in South Korea, set up a joint venture with LG Energy Solutions in Indonesia to incorporate a battery cell plant for EVs. They have invested $1.1 billion with each company owning half of the business.
• In July 2021, TotalEnergies announced to buy Singapore’s largest EV charging network infrastructure from the French company Bollore Group. The company is also establishing charging infrastructures in Paris, London, Amsterdam and Brussels.
• June 2021, Ashok Leyland aims to convert its entire electric vehicle fleet and business to its 100% subsidiary Switch Mobility in the years to come. As a part of the process the Hinduja group will invest $200 million for its EV fleet.
• In June 2021, Mercedes, rolled its first all-electric luxury car EQS. It has a range of up to 780 km with an output of 385 kW, launched in the S-class segment. All the EQS models have an electric powertrain at the rear axle with several versions of 4MATIC even at the front axle.
• In March 2021, LG Chem announced estimates to double the manufacturing capacity of batteries in China for Tesla. It will also delegate the increasing demand for Tesla’s Model 3 from factories in China and Korea to Tesla’s production units in Germany and USA. In March 2021, Amara Raja Batteries, the second largest producer of automotive batteries in India, opened operations to develop Li-ion cells as its maiden technology center facility in Andhra Pradesh.
• In September 2020, the company Volkswagen invested $17.4 billion in the EV market through its local chinese joint ventures such as the FAW group, JAC and SAIC motor to support the launch of new battery electric as well as plug-in electric vehicles in the market.
• In September 2020, Nissan and Renault signed a joint agreement within their alliance, a Memorandum of Understanding with Uber to electrify their fleet in Europe.
• In January 2020, the Department of Heavy Industries (DHI) of India announced approval of 2,636 charging stations in 62 cities across 24 states and union territories under the FAME 2 program to promote e-mobility.

 

ELECTRIC VEHICLE MARKET RECENT PRODUCT LAUNCH

The BMW i3 is a ground-breaking electric vehicle that was created to provide a really exceptional driving experience. Since its initial release in 2013, it has grown to be a well-liked option among those looking for an electric vehicle. A fully charged BMW i3 plug-in hybrid electric car (PHEV) has a range of up to 150 miles.

 

The BMW i3 stands out from other electric vehicles because of its unique design. Lightweight components like aluminum and carbon fiber were used in its design to increase efficiency and improve handling. The vehicle also has a futuristic appearance, with a dynamic exterior and a sophisticated interior.

 

The BMW i3 is very efficient thanks to a variety of cutting-edge technologies. When you slow down, it employs regenerative braking to collect energy and turn it into power. It also contains a number of intelligent features that can help you control your energy usage and keep your car operating as efficiently as possible.

 

The BMW i3 is a fantastic option for daily use thanks to a number of excellent features. Its numerous comfortable seating options and roomy interior make it ideal for family vacations. A number of safety measures are also included in it, including airbags and a rearview camera. For those looking for an electric vehicle that provides a distinctive driving experience, the BMW i3 is a fantastic option. It is an effective and dependable vehicle that can get you wherever you need to go thanks to its cutting-edge technology and effective design.

 

For those who wish to experience the future of electric vehicles, it is a fantastic alternative because of its variety of features.

 

ELECTRIC VEHICLE MARKET RECENT PARTNERSHIPS

GM and Honda have announced intentions to take their partnership to the next level by co-developing a line of cheap electric vehicles based on a new global design and next-generation Ultium battery technology.

 

The two businesses are collaborating to enable global manufacture of millions of electric vehicles, particularly tiny crossovers, starting in 2027, by combining their technology, design, and sourcing methods. The firms will also collaborate to standardise equipment and processes in order to achieve world-class quality, increased throughput, and lower costs. With yearly sales of more than 13 million vehicles, the compact crossover market is the world’s largest.

 

GM and Honda will also examine future EV battery technology partnership prospects to lower the cost of electrification, increase performance, and reduce emissions. In order to meet the growing demand for electric vehicles in the last-mile delivery segment, EV manufacturer Omega Seiki Mobility has created a strategic agreement with Grip Invest for lease financing to retail investors. 

 

According to Omega Seiki, Grip Invest, a digital platform for supporting new-age investments, would finance the company’s Rage+ Rapid e-three-wheelers, with ambitions to grow EVs by the. The low total cost of ownership of commercial electric cars is driving strong demand for leasing, which is being fueled further by e-commerce companies expanding their EV fleet.

 

The collaboration with Grip Invest will focus on establishing a stronger EV footing in the existing market and speeding up the electrification process. Electric three-wheelers are a viable option  where leasing out the vehicle appears to be a beneficial preposition for both ends. One notable partnership in the electric car market involves Ford and Volkswagen.  The two automotive giants announced a collaboration to develop electric and autonomous vehicles.

 

Under this partnership, Ford agreed to use Volkswagen’s Modular Electric Toolkit (MEB) platform to produce at least one high-volume fully electric vehicle in Europe. This partnership enables both companies to share development costs and leverage their respective expertise to bring new electric models to market more efficiently. Another significant partnership is between General Motors (GM) and LG Chem, a leading battery manufacturer. The companies unveiled a joint venture called Ultium Cells LLC to mass-produce battery cells for electric vehicles.

 

The partnership aims to leverage GM’s expertise in vehicle manufacturing and LG Chem’s advanced battery technology to drive down costs and increase the availability of high-quality battery cells. This collaboration is crucial for scaling up electric vehicle production and making EVs more accessible to a wider range of consumers.

 

Beyond traditional automakers, technology companies are also entering the electric car market through strategic partnerships. Apple, known for its consumer electronics, has been reportedly exploring collaborations with various automakers to develop an electric vehicle. While the details of these partnerships remain undisclosed, Apple’s entry into the electric car market could bring significant disruption and innovation to the industry.

 

In addition to industry players, governments and utilities are actively participating in partnerships to support the electric car market. For instance, several utility companies have teamed up with automakers to develop charging infrastructure networks. In the United States, the Electrify America initiative, a subsidiary of the Volkswagen Group, has partnered with major automakers like Ford, General Motors, and others to build a nationwide network of fast-charging stations.

 

These partnerships help address “range anxiety” concerns and promote widespread adoption of electric vehicles. Furthermore, international collaborations are playing a crucial role in the growth of the electric car market. For example, the European Union launched the European Battery Alliance (EBA) to support the development and production of advanced batteries for electric vehicles.

 

The EBA brings together various stakeholders, including automakers, battery manufacturers, and research institutions, to foster collaboration and innovation in battery technology. In conclusion, partnerships are becoming increasingly important in the electric car market, as they enable stakeholders to pool resources, expertise, and technology to overcome challenges and accelerate the adoption of electric vehicles.

 

ELECTRIC VEHICLE MARKET COMPETITIVE LANDSCAPE

Automakers are investing huge amounts of money which is expected to cater the increasing demand for EVs. OEMs have started to offer electric vehicles in different sectors which range from high-end sedans such as Tesla Model 3 and hatchbacks such as Nissan Leaf.

 

• The company Ford Motors had committed to spend as much as $11.5 billion to electrify the lineup of its vehicles through the year 2022, in addition to which they have announced increased investment in electric as well as autonomous vehicles to boost the sales.
• The company Mercedes Benz announced the production of 25 new HEVs additionally to the fully electric vehicles by the year 2025.

 

Tesla Inc. has surpassed $1 billion in its quarterly profit for the April-June quarter of 2021 for the first time setting a milestone. Its revenue nearly doubled to about $12 billion from the last year earning $1.02 per share. It now boasts a market value of approximately $630 billion which is greater than any automaker. Its Model Y LR has been sold out for new car registrations for the third quarter of 2021.

 

The company BYD has reported delivery of over 40,000 plug-in EVs in China during June of 2021 setting a record in the automobile sector. The units were 207% more than the units sold a year ago with plug-in vehicles constituting about 81% of the total sales of BYD.

 

The Volkswagen group reported deliveries of more than 342,000 BEV as well as PHEV slit 50/50 in the second quarter of 2021. The figures have increased at a tremendous rate of over 260% for BEVs and 227% for PHEVs. They have sold the maximum number of cars in Europe acquiring 26% of the market share followed by the US and China for the year 2021.

 

The BMW group has reported more than doubled the sales volume to 83,000 in the second quarter of 2021 and 153,000 in the first quarter of 2021. The share of the plug-in EVs has increased by a whopping 11.85% of the total BMW volume. With 36,089 BEVs and 117,178 PHEVs sold in the first half of the year 2021, the sales for the group has been up by 183.9% and 139.4% respectively during this year.

 

Panasonic Corp, which supplies electric vehicle battery packs to some of the key automakers had a surging operating profit in the first quarter of this year which was more than 27 times. It rose to $950 million (104.4 billion yen) from 3.8 billion yen which is 505 higher than the market expectations.

 

The Electric vehicle sector is dominated by players established globally such as Tesla Inc, Daimler AG, BYD, Volkswagen, Toyota and Nissan. There are other global players that have now started to compete with these players focusing on the geographical location. For example,

 

• The company Ford Motor group has announced plans to make an investment worth $11 billion to produce hybrid as well as fully electric vehicles by the year 2022 in Canada.
• A Taiwanese electric vehicle producer Ahmani EV Tech has announced a joint venture with the Gujarat based battery maker Renon worth an investment of $3.7 million to produce battery packs for the automotive market of India.
• Tesla has started to construct charging stations across the US and Canada in order to bridge the gap of charging infrastructure in North America which includes solar powered charging stations.

 

ELECTRIC CAR MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1.  How many Electric Vehicle are manufactured per annum globally? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Global Electric Vehicle and key vendor selection criteria
3. Where is the Electric Vehicle manufactured? What is the average margin per unit?
4. Market share of Global Electric Vehicle market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Global Electric Vehicle in-house
6. key predictions for next 5 years in Global Electric Vehicle market
7. Average B-2-B Electric Vehicle market price in all segments
8. Latest trends in Electric Vehicle market, by every market segment
9. The market size (both volume and value) of the Electric Vehicle market in 2024-2030 and every year in between?
10. Production breakup of Electric Vehicle market, by suppliers and their OEM relationship