Electric Vehicle Ecosystem Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Electric Vehicle Ecosystem Market: Overview and Definition
The global electric vehicle ecosystem market size was USD 240.5 Billion in 2021 and is expected to reach USD 910.3 Billion in 2032, registering a CAGR of 15.5% during the forecast period 2022-2032. With the emergence and rapid advancement of new technology and the increasing level of human dependency on it, one big re-introduction that the global market has witnessed since the beginning of the 21st century is that of the Electric Vehicles Industry. Electric vehicles which are basically vehicles that derive some or all of their power from electricity generated in grids that can be both external and internal depending on their build.
The growth of this industry is attributed towards the growth of its ecosystem and the automobile sector. The ecosystem here includes but is not limited to manufacturer, build-type, charging infrastructure, battery technology, standardization, government schemes and policies, utilities and services.
Increasing prices of fuel and majorly the global and united focus towards the various obvious environmental concerns and emission-control movements which are scaling up tremendously have led India to be the first country to announce plans to ambitiously achieve the feat of completely eradicating the use of gas and petroleum based engines by somewhere around 2030-2040. Several other countries including the UK, France, Germany, Ireland, and Japan have set estimated targets to join the league.
Considerably, it is to no one’s doubt today that the company which first realized the importance of an ecosystem to support its future and present EVs is none other than Elon Musk’s Tesla. With the introduction of coast to coast supercharging network, home battery storage and chargers, over the air software enhancements and mobile repair service, Tesla has been very effective and efficient in its approach towards its standing today.
Correspondingly, companies like Ford Motors and other realized this and built over a comprehensive ecosystem which has enabled them to put their hands into the mainstream competition today.
Furthermore, it is pretty much evident from the present market scenarios that though the EV market globally has been on a rise and will continue to do so at least until the global targets are solitarily met, but there are challenges in terms of consistent and effective ecosystem building and its access to masses with equitable and affordable prices that need to be addressed. Consequently, over the past few years, considerable amount of growth in the respective areas are already taking a leap.
ELECTRIC VEHICLE ECOSYSTEM MARKET SEGMENTATION:
Based on Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Two wheeler
Based on Propulsion Type:
- Battery electric vehicle (BEV)
- Fuel cell electric vehicle (FCEV)
- Plug-in hybrid electric vehicle (PHEV)
- Hybrid electric vehicle (HEV)
Based on Components (Qualitative):
- Battery Cells & Packs
- On-Board Charge
- Electric Motor
Based on the Charging Station Type:
- Normal charging
- Super charging
Based on Vehicle Class:
Based on Power Output:
- Less than 100 KW
- 100-250 KW
- Above 250 KW
Based on the Region:
- Asia Pacific
- North America
- South America
- Middle East & Africa
KEY REGIONAL INSIGHTS:
The Asia Pacific market is the fastest growing market, followed by the other two markets. Where, the automotive industry in the countries such as, Japan and South Korea is inclined toward innovation, technology, and development of advanced electric vehicle; In May, 2017, Indian government’s purchase of 10,000 electric vehicles, hailed as "the world's single-largest EV procurement initiative”. China, one of the leading countries for the mid-priced segment is currently at No. 1 in terms of unit sales rankings of EVs. The commercial vehicle segment is expected to be the fastest growing market. With increasing adoption of electric buses, particularly in China and India, the growth of the electric commercial segment has been significant in the region.
With Norway topping the charts in the European region in terms of share of plug-in EVs in total passenger car and light-vehicle sales, it stands at just below 50% which is in no way near to any country’s reach. This is because of their government’s commitment to zero emissions and mission for all new cars to have the same by 2027. The US in the North American region on the other hand, though being the second largest country in terms of global market reach, has only above 2% share.
KEY MARKET PLAYERS:
- Tesla (US)
- BYD Company Motors (China)
- BMW Group (Germany)
- Daimler AG (Germany)
- Ford Motor Company (US)
- Volkswagen (Germany)
- Nissan Motor Corporation (Japan)
- Other Key & Niche Players
- In March 2019, Tesla launched its fully electric Model Y, which can carry 7 passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.
- In July 2018, Tesla landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the US that would double the size of the electric car maker’s global manufacturing.
- In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan's commitment to driving electrification in the region.
- In April 2019, BYD announced the launch of the K12A at the company's headquarters in Shenzhen, the world's first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
- In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been specially configured for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.
- In 2020, Volkswagen announced electric car sales in Norway likely to reach around a mammoth 90%.
- In October 2020, Audi announced its launch of new electric vehicle venture with China’s FAW.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Electric Vehicle Ecosystem market by the following segments:
- Vehicle Type
- Propulsion Type
- Charging Station
- Distribution Channel
- Components (Qualitative)
- Charging Station Type
- Vehicle Class
- Power Output
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Electric Vehicle Ecosystem Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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