Big jump in EVs predicted in 10 years

A massive lift in the global EV market is forecast within a decade.

It’s projected to reach 26,951,318 units by 2030, up 23,681,647 (724%) from an estimated 3,269,671 units in 2019, at a compound annual growth rate (CAGR) of 21.1% during the forecast period.

The EV market has witnessed rapid evolution with ongoing automotive sector developments, MarketsandMarkets reports.

“Favourable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of car pool lane access, and new car registration (specifically in China where ICE engine new car registrations are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.”

The growing sensitivity of various governments toward a cleaner environment has increased the demand for zero-emission vehicles, it adds.

The fastest EV growth is expected in the Asia Pacific market, followed by Europe and North America.

The automotive industry in countries such as China, Japan and South Korea is inclined toward innovation, technology, and development of advanced EVs.

Developed nations such as the US, Germany, and the UK are actively promoting EV use to reduce emissions, which has resulted in EV sales growth.

The EV market is dominated by globally established players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).

These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers and acquisitions.

“The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reducing significantly which would make EVs more affordable,” the report says.

Growth at the highest CAGR rate is likely in the mid-priced vehicle class which has less emphasis on infotainment, instrument cluster, and other expensive features.

Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles.

Increasing adoption of electric buses is likely to propel commercial vehicle growth, predicted to be the fastest growing market during the next decade.

The growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles as well.

Meanwhile, the Consumer Electronics Show  (CES) 2020 in Las Vegas from January 7-10 has highlighted some innovations such as the surprise Sony Vision-S EV, BMW’s new mobility plan, an air taxi reveal, the Fisker Ocean’s debut, and Jeep electrics.

Other new products at CES 2020 include the Bmmpr One device which can detect when a car has been damaged, stolen, towed or where it is parked.