An Overview of the Electric Vehicle Market

The electric vehicle market is estimated to grow by 19.0% during the forecast period. According to the International Energy Agency, The total fleet of EVs (excluding two/three-wheelers) will grow from almost 30 million in 2022 to about 240 million in 2030 in the Stated Policies Scenario (STEPS), achieving an average annual growth rate of about 30%. In this scenario, EVs account for over 10% of the road vehicle fleet by 2030. Total EV sales reach over 20 million in 2025 and over 40 million in 2030, representing over 20% and 30% of all vehicle sales, respectively. Some of the factors driving the growth of the global electric car market are uniform government regulations, government subsidies for electric cars, the development of charging infrastructure, and strict targets to limit carbon dioxide emissions. As a result, car manufacturers around the world are constantly introducing new electric car models with longer ranges and shorter charging times, as low ranges and high prices are limiting factors in the electric market.

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Overview and Trends of the Global Electric Vehicle Market

• Global brands are exploring developing nations to expand their market reach and to expand their product portfolios. For instance, in July 2023, Panasonic, a Japanese conglomerate is expected to open a battery manufacturing plant in India under the government’s production-linked incentive (PLI) scheme for ACC battery storage.

• Multiple global market players and governments are supporting each other by investing millions in the development of the EV market. For instance, in April 2024, South Korea-based DSEV, DS Actimo Canada Inc. is investing $60. 0 million to build a new 107,000-square-foot facility in Windsor, Ont., to manufacture components for electric vehicle (EV) batteries.

• Governments across the globe are funding the growth and development of the EV market. For instance, in October 2023, £89.0 ($110.9) million of funding was awarded to 20 cutting-edge net zero tech projects including hydrogen-powered offroad vehicles, a new lithium scale-up plant, and revolutionary new EV battery systems, reinforcing the UK as a world leader in zero emissions vehicle technology. The landmark funding package includes four collaborative R&D projects, five scale-up projects to assess if businesses in the automotive sector are ready for growth, and seven feasibility studies to prepare projects to develop large-scale manufacturing facilities in the UK.

• New products launched and upgrades in existing ones are also driving the market growth. For instance, in January 2024, Honda announced a new global electric vehicle series, dubbed Honda Zero, presenting it as an antidote to the recent trend of “thick, heavy” EVs seen on the road today. Honda says it will introduce its first model, based on a sleek, sedan-like concept called the Saloon, starting in North America in 2026.

Major companies driving the global EV market include SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co., Ltd., Hyundai Motor Co., KIA Motors Corp., Toyota Motor Corp., Tesla Inc., Jaguar Land Rover Ltd., Nissan Motor Co., Renault Group, Volkswagen AG, Daimler AG, Mitsubishi Motors Corp. and others. Market players contribute significantly to the growth of the market by adopting various growth strategies such as new product launches, mergers and acquisitions, collaborations with the government, and technological advancements to remain competitive in the market. 

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