Electric Car Market and is estimated to grow to $175 Billion in 2023 top Key Players – BYD, JAC, Geely, Chery, Roewe(SAIC), BMW, Tesla Motors, VW Group

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%. The electric car sales were earlier (till 2015) driven by vehicle electrification of ICE based platforms by but now as more than 80 OEMs have launched 300+ electric cars.

The plugged-in electric vehicle market penetration will be ~5.5% in 2021 and by 2026 it could go past 12%. The market is set to grow from 2021-2026 continuing the growth it showcased even with Covid with Europe and China being the target markets and USA right on their tails. Share of plugged-in electric cars (BEVs+ PHEVs) has now grown to ~52% of all electric car sales.

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ELECTRIC CAR MARKET DYNAMICS

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.

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 CAR MARKET IN USA

• 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

ELECTRIC VEHICLE 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

COMPANY PROFILES

BYD
JAC
Geely
Chery
Roewe(SAIC)
BMW
Tesla Motors
VW Group
Renault- Nissan- Mitsubishi Alliance
Hyundai-KIA Motors
Robert Bosch GmBH
Continental AG
Magna International
CATL
Panasonic Corporation

Read More Information: https://mobilityforesights.com/product/electric-car-market/

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