Post COVID-19, the global electric vehicle and electric vehicle infrastructure market size is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1%. The projection for 2021 is expected to be down by 34% as compared to pre-COVID estimation.
The growing trend of greener transport is the primary factor responsible for the expected advancements in this market. Electric vehicles, including BEVs, PHEVs, and FCEVs, are expected to play a major role in the future to achieve the emission targets for different countries and de-carbonization of transportation systems around the world. OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric vehicles and charging solutions.
On the other hand, factors such as disruptions in the supply chain of components and automobile manufacturing plants are being shut around the world are restraining the growth of the electric vehicle market. However, the electric vehicle charging infrastructure sector has had a minimal impact from COVID-19. For instance, the Chinese government has announced stimulation packages toward boosting the development of a network of electric vehicle charging stations in China. Increased focus on EV charging infrastructure means the sector could see exponential growth in the coming years.
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Among the electric vehicle ecosystem market, the charging station market is expected to grow at the highest CAGR during the forecast period. The growth of the charging station is driven by stimulus policy announced by governments for investing heavily in charging infrastructure. Also, the increasing demand for reducing carbon emission and developing more advanced & fast-charging stations are expected to propel the market growth.
The Asia Pacific electric passenger car market is estimated to be the largest and fastest-growing during the forecast period. It comprises some of the fastest developing economies in the world, such as China and India. Market experts predict EVs are likely to account for around 50% of the market share in China by 2025. The government in these countries have recognized the growth potential of electric vehicles and the advantages of using them.
Increasing demand for electric vehicles in Asia Pacific is anticipated to boost infrastructure development and ensure remarkable economic growth. China is also investing heavily in the production of commercial electric vehicles with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. All these factors will drive the electric vehicle market in the Asia Pacific region.
Key Market Players:
Some of the major players in the electric vehicle and electric vehicle infrastructure market are Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan), LG Chem (S. Korea), Panasonic (S. Korea), and Bosch (Germany) among others.
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