GLOBAL ELECTRIC VEHICLE MARKET 2019-2027

Automotive & Transportation | Automotive Technologies

GLOBAL ELECTRIC VEHICLE MARKET 2019-2027

Market By Vehicle Type, Power Source, Technology, And Geography | Forecasts 2019-2027

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Triton has stated after a detailed analysis, that the global electric vehicle market is showcasing an evolving trend in terms of revenue and is projected to grow at a CAGR of 20.95% throughout the forecast period of 2019-2027. The market was assessed to be worth $136.22 billion in the year 2018 and is predicted to generate a revenue of approximately $747.17 billion by the year 2027.

The electric vehicles are mostly employed as electric spacecraft, surface & underwater vessels, electric aircraft, and road and rail vehicles. They depend on multiple electric motors, also known as traction motors, for the forward motion. They are motorized through the collector system with the help of electric current from charging stations or portable batteries, the electric generator for converting any affordable form of energy into the electricity or they depend solely on the solar panels. 


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The 1850s saw the first EV to come into existence where the electricity had been the favored approaches for propelling the motor vehicle, and the much-needed ease of operation that was unattainable through gasoline in that era. The contemporary combustion engines have been primarily employed for the propulsion of the motor vehicles since the 1900s, but electric power is mostly utilized by numerous vehicle types like the trains and the minor vehicles.

The availability of EV charging infrastructure poses a mighty challenge that is yet to be tackled, and there is a major obligation for more numbers of charging stations. Currently, more than 91,000 public charging stations across the world are expected to rise to 130,000+. Unfortunately, the charging stations generally are abundant in the areas with higher sales of EV, which is expected to change soon.

Transport is currently responsible for approximately 20% of greenhouse gas emissions, making it the second largest polluter after the energy industry. Increase in the use of electric vehicles would help in decreasing the emission levels and thus would help in controlling the air quality degradation.

Within the report from Triton on the electric vehicle market, market definition and the key insights regarding the industry are discussed. Also, the evolution and transition of the electric vehicle, industrial components, regulatory framework, market opportunity insights, the market attractiveness matrix, vendor scorecard, Porter's five force analysis, key impact analysis, industrial player positioning and key market strategies are studied in detail. 

Market drivers such as proactive government policies to promote the use of electric vehicles, the cost-effectiveness of electric vehicles over their gas and oil counterparts, transport contributing to greenhouse gas (GHG) emissions, air pollution & energy consumption and increasing per capita income are detailed in the report. The industry is facing market restraints such as lack of electric vehicles charging stations and the high cost of electric vehicles are the reasons obstructing the industry growth across the globe.

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Key opportunities like the rising production capacities of the lithium-ion battery, government initiatives to limit greenhouse gases and increased research & development expenditure towards the development of electric vehicles are leveraging the industry to grow during the forecasting years. Some of the major challenges such as lack of public awareness and performance issues are faced by the electric vehicle market.

Top geographies covered in the global electric vehicle market

•    North America: United States and Canada

•    Europe: United Kingdom, Germany, Norway, France, Netherland, Russia and Rest of Europe

•    Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand and Rest of Asia Pacific

•    Latin America: Mexico, Brazil and Rest of Latin America

•    The Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa and Rest of Middle East and Africa

The electric vehicle market is segmented into:

•    By vehicle type:

o    Commercial vehicles

o    Passenger cars

o    Two wheelers

o    Other vehicles

•    By power source:

o    Stored electricity

o    Onboard electricity generator

•    By technology: 

o    Hybrid electric vehicle

o    Battery electric vehicle

o    Plug-in hybrid electric vehicle

The leading companies in the electric vehicle market are Hyundai Motor, Honda Motor Company, Nissan Motor Co., Ltd., Volkswagen AG, Bayerische Motoren Werke AG, Toyota Industries Corporation, Zhejiang Geely Holding Group, Mitsubishi, Ford Motor Company, Tesla Motors, Inc., Fiat Chrysler Automobiles N.V, Daimler AG, BYD Company Ltd., Groupe PSA, and General Motors Company.

The strategic analysis for each of these companies in the electric vehicle market is covered in detail. The company market share helps to dive into the information about the key market players in this industry and their hold on the market.


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Table of Content

1.    ELECTRIC VEHICLE MARKET - SUMMARY

2.    INDUSTRY OUTLOOK

2.1. MARKET DEFINITION

2.2. KEY INSIGHTS

2.3. INTRODUCTION: ELECTRIC VEHICLES

2.4. EVOLUTION & TRANSITION OF ELECTRIC VEHICLE

2.5. PORTER'S FIVE FORCE ANALYSIS

2.6. MARKET ATTRACTIVENESS MATRIX

2.7. INDUSTRY COMPONENTS

2.8. REGULATORY FRAMEWORK

2.9. VENDOR SCORECARD

2.10.            KEY IMPACT ANALYSIS

2.11.            MARKET OPPORTUNITY INSIGHTS

2.12.            INDUSTRY PLAYER POSITIONING

2.13.            KEY MARKET STRATEGIES

2.14.            MARKET DRIVERS

2.14.1.                PROACTIVE GOVERNMENT POLICIES TO PROMOTE THE USE OF ELECTRIC VEHICLES

2.14.2.                COST-EFFECTIVENESS OF ELECTRIC VEHICLES OVER THEIR GAS POWERED COUNTERPARTS

2.14.3.                TRANSPORT CONTRIBUTING TO GREENHOUSE GAS (GHG) EMISSIONS, AIR POLLUTION & ENERGY CONSUMPTION

2.14.4.                INCREASING PER CAPITA INCOME

2.15.            MARKET RESTRAINTS

2.15.1.                LACK OF ELECTRIC VEHICLES CHARGING STATIONS

2.15.2.                HIGH COST OF ELECTRIC VEHICLES

2.16.            MARKET OPPORTUNITIES

2.16.1.                RISE IN LITHIUM-ION BATTERY PRODUCTION CAPACITIES

2.16.2.                GOVERNMENT INITIATIVES TO LIMIT GREENHOUSE GASES

2.16.3.                INCREASED RESEARCH & DEVELOPMENT EXPENDITURE TOWARDS DEVELOPMENT OF EV’S

2.17.            MARKET CHALLENGES

2.17.1.                LACK OF PUBLIC AWARENESS

2.17.2.                PERFORMANCE ISSUES

3.    ELECTRIC VEHICLE INDUSTRY OUTLOOK – BY VEHICLE TYPE

3.1. COMMERCIAL VEHICLES

3.2. PASSENGER CARS

3.3. TWO WHEELERS

3.4. OTHER VEHICLES

4.    ELECTRIC VEHICLE INDUSTRY OUTLOOK -BY POWER SOURCE

4.1. STORED ELECTRICITY

4.2. ON BOARD ELECTRICITY GENERATOR

5.    ELECTRIC VEHICLE INDUSTRY OUTLOOK -BY TECHNOLOGY

5.1. HYBRID ELECTRIC VEHICLE

5.2. BATTERY ELECTRICAL VEHICLES

5.3. PLUG-IN HYBRID ELECTRICAL VEHICLE

6.    ELECTRIC VEHICLE INDUSTRY - REGIONAL OUTLOOK

6.1. NORTH AMERICA

6.1.1.   MARKET BY VEHICLE TYPE

6.1.2.   MARKET BY POWER SOURCE

6.1.3.   MARKET BY TECHNOLOGY

6.1.4.   COUNTRY ANALYSIS

6.1.4.1.      UNITED STATES

6.1.4.2.      CANADA

6.2. EUROPE

6.2.1.   MARKET BY VEHICLE TYPE

6.2.2.   MARKET BY POWER SOURCE

6.2.3.   MARKET BY TECHNOLOGY

6.2.4.   COUNTRY ANALYSIS

6.2.4.1.      UNITED KINGDOM

6.2.4.2.      GERMANY

6.2.4.3.      FRANCE

6.2.4.4.      NETHERLAND

6.2.4.5.      NORWAY

6.2.4.6.      RUSSIA

6.2.4.7.      REST OF EUROPE NETHERLANDSNORWAY

6.3. ASIA PACIFIC

6.3.1.   MARKET BY VEHICLE TYPE

6.3.2.   MARKET BY POWER SOURCE

6.3.3.   MARKET BY TECHNOLOGY

6.3.4.   COUNTRY ANALYSIS

6.3.4.1.      CHINA

6.3.4.2.      JAPAN

6.3.4.3.      INDIA

6.3.4.4.      SOUTH KOREA

6.3.4.5.      ASEAN COUNTRIES

6.3.4.6.      AUSTRALIA AND NEW ZEALAND

6.3.4.7.      REST OF ASIA PACIFIC

6.4. LATIN AMERICA

6.4.1.   MARKET BY VEHICLE TYPE

6.4.2.   MARKET BY POWER SOURCE

6.4.3.   MARKET BY TECHNOLOGY

6.4.4.   COUNTRY ANALYSIS

6.4.4.1.      BRAZIL

6.4.4.2.      MEXICO

6.4.4.3.      REST OF LATIN AMERICA

6.5. MIDDLE EAST AND AFRICA

6.5.1.   MARKET BY VEHICLE TYPE

6.5.2.   MARKET BY POWER SOURCE

6.5.3.   MARKET BY TECHNOLOGY

6.5.4.   COUNTRY ANALYSIS

6.5.4.1.      UNITED ARAB EMIRATES

6.5.4.2.      TURKEY

6.5.4.3.      SAUDI ARABIA

6.5.4.4.      SOUTH AFRICA

6.5.4.5.      REST OF MIDDLE EAST & AFRICA

7.    COMPETITIVE LANDSCAPE

7.1. BAYERISCHE MOTOREN WERKE AG

7.2. BYD COMPANY LTD

7.3. DAIMLER AG

7.4. FIAT CHRYSLER AUTOMOBILES N.V

7.5. FORD MOTOR COMPANY

7.6. GENERAL MOTORS COMPANY

7.7. GROUPE PSA

7.8. HONDA MOTOR COMPANY

7.9. HYUNDAI MOTOR

7.10.            MITSUBISHI

7.11.            NISSAN MOTOR CO., LTD.

7.12.            TESLA MOTORS, INC

7.13.            TOYOTA INDUSTRIES CORPORATION

7.14.            VOLKSWAGEN AG

7.15.            ZHEJIANG GEELY HOLDING GROUP

8.    METHODOLOGY & SCOPE

8.1. RESEARCH SCOPE

8.2. SOURCES OF DATA

8.3. RESEARCH METHODOLOGY

List of table

TABLE 1. MARKET ATTRACTIVENESS MATRIX FOR ELECTRIC VEHICLE MARKET

TABLE 2. VENDOR SCORECARD OF ELECTRIC VEHICLE MARKET     

TABLE 3. REGULATORY FRAMEWORK OF ELECTRIC VEHICLE MARKET

TABLE 4. KEY STRATEGIC DEVELOPMENTS IN ELECTRIC VEHICLE MARKET

TABLE 5. BENEFITS & LIMITATIONS OF ELECTRIC VEHICLES  

TABLE 6. WORLDWIDE LITHIUM-ION BATTERY PRODUCTION CAPACITY (GWH)    

TABLE 7. COST COMPARISON OF EV’S TO THEIR GAS-POWERED COUNTERPART         

TABLE 8. PROJECTED ELECTRICITY-POWERED TWO-WHEELER SALES IN THE UNITED STATES IN 2015 AND 2024, BY TYPE (IN UNITS)     

TABLE 9. GLOBAL ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)      

TABLE 10. GLOBAL ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)      

TABLE 11. GLOBAL ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)      

TABLE 12. GLOBAL ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2019-2027 (IN $ MILLION)      

TABLE 13. NORTH AMERICA ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2019-2027 (IN $ MILLION)

TABLE 14. NORTH AMERICA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)   

TABLE 15. NORTH AMERICA ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)        

TABLE 16. NORTH AMERICA ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)   

TABLE 17. EUROPE ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2019-2027 (IN $ MILLION)

TABLE 18. EUROPE ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)      

TABLE 19. EUROPE ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)      

TABLE 20. EUROPE ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)      

TABLE 21. ASIA PACIFIC ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2019-2027 (IN $ MILLION)

TABLE 22. ASIA PACIFIC ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)      

TABLE 23. ASIA PACIFIC ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)      

TABLE 24. ASIA PACIFIC ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)      

TABLE 25. LATIN AMERICA ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2019-2027 (IN $ MILLION)

TABLE 26. LATIN AMERICA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)      

TABLE 27. LATIN AMERICA ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)        

TABLE 28. LATIN AMERICA ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)      

TABLE 29. MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2019-2027 (IN $ MILLION)

TABLE 30. MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, 2019-2027 (IN $ MILLION)          

TABLE 31. MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2019-2027 (IN $ MILLION)

TABLE 32. MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2019-2027 (IN $ MILLION)           

List of Figures

FIGURE 1. GLOBAL ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 2. PORTER’S FIVE FORCE ANALYSIS OF ELECTRIC VEHICLE MARKET

FIGURE 3. KEY IMPACT ANALYSIS

FIGURE 4. TIMELINE OF ELECTRIC VEHICLE

FIGURE 5. MARKET OPPORTUNITY INSIGHTS, BY REGION, 2018

FIGURE 6. MARKET OPPORTUNITY INSIGHTS, BY VEHICLE TYPE, 2018

FIGURE 7. INDUSTRY COMPONENTS OF ELECTRIC VEHICLE MARKET         

FIGURE 8. KEY PLAYER POSITIONING IN 2018 (%)

FIGURE 9. GLOBAL ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, 2019-2027 (IN $ MILLION)

FIGURE 10. GLOBAL ELECTRIC VEHICLE MARKET, BY PASSENGER CARS, 2019-2027 (IN $ MILLION)      

FIGURE 11. GLOBAL ELECTRIC VEHICLE MARKET, BY TWO WHEELERS, 2019-2027 (IN $ MILLION)      

FIGURE 12. GLOBAL ELECTRIC VEHICLE MARKET, BY OTHER VEHICLES, 2019-2027 (IN $ MILLION)      

FIGURE 13. GLOBAL ELECTRIC VEHICLE MARKET, BY POWER SOURCE, 2018 & 2027 (IN %)           

FIGURE 14. GLOBAL ELECTRIC VEHICLE MARKET, BY STORED ELECTRICITY, 2019-2027 (IN $ MILLION)   

FIGURE 15. GLOBAL ELECTRIC VEHICLE MARKET, BY ON BOARD ELECTRICITY GENERATOR, 2019-2027 (IN $ MILLION)        

FIGURE 16. GLOBAL ELECTRIC VEHICLE MARKET, BY TECHNOLOGY, 2018 & 2027 (IN %)           

FIGURE 17. GLOBAL ELECTRIC VEHICLE MARKET, BY HYBRID ELECTRIC VEHICLE, 2019-2027 (IN $ MILLION)          

FIGURE 18. GLOBAL ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRICAL VEHICLES, 2019-2027 (IN $ MILLION)

FIGURE 19. GLOBAL ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID ELECTRICAL VEHICLE, 2019-2027 (IN $ MILLION)     

FIGURE 20. GLOBAL ELECTRIC VEHICLE MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)           

FIGURE 21. UNITED STATES ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)      

FIGURE 22. CANADA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)         

FIGURE 23. UNITED KINGDOM ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)   

FIGURE 24. GERMANY ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)      

FIGURE 25. FRANCE ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)         

FIGURE 26. NETHERLANDS ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)        

FIGURE 27. NORWAY ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)        

FIGURE 28. RUSSIA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)           

FIGURE 29. REST OF EUROPE ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)   

FIGURE 30. CHINA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION) 

FIGURE 31. JAPAN ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION) 

FIGURE 32. INDIA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)   

FIGURE 33. SOUTH KOREA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)         

FIGURE 34. ASEAN COUNTRIES ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 35. AUSTRALIA & NEW ZEALAND ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)      

FIGURE 36. REST OF ASIA-PACIFIC ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)           

FIGURE 37. BRAZIL ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 38. MEXICO ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)          

FIGURE 39. REST OF LATIN AMERICA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 40. UNITED ARAB EMIRATES ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)      

FIGURE 41. SAUDI ARABIA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)          

FIGURE 42. TURKEY ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)          

FIGURE 43. SOUTH AFRICA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)        

FIGURE 44. REST OF MIDDLE EAST & AFRICA ELECTRIC VEHICLE MARKET, 2019-2027 (IN $ MILLION)

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