Overview of the global electric vehicle market
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Objectives:
The analysis of the Indian and global electric vehicle market is aimed at finding up-to-date information and analyzing the market size, consumers and competitors in the studied market, changes that have occurred in 2017-2019, as well as the forecast and trends in the industry in the long term for the period up to 2024.
Content
Part 1. Overview of the Indian Electric Vehicle Market
1.1. Main characteristics of the market
1.2. Dynamics of the market volume of electric vehicles 2016-2020 Potential market capacity
1.3. Assessment of factors affecting the market
1.4. Stage of the life cycle of the market for electric vehicles
1.5. Competition from substitute products
Part 2. Competitive analysis in the electric vehicle market
2.1. Major players in the market
2.2. Market shares of the largest competitors
2.3. Profiles of major players
Part 3. Analysis of the production of electric vehicles
3.1. Volume and dynamics of domestic production of electric vehicles
3.2. Share of exports in the production of electric vehicles
3.3. Segmentation of electric vehicle production by region:
3.3.1. Production by Union Territories
3.3.2. Production by states of India
Part 4. Analysis of foreign trade deliveries of electric vehicles
4.1. The volume and dynamics of imports of electric vehicles
4.2. Structure of imports by countries
4.3. The volume and dynamics of exports of electric vehicles
4.4. Structure of exports by countries
Part 5. Analysis of consumption of electric vehicles
5.1. Dynamics of consumption of electric vehicles
5.2. Analysis of the results of tenders for the purchase
Part 6. Price Analysis
6.1. Average producer prices by union territories
6.2. Average consumer prices by states in India
Part 7. Assessment of factors of investment attractiveness of the market
Part 8. Forecast for the development of the market for electric vehicles until 2025
Part 9. Recommendations and conclusions
State of the global electric vehicle market
In 2020, in different countries, the electric vehicle market showed different sales figures. So, for the first time, Europe became the leader in registration of electric vehicles with a total figure of 1372 thousand cars, overtaking China, which also showed an increase in electric vehicles by 8,5% compared to 2019.
Diagram. Registration of electric vehicles by country in 2020, thousand units
Source: International Energy Agency (IEA)
Europe has taken the lead, among other things, due to an increase in consumer demand in Germany, where the percentage of use of electric cars in 2020 reached 14%. At the same time, due to the difficult epidemiological situation and the economic crisis, the volume of registered electric vehicles in the United States continued to decline both in 2019 and 2020 and amounted to 295 thousand units at the end of 2020. The indicators of other countries, not taking into account market leaders China, the USA and European countries, showed a rather modest result of 148 thousand vehicles.
In general, the global market for all types of vehicles has been significantly affected by the economic impact of the COVID19 pandemic. In the first half of 2020, new car registrations fell by about a third compared to the previous 2019. This was partly offset by higher activity in the second half of the year, resulting in an overall decline of 16% compared to the same period in 2019. Notably, with conventional and overall new vehicle registrations falling, the global share of electric vehicle sales rose by 70% to a record 4,6% in 2020.
Numerous factors contributed to the increase in electric vehicle registrations in 2020. Notably, in some countries, electric vehicles are gradually becoming more competitive in terms of total cost of ownership. Several governments have provided or extended tax breaks that have protected the purchase of electric vehicles from the downturn in the auto market.
Diagram. World fleet of electric vehicles by mode of transport, 2016-2020, million units
Source: International Energy Agency (IEA)
Consumer expenses
Consumers spent $120 billion buying electric vehicles in 2020, up 50% from 2019, which translates into a 41% increase in sales and a 6% rise in average prices. The increase in average prices reflects that Europe, where prices are on average higher than in Asia, accounted for a larger share of new electric vehicle registrations. In 2020, the average global price for a BEV was about $40 and about $000 for a PHEV.
The state of the Indian electric vehicle market
During the period from January to May 2021, Indians bought about 650 electric vehicles, which is significantly higher than last year's figures for the same period in 2020 - 92 electric vehicles. 2020. This indicates the interest of citizens in environmentally friendly transport. In 2020, Nissan Leaf became the most popular model with a total sales share of 94%. Due to the high cost of purchasing electric cars, the development of this industry in India is moving at a very slow pace. So, to improve the position on the introduction of electric cars in the Indian market, the authorities are developing new support programs:
Possible cash compensation after buying an electric car in 25%
Development of a road ecosystem suitable for electric cars, implementation of projects for the construction of new gas stations
State support for the production and introduction of electric vehicles. Thus, the sale of electric vehicles will become mandatory for automakers with localized production in India, that is, a fixed share of the production of environmentally friendly vehicles in the country will be established.
Diagram. Electric vehicle sales in India in 2020, %
Source: Autostat
Prospects for the industry
The resilience of EV sales in the face of the pandemic will depend on three factors:
- Supportive regulatory framework. Even before the pandemic, many countries were strengthening key strategies for developing the electric vehicle market, such as carbon dioxide (CO2) emission standards and zero emission vehicle (ZEV) requirements. By the end of 2020, more than 20 countries had announced a ban on the sale of conventional vehicles or made all new sales mandatory for ZEVs.
- Additional incentives to protect sales of electric vehicles from the economic downturn. Some European countries have increased the amount of compensation for the purchase of electric cars, and China has postponed the phase-out of its subsidy scheme.
- An increase in the number of models of electric vehicles of different price categories, as well as a decrease in the cost of batteries.
For a more detailed overview of the dynamics of the market volume, analysis of demand, export and import of electric vehicles, we suggest ordering a full-fledged market research.
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