An electric vehicle, EV, or electric car, has an electric motor instead of an internal combustion engine for propulsion. There are three main types of electric vehicles: BEVs, or battery electric vehicles, PHEVs, or plug-in hybrid electric vehicles, and HEVs, or hybrid electric vehicles. Battery Electric Vehicles are fully-electric vehicles with rechargeable batteries (no gasoline engine). Plug-in Hybrid Electric Vehicles can recharge the battery through regenerative braking and "plugging in" to an external source of electrical power. Hybrid Electric Vehicles (HEV) are powered by gasoline and electricity. EV´s first appeared in the mid 19th century, but internal combustion engines have been the dominant propulsion systems for the past 100 years. In the 21st century, EV´s reappeared strongly as a result of technological developments, investment in charging infrastructure and a focus on reduced emission and alternative sources of power, such as electricity and renewable energy. The EV market growth was especially accelerated by the launch of Tesla, led by Elon Musk, in 2008. Tesla EV market share is the largest in EV sales and is the main manufacturer of EV with 14% of EV market share in 2019. Learn more about T4's strategy consulting services here.
The chart shows the Electric Car Market Size from 2019 to 2026. In 2020, the size of the Electric Car Industry was $238B and is projected to grow 16% in 2021. From 2019 to 2026 the Electric Car Industry growth is projected to average 15.6% per year. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Electric Vehicles market growth will likely be High because social distancing policies have drastically reduced road traffic, automobile purchasing declines in recessions, and alternative energy cars may be less attractive with oil prices near historical lows. The long term impact of COVID-19 on the Electric Vehicles market growth beyond the COVID-19 pandemic will likely be Low because public transit may become viewed as more dangerous, automobile purchasing will rebound after recessions, and oil prices will rise as output falls. Request help with obtaining the source for this data and learn more about T4's strategy consulting services here.
The chart shows Electric Car Market Share in 2019. The Electric Car Market is highly fragmented among many vendors. The leading Manufacturer in the Electric Car Industry was Tesla with 14% market share in 2019, followed by BYD with 8.9% Electric Car market share, BAIC with 6.2% market share, SAIC with 5.3%, BMW with 5%, Volkswagen with 3.3%, Nissan with 3.1%, Geely with 2.9%, and Hyundai with 2.8% electric Car market share. The first 10 EV manufacturers concentrate 56% of the Electric Car market share. Get help with market research for the Electric Car market, including the source for this Electric Car Market Share chart and learn more about T4's strategy consulting services here.
Electric vehicle (EV) market growth is driven by the investments in battery developments, more accessibility in terms of prices, availability of new models and the development of charging infrastructure. The development of new renewable energy resources will drive customer interest to search for sustainable alternatives to gasoline and diesel in the transportation market. The investment in battery technology, charging infrastructure and the availability of a variety of models, will drive growth of the electric car market share over the total vehicle market. As a result of the development of new technology and offerings, the investment in charging infrastructure will provide the necessary environment for EV adoption and the electric vehicle market to grow.Learn about T4's Consulting services
Electric Car is a Developing market composed of many competitors. Tesla EV market share was the largest in 2019 in terms of manufacturing units and models sold. Tesla market share was 14.2% of the Electric Car manufacturing market in 2019. Tesla leads the EV market share with more than 367 thousand vehicles manufactured in 2019, and a target of 500 thousand vehicles in 2020. Tesla EV market share was the largest in terms of models sold during 2019 also. The "Tesla Model 3" was the most popular electric vehicle sold in 2019 with 14% of electric car market share. BYD market share was 8.9% of the market in 2019. BYD manufactured 229 thousand cars in 2019. The model "BYD Yuan / S2 EV'' was the 4th most popular electric vehicle sold during 2019 with 3% of Electric Vehicle market share. BAIC market share was 6.2% of the Electric Car market in 2019. BAIC manufactured 160 thousand cars in 2019. The model "BAIC EU-Series'' was the 2nd most popular model sold in 2019, with 5% of the electric car market share. SAIC market share was 5.3% of the Electric Car market in 2019. SAIC manufactured 138 thousand cars in 2019. The model "SAIC Baojun E-Series'' was the 5th most popular EV model sold in 2019, with 3% of global electric car market share. Although there are many competitors in the market, 54% of the electric car market share in manufacturing units was concentrated among the main 10 companies. In terms of sales, the top 5 models sold in 2019, concentrated 28% of the EV market share.
T4's research team can help you learn more about the Electric Vehicle industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Electric Vehicles market, including: Tesla, BYD, BAIC, SAIC, BMW, Volkswagen, Nissan, Geely, Hyundai, Toyota, Kia, Mitsubishi, Renault, Chery, GAC, Volvo, Great Wall, Dongfeng, Changan, JAC, GM, Chevrolet, Ford. T4 conducts research into related topics such as Motor Vehicles, Truck Manufacturing, Hybrid Cars, Hybrid Electric Vehicle, All Electric Vehicles (AEV), Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicles PHEV), Hybrid Electric Vehicles (HEV), renewable energy, Lithium Batteries, Charging Devices, and Electric Engines. T4 also provides additional support in the Automotive Sector and other Sectors. Learn more about T4's strategy consulting services here.