The global electric vehicle market is projected to grow at a CAGR of 32.57% during the forecast period, to reach 10.79 million units by 2025 from an estimated sale of 1.50 million units in 2018. The base year for the report is 2017, and the forecast period is from 2018 to 2025. Favorable government policies and support in terms of subsidies & grants, tax rebates, and other nonfinancial benefits in the form of carpool lane access, and new car registration (specifically in some urban areas in China, the registration for ICE engine new cars is banned) and the increasing vehicle range and better availability of charging infrastructure would drive the global electric vehicle sales.
Agreements, partnerships, collaborations, and joint ventures were the most dominant strategy adopted by key market players to achieve growth in the electric vehicle market. Automobile manufacturers such as Nissan (Japan), Tesla (US), and BYD (China); battery manufacturers such as Samsung (South Korea), LG Chem (South Korea), and Panasonic (Japan); and charging infrastructure providers such as ChargePoint (US) and Blink Charging (US) are the major companies that adopted this strategy.
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New product launches and developments were the second most adopted strategy by Electric Vehicles market players to cater to the growing demand from customers. Nissan Motor (Japan), Tesla (US), Volkswagen (Germany), and BYD (China) are the auto OEMs who have adopted this strategy. However, in the electric vehicle charging station and components market, ChargePoint (US), Delphi (UK), Samsung (South Korea), and Panasonic (Japan) were the market players who opted for this strategy in this segment.
Tesla is one of the leading players in the global electric vehicles market. The company is one of the largest manufacturers of electric vehicles catering to the premium segment. The company also provides its super-fast charging infrastructure, specially made for the Tesla owners, which can charge the vehicles fully in less than an hour. In 2016, Tesla also inaugurated its Gigafactory at Nevada, US, to accelerate its market growth by producing lithium-ion batteries. The company’s name Gigafactory has been taken from the manufacturing plant’s planned annual battery production capacity of 35 gigawatt/hours (GWh).
Another important player in the industry is Nissan Motor Corporation, one of the most successful Electric Vehicle manufacturers in the world. In 2010, the company launched the Nissan Leaf, which was considered to be the world’s bestselling highway-capable fully electric car. The company has entered into multiple joint ventures, agreements, collaborations, and supply contracts with multiple companies to cater to the growing demand for Electric Vehicles globally. For example, in 2015, Nissan and BMW (Germany) collaborated to develop an advanced EV and a Plug-In Hybrid Vehicle (PHEV) in South Africa. Both companies have also planned to jointly work on a project to build a national grid of Electric Vehicle charging stations for both Nissan and BMW electric vehicles.
BYD is one of the few companies that specializes in the manufacturing of commercial electric vehicles. It was established in 1995 and is headquartered in Guangdong, China. In 2018, BYD introduced its class 8 battery-electric refuse truck at the 2017 ACT Expo at the Long Beach Convention Center.
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