The Business Research Company’s Electric Cars Global Market Report 2021: COVID-19 Growth And Change to 2030
The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users. Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point, and/or stopping by at any charging station. Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car. Tesla, BMW, Rolls Royce, Volkswagen, Nissan, etc. are working on wireless charging system cars because the OEMs and technology companies figured out that it is much easier to charge an electric vehicle by wireless charging system than a plug-in system. Qualcomm’s technologies, continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology which helps to charge the electric vehicle while driving. Therefore, the wireless charging system has a huge scope in the future to electrify vehicles all over the world.
The electric cars market covered in this report is segmented by type into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV), by battery type into Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide (Li-NMC), Lithium–Titanate Oxide (LTO) battery, Lithium-Nickel-Cobalt-Aluminum oxide (NCA) battery, Nickel-metal hydride (NiMH) battery, lead-acid battery, and by application into home use, commercial use.
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The global electric cars market size is expected to grow from $482.32 billion in 2020 to $657.41 billion in 2021 at a compound annual growth rate (CAGR) of 36.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1895.13 billion in 2025 at a CAGR of 30%.
The major players covered in the global electric cars industry are Toyota, BMW, BYD, Tesla, BMW, Volkswagen, General Motors, BAiC Motors, SAIC, Daimler AG, Chery Automobiles, Hyundai, Ford, Changan, Volvo, Anhui Jianghuai Automobile Co. Ltd. (JAC Motors), Renault-Nissan, JMCG, Zotye, Mitsubishi, Yutong, Geely Automobile Holdings Ltd., Great Wall Motor Co. Ltd., Audi, Jaguar Land Rover, Mahindra Electric Mobility Ltd., Honda Motor Co. Ltd., Energica Motor Company S.P.A., Nissan Motor Corporation.
In February 2019, Tesla, Inc., an American electric vehicle and clean energy company based in Palo Alto (California) acquired Maxwell technologies an Energy storage company for a deal of $218 million. Maxwell technologies produce ultracapacitors an energy storage device or battery that is used in electric vehicles. The acquisition helped Tesla to get Maxwell’s dry electrode technology which mainly used to produce ultracapacitors. These dry electrode technology ultracapacitors are used in electric vehicles to boost performance and also more cost-effective than other technologies.
Electric Cars Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides electric cars market overview, forecast electric cars market size and growth for the whole market, electric cars market segments, and geographies, electric cars market trends, electric cars market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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