The increasing emission levels in various countries has been a matter of concern for governments of developed and emerging countries alike. Many countries have passed stringent emission regulations such as, the European stage V standards, and the T4F in the US. This has led to automakers shifting to electric vehicles. Best Electric vehicles produce zero or very low emission of local air pollutants. In addition, battery electric vehicles produce lower noise due to the absence of an Internal Combustion (IC) engine.

Leading private automakers such as Tesla, Volkswagen, Nissan, Toyota, and Honda have gradually shifted focus toward electric vehicles. For instance, Volkswagen announced its plan to launch 70 new electric models by 2028 instead of the 50 planned previously. Reducing price of the battery has significantly lowered the cost of an electric vehicle, allowing manufacturers to target a larger customer base. Hence, the popularity of EVs has grown in the recent past.

The Electric Vehicles Initiative (EVI), which is a multi-government policy forum to accelerate the introduction and adoption of electric vehicles worldwide, has set a target of reaching an electric car fleet of 20 million by 2020 globally. The Paris Declaration on Electro-Mobility and Climate Change has also set a similar global deployment target of 100 million electric cars by 2030. In 2018, the global electric vehicle sales, which include Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles, reached near 2 million units figure. The increasing popularity of electric vehicles is driven by increased EV range, decreasing battery price, and increased number of EV models. Leading EV manufacturer Tesla plans to expand the sales globally.

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Reasons for the surge inthis electric vehicle market

  • Government policies and subsidies to automakers: The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles. Several governments are providing various kinds of incentives such as low or zero registration fee and exemption in import tax, purchase tax, and road tax. Charging infrastructure is being developed. Owing to the high amount of incentives and subsidies in the US and Europe, a high growth rate in sales of private and public transit EVs can be observed. In May 2019, Nobina, Sweden’s and the Nordic region’s largest bus operator, added a further 20 eBuses to its growing intake of orders from BYD.
  • Massive investments from automakers in EVs: Heavy investments from automakers are expected to cater to the growing demand for EVs and play a significant role in the evolution of the electric vehicle market. Top Electric vehicle companies Tesla, Volkswagen, Mahindra & Mahindra, Ford, Nissan, BMW, and General Motors have substantial R&D budgets for the development of EVs. These OEMs offer electric vehicles in different segments ranging from small hatchbacks such as Nissan Leaf to high-end sedans like Tesla Model 3. In March 2019, Tesla launched a fully electric Model Y, which can carry seven passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control. The wide product offering has attracted many consumers and resulted in a growing market for electric vehicles.
  • EV charging stations powered by renewable energy: The use of renewable energy to power EV charging stations is one of the key opportunities for players in the electric vehicle charging market. Due to the lower price and easier installation of solar panels, solar-powered charging stations have become ideal for homeowners or commercial buildings. These charging stations can be installed at residential buildings, shopping malls, theatre complexes, convention centers, parks, and other facilities.

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Market overview

The global electric vehicle market is estimated to increase from 3,085 thousand units in 2019, to 21,839 thousand units by 2030, at a CAGR of 19.5%. In a recently published study by 360Quadrants, the top 25 companies operating in this market were identified and evaluated based on their ability to execute on business strategy, and strength of their service offerings. electric vehicle leaders such as Tesla, BYD, BMW, Volkswagen, and Nissan.


Source: Company Website, Annual Reports, SEC Filings, and 360Q Analysis

The study rated and positioned the best companies on a 2×2 matrix called as ‘Company Evaluation Quadrant,’ and identified them as Visionary Leaders, Dynamic Differentiators, Innovators, or Emerging companies:

  • Visionary Leaders: These players have been marking their presence in the electric vehicle market by offering various electric vehicles coupled with their robust business strategy to achieve constant growth in the electric vehicle market
  • Dynamic Differentiators: They have a strong portfolio of electric vehicles and offer dynamic products across a multitude of vertical markets. Over the years, these vendors have been consistently growing in the electric vehicle market.
  • Innovators: They have an innovative portfolio in the electric vehicle market and a robust potential to build strong business strategies for their business growth to be at par with the visionary leaders.
  • Emerging Companies: The emerging companies are those who may hold a stronger position in the market in the future or considered as vanguards in other product segments but are at the initial growth stage in the electric vehicle market.

What does the future outlook look like?

  1. V2G charging technology is a key opportunity for manufacturers as it will transform the world of EVs and shape the future of EV charging.
  2. Every electric vehicle comes with an inbuilt rechargeable battery. Battery accounts for 70% of the weight of an electric vehicle. In the future, EV weight is estimated to reduce significantly with the increase in the power holding capacity of a battery.
  3. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of commercial electric vehicles during the forecast period. Electric vans will witness significant growth in Europe and Asia owing to their extensive use in businesses.

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