Combined, these add just 5.2% to global electricity demand. The fuel retail business will never be the same again. Close. Metals and mining. We've worked together with traditional automotive and fuel-retail companies to guide their business transition through the budding electric vehicle market. Issues paper . Utilities. As fuel efficiency gains grow in ICE cars and EV popularity takes hold, gasoline and diesel retailers need detailed forecasts and market analysis to understand what’s next for their business. Two-wheeled vehicles (scooters, mopeds, motorcycles) and municipal buses are already going electric quickly and accelerate further in the next ten years. Seeing to this, various Electric Vehicle companies are making advancements, incorporating technology and adding various innovative attributes to Electric Vehicle making them more convenient and in lines with the carbon emission norms, which is expected to boost the Electric Vehicle market in the region. Integrated oil and gas. Despite the rapid growth, there will be 1.4 billion passenger vehicles on the road in 2030 and EVs account for just 8% of these. Battery electric vehicles account for the majority of these, but plug-in hybrids also play a role over the next ten years before fading as pure electrics continue to get cheaper. Link the transformation of the transport segment across mining, power and infrastructure and oil markets. forecast for electric vehicle (EV) sales, in January 2019, the EV market has made great strides, and not just in terms of sales. Inform strategies for the confluence of emerging power sources of the future and transportation advancements, Plan for the future with unrivaled expertise in the power and renewables, metals and oil sectors. Th… developments in the electric vehicle market since the 2016 report was published, including unforeseen changes in the availability of the most popular EV models including the Mitsubishi Outlander and the Nissan Leaf. The global impact of COVID-19 has been unprecedented and staggering, with EVs witnessing a positive demand shock across all regions amid the pandemic. The system will also forecast annual vehicle miles traveled for all vehicles and recharging demand by time of day for electric vehicles. Alongside other trends, such as digitalisation, autonomous driving and shared mobility, electric mobility is also gaining momentum. RW-10344-229503776.pdf | RW-10344-229503776.pdf | RW-10344-229503776.pdf | BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Español Português Deutsch Français * the site will be machine translated. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The electric vehicle revolution calls for a surge in battery demand. Retail fuels. 7 State of Electric Vehicles, Electric Vehicle Council, August 2019, p. 11. The projection for 2021 is estimated to be down by 34% as compared to pre-COVID estimation. Policymakers are pushing the auto market towards lower emissions. This research provides a comprehensive methodology to forecast the demand of a technology which is not widespread yet, such as electric cars. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. Radical changes to EV economics and technological innovations are disrupting transportation, metals, utility and oil and fuel markets around the world. IDTechEx electric vehicles market forecasts 2015-2025 2 1.3. Batteries and motors numbers 2015-2025 14 1.4. © 2021 Bloomberg Finance L.P. All rights reserved. The market research study on “Electric Vehicle market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Electric Vehicle market. Sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars. Growth of the electric vehicle market 03 The supply side of the EV market 10 Implications for the industry 12 Next steps 16 Endnotes 18 Key contacts 19. Introducing Wood Mackenzie's Electric Vehicle Service Go beyond forecasts. Automakers are accelerating their EV launch plans, partly to comply with increasingly stringent regulations in Europe and China. Alejandro Zamorano-Cadavid, Allen Tom Abraham, Kwasi Ampofo, Nannan Kou, Will Edmonds, Dr. Ian Berryman, Josh Landess, Jinghong Lyu. Electric car market share research that's built for you. No matter your role in the global transport market, we have you covered. Canalys: Global PC market swells by 55% in Q1 2021 to 82.7 million . The global electric vehicle market size was USD 273.22 billion in 2019. But in 2019, the number of units sold increased only to 2.3 million, from 2.1 million, for year-on-year growth of just 9 percent. EVs and fuel cell vehicles reduce road CO2 emissions by 2.57Gt a year by 2040 – and are set for much larger reductions thereafter – but total emissions are still 6% higher in that year than they were in 2019. DOWNLOAD PDF [53 Pages Report] Post COVID-19, the global EV and EV infrastructure market is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1%. The electric vehicle battery market size was valued at USD 13,383.0 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 16.7% from 2019 to 2025. They let you easily navigate your way around the site and allow us to improve its performance, or even recommend content we believe will be of most interest to you. Share this article . Global electric vehicles market is expected to grow at a CAGR of more than 22% and is anticipated to reach around USD 700 Billion by 2026. In the context of the arrival of electric vehicles on the car market, new mathematical models are needed to understand and predict the impact on the market shares. Shared mobility See how our results transformed business decisions. Delivery vans are the next segments to cross the tipping point. We deliver real-time and historical data, forecasts, analytical insight, tools and software solutions. Electric vehicle forecast Electric vehicle Cu demand Key Findings: • All types of EV require a substantial amount of copper. Integrated oil and gas. We cover a diverse range of industry sectors and focus areas across the entire natural resources value chain. Oil demand from passenger vehicles is hit hard by COVID-19 and never recovers to 2019 levels, but growth in heavy commercial vehicles keeps overall road transport oil demand growing until 2031. Electric vehicles came into existence in the mid-19th century. Progressive Markets published a report, Electric Vehicle Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025, which says that the electric vehicle market is expected to grow $ 152,488 million at a CAGR of 5.76% during the forecast period, 2018 - 2025. In many advanced economies, EVs prevent overall electricity demand from falling. Lithium-ion battery pack prices fell 87% from 2010 to 2019, with the volume-weighted average hitting $156/kWh. EVs across all segments are already displacing 1 million barrels of oil demand per day. @colinmckerrache, Dr. Ali Izadi-Najafabadi By 2040, over half of all passenger vehicles sold will be electric. Electric Vehicle Market Attractiveness Unraveling Challenges and Opportunities. Subsidies and technological improvements are expected to increase the market share of EVs over the coming decade. Electric Vehicle (EV) Market Growth Value Overserved to be at Rising CAGR of 18.4% Through 2025 | Global Electric Vehicle Industry Research By Manufacturers, major Segments and Regional Analysis with Size, Share, Trends, Technology By Forecast 2025 The global electric vehicle (EV) market growth is attributed to various growth factors such as growing concerns related to carbon emissions and high investments from the government and electric vehicle manufacturers, among others. The report draws on our team of specialists around the world and looks at how these trends will impact the automotive, energy, infrastructure, and battery materials markets over the next 20 years. The last two years have seen a sea change in attitudes towards EVs. Some segments will take longer, but by 2029 most will have reached parity with comparable internal combustion engine (ICE) vehicles. Electric Vehicle Market - Overall Industry Analysis 2025. We help our clients address their most pressing strategic and commercial challenges. 1. All those EVs add electricity demand, but not as much as you might think. Our globally focused research connects market intelligence that was previously siloed for stakeholders in the electric vehicle market. Click the infographic below to get a glimpse of our integrated research. Fuel economy regulations, quota systems and city policies all play a growing role. Contact us. BNEF clients can access the full report, its breakdown by technology and region, as well as the underlying Excel data and previous editions. But then COVID-19 completely … Buy our reports to address business challenges and make better commercial decisions with objective insights, analyses and data. Commercial vehicles and freight, Additional authors: Utilities. The choice model specification differs from … Subscribe to our trusted data and analysis for global energy, chemicals, metals and mining industries. China accounts for the largest share of global EV sales as it looks to reduce energy imports, clean up urban air quality, build its domestic auto industry, and attract manufacturing investment. Zulkarnain et al. Maximum EV charging speeds are also rising. Markets like China and parts of Europe achieve much higher penetrations, but lower adoption in emerging markets reduces the global average. Our previous forecast, completed in 2017, showed xEV sales taking a quarter of the market by 2025 and approaching 50% by 2030. Sign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts. Canalys: Global electric vehicle sales up 39% in 2020 as overall car market collapses . The global energy transition ties together established markets with emerging power sources of the future. The EV evolution is taking off in new parts of the world. This year, the scope has also been expanded to include commercial and DC fast charging vehicles. This research report categorizes the given market based on, vehicle type, propulsion type, vehicle class, component, charging station type, … Electric vehicles become an increasingly common sight in the years ahead. Original equipment manufacturers (OEMS) have invested billions to deliver new electrified models, from R&D to factory redesign. New research from Canalys shows that global sales of electric vehicles (EVs) in 2020 increased by 39% year on year to 3.1 million units. “Growing Electric Vehicle Stock is Expected to Drive the Market” The governments are providing vehicle manufacturers with rebates, subsidies, quotas, and tax exemption. No matter your role in the global transport market, we have you covered. Battery Electric Vehicles Market size valued at USD 150 billion in 2018 and is estimated to exhibit at around 16% CAGR from 2019 to 2025. Shanghai (China), Bengaluru (India), Singapore, Reading (UK) and Portland (US) – Monday, 8 February 2021. Batteries keep getting better. Shared mobility usage drops in 2020 as COVID-19 pushes people into private cars, but by 2040 it represents 16% of all kilometers travelled by road. If you would like to learn more about how we use cookies and how you can manage them, see our Cookie policy. SUMMARY . Average battery energy density is rising at 4-5% per year and new chemistries are hitting the market. The EV market is swiftly expanding with time and in the next few decades, the electric vehicle segment will overwhelm the gasoline vehicles segment. Electric road vehicles in the European Union . The rising electric vehicle stock requires the charging stations and an established electric grid to continue the smooth operations of the vehicles. Looking beyond passenger cars, several ‘killer apps’ are emerging for electrification. More stringent fuel economy regulations for commercial trucks and other policy measures will be needed to bend the curve faster. Connect the moving parts between oils, metals, fuels, power and infrastructure industries to gain a full view of electric vehicles' global market impacts in our one-stop-shop solution. The market for electric vehicles (EVs) is growing rapidly. Electric Vehicles (EVs) present multitudes of uncertainties across several energy markets. Even the government subsidies for purchasing electric vehicles is playing a significant role for the consumers. All of these sectors will be transformed by growing electric car adoption. Battery-powered electric vehicles (BEVs) and plug-in hybrids (PHEVs) will seize almost a quarter of the market by 2030; we had previously projected their global market share at … Typical electric assistance: 60kW to 165kW. By continuing to browse the site you are agreeing to our use of cookies. Consumer attitudes have evolved. Gain unbiased market insight into the industries surrounding the EV space. Autonomous vehicles progress steadily but do not materially impact global travel patterns until the latter half of the 2030s. We've paired our proven authority in macro oil forecasting with unrivaled expertise in power and renewables, metals and automotive sectors. Lead author We use cookies on the public areas of our website. Metals and mining. (2011) formulated an agent based vehicle consumer choice model taking into account the fact that a potential customer’s purchase decision is affected by media coverage and social interactions. The electric share of total vehicle sales is still small, but it is rising fast. U.S. Electric Vehicle Market Jing Liy January 27, 2019 Abstract Competing standards often proliferate in early stages of product markets and may lead to socially ine cient investment. Growth in the electric-vehicle market has slowed. Global electric vehicle market 2020 and forecasts. Electric vehicles in the retail energy market 20 February 2020. How will manufacturers keep up with evolving technology advancements? Consumer choice and competitive pricing will be key to attracting new buyers to the market. The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. They will drop in 2020 before continuing to rise as battery prices fall, energy density improves, more charging infrastructure is built, and sales spread to new markets. PHEV: Plug-in Hybrid Electric Vehicle •Full hybrid electric vehicle with larger battery pack which can be recharged from the electricity grid thereby enabling a longer electric-only driving range. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. The rise of electric vehicles (EV)1 means long-established automotive players are experiencing profound and prolonged challenges such as new technologies and products, new competitors like Tesla Motors and Google, and the rise of fuel-efficiency regulations. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by … PDF download. Increasing pollution associated with greenhouse gases and stringent government regulations pertaining to limiting carbon emissions from conventional automobiles are driving the industry growth. Passenger EV sales jumped from 450,000 in 2015 to 2.1 million in 2019. COVID-19 will delay some of these, but by 2022 there will be over 500 different EV models available globally. For the plug-in hybrid electric vehicle market, Eppstein et al. It covers light duty passenger vehicles, commercial vehicles, buses, and two/three-wheeled vehicles. I am pleased to share with you this report on the growth of the electric vehicle market and the strategies required to succeed therein. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities. League table of largest EV manufacturers 15 1.5. EXECUTIVE SUMMARY AND CONCLUSIONS 1 1.1. 1 Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase. High-level findings of the Electric Vehicle Outlook 2020 are available in the free executive summary below. It is used in batteries, windings and copper rotors used in electric motors, wiring, busbars and charging infrastructure. Electric assistance greater than 30kW. Select language × English 中文 日本語 한국어 ไทย Bahasa Indonesia. The Electric Vehicle Outlook is BloombergNEF’s annual long-term forecast of how electrification, shared mobility and autonomous driving will impact road transport from now out to 2040. Real mass market adoption only starts after this point in most markets (Figure 5 and Figure 6). Global electric vehicle market 2020 and forecasts. Trends, impacts and policies . 1. All of these sectors will be transformed by growing electric car adoption. (2012) reviewed the recent market forecasts and analysis of all types of electric vehicles. In its base-case scenario, the International Energy Agency (IEA) expects EV use to rise from 4 million vehicles in 2018 to 120 million by 2030, or from 0.3 per cent to over 7 per cent of the global car fleet. The value market for electric vehicles EVs of all types 1 1.2. Based on our analysis, the global EV market will exhibit a growth of -9.7% in 2020. China electric vehicle sales 2021 . Number of countries that have announced plans to phase out sales of internal combustion vehicles. 8 State of Electric Vehicles, Electric Vehicle Council, August 2019, p. 19. @NickRAlbanese, Dr. Nikolas Soulopolous Colin McKerracher Automakers and large fleet operators are accelerating their investments in electrification as part of their long-term climate commitments, and to meet near-term policy requirements. Vehicle demand Underlying material prices will play a larger role in the future, but the introduction of new chemistries, new manufacturing techniques and simplified pack designs will keep prices falling. This rises to 31% by 2040 as the fleet slowly changes over. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. Market sectors and technology trends 16 1.6. By 2040 passenger EVs consume 1,290TWh, commercial EVs consume 389TWh, e-buses consume 216TWh and electric two-wheelers consume 69TWh. Integrated oil & gas and NOCs. Short-term analytics (previously Genscape), Natural resources research for financial services, Oil Field Services & Original Equipment Manufacturers, 2020 Featured Reports - Power & Renewables, Evaluate key market trends in the electric vehicle market across multiple segments, Assess commodity demand, supply and price impact across oil, fuels, power, infrastructure, and metals and mining, Understand consumer behaviors driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with a one-stop data set, Make more confident decisions in business development plans, Understand which commodity segments are most at risk of the revolution sweeping through transport, Quantify electric vehicles versus internal combustion engines in various regions, Evaluate the growth of the electric vehicle market across multiple segments, Stay up-to-date on the policy landscape and drivers behind the electric vehicle world, Realise investment options and drive corporate strategy, Understand consumer behaviours driving the adoption of electric vehicles, Inform financial models and supply/demand forecasts with one-stop data set, Inform supply/demand forecasts with one-stop data set, Stay up-to-date on the global policy landscape, Understand commodity segments risk of the transport revolution, Identify companies in a position to succeed as electric vehicle adoption grows. Electric Vehicle Forecasts, Trends and Opportunities 2015-2025 Contents Page 1. Tweets by Canalys . These factors are leading to a rise in the sales and production of electric vehicles globally. The global electric vehicle market is estimated to grow at a CAGR of more than 23% during the forecast period 2021-2027. Equally sobering, EV sales declined by 25 percent during the first quarter of 2020. Retail fuels. @AI_Energy, Nick Albanese Privacy | Terms | Disclaimer | 沪ICP备17049401号-4, Want to learn how we help our clients put it all together? EV sales rose 65 percent from 2017 to 2018 (Exhibit 1). Australian Energy Market Commission. This paper studies the e ect of unifying three incompatible standards for charging electric vehicles in the U.S. from 2011 to 2015. Click here to see the full list of charts and figures included in the client report. Government interventions have pushed forward and pulled back. • Electric vehicles become price competitive on an unsubsidized basis beginning in 2025. By the mid-2020s EVs reach up-front price parity – without subsidies – with internal combustion vehicles in most segments, but there is wide variation by region. Technological advances and societal changes have triggered a drastic evolution in mobility.