Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle and Charging Infrastructure Market Databook - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 29.4% during 2024-2028. The global electric vehicle market will increase from US$413.8 billion in 2023 to reach US$2,049.6 billion 2028.
The shift towards clean vehicles has resulted in increased investment from many governments and businesses in the electric vehicle market. This trend is projected to continue further in 2024. With the demand for electric vehicle rising, firms are seeking to expand their geographical footprint.
Nio, the Chinese electric vehicle firm, has announced plans to expand to the Middle East in 2024. Lucid Group, the US-based electric vehicle manufacturer, announced the launch of its second retail space in the Emirati nation in June 2024. BYD is also making a significant push in the Southeast Asian region in 2024. This trend will drive the competitive landscape in the sector over the medium term. Overall, the publisher maintains a positive growth outlook for the global electric vehicle industry over the next three to four years.
Global firms, in large numbers, are entering the Middle East electric vehicle market in 2024
- Nio, the Chinese electric vehicle firm, has announced plans to expand to the Middle East in 2024. The firm's foray into the Middle Eastern region comes at a time when other rival companies are also making a global push. BYD, for instance, has also launched its product offerings for customers in the Emirates. The firm, in November 2023, revealed that it had opened a showroom in Dubai Festival City as part of its collaboration with Al-Futtaim Electric Mobility Company.
- Lucid Group, the US-based electric vehicle manufacturer, announced the launch of its second retail space in the Emirati nation in June 2024. The firm already operates a retail location in Saudi Arabia.
- Planet Electric, the Indian electric vehicle startup, also revealed that the firm is eyeing the Middle East market in 2024. It is, however, focusing on the commercial electric vehicle mobility segment.
Going forward, in 2024, more electric vehicle manufacturers are expected to expand their presence in the Middle East market. This is because the region continues to build momentum in its shift towards sustainable energy, thereby emerging as a key electric vehicle market for global players.
Chinese electric vehicle firms are targeting Southeast Asian markets to accelerate profit growth
Chinese electric vehicle market has become overly crowded, with the presence of more than 100 firms in the segment. Even after the collapse of businesses like WM Motor and Human Horizons, China is still facing the problem of overcapacity. This is because not many consumers are purchasing electric vehicles in the country. Consequently, many Chinese electric vehicle manufacturers are targeting Southeast Asian markets to increase sales and accelerate profit growth.
BYD, for instance, has made a significant push in the Southeast Asian region. In Thailand, the firm is setting up its first factory outside of China, which is expected to be operational by the end of 2024. Through its factory in Thailand, the firm is expected to serve the entire Southeast Asian region, where the demand for electric vehicles has been on the surge over the last 12 months.
To make their product offerings more lucrative, China-based firms are also offering steep discounts. In Thailand, BYD slashed the prices of its flagship vehicle Atto3 sport-utility vehicle by 18%. A similar strategy has been adopted by other Chinese firms like Changan Automobile and Hozon. The low-priced strategy is working well, as Chinese firms are able to take market share away from Japanese automakers. According to a report from Deloitte China, their share has increased from 47% in 2021 to 74% in 2023.
Stellantis and Mercedes have paused their joint EV battery factory projects in the European region
- ACC, the joint venture between carmakers Stellantis and Mercedes, paused the construction of their EV battery factories in Germany and Italy in Q2 2024. The move comes at a time when the firm is moving to lower-cost batteries due to a slowdown in the demand for electric vehicles in Europe.
- ACC has been working on the construction of a factory in Termoli, Italy, and another in Kaiserslautern, Germany, while also increasing manufacturing at its factory in France. The growth of the EV market in Europe has slowed down considerably due to high interest rates and reduced government subsidies, leading consumers to prefer hybrid or petrol cars. European manufacturers are feeling the heat from increasing exports by Chinese companies, which primarily use more affordable lithium iron phosphate (LFP) batteries, lowering their production costs significantly.
- Stellantis, in collaboration with Chinese firm CATL, has been developing an LFP battery production plant in Europe. The firm has revealed that it will adjust its investment plans on EVs at a pace similar to the market growth in Europe. This is a clear indication that the European EV market is entering into a period of consolidation after attaining rapid growth over the last few years.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:
Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Electric Vehicle Infrastructure Market Value
Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
Reasons to buy
The report provides a comprehensive overview of the global electric vehicle market and infrastructure, covering the following key aspects:
- Market size by value and volume: This report provides detailed global market size and forecast data for electric vehicles, by value and volume. This data is essential for understanding the current and future potential of the market.
- Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
- EV infrastructure: This report also provides a comprehensive overview of the global electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the global electric vehicle infrastructure market.
- Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Global electric vehicle and infrastructure market.
For more information about this report visit https://www.researchandmarkets.com/r/2y1mzk
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