Global Electric Vehicle Market to See 11.0% Growth Through 2022
December 07, 2017 --
WELLESLEY, Mass., Dec. 07, 2017 (GLOBE NEWSWIRE) -- After years of promise, electric vehicles (EV) finally began to enjoy slow, steady sales at the beginning of the 21st Century, and the global market, worth more than $75.7 billion in 2017, is expected to grow at a compound annual growth rate of 11.0% between 2017 and 2022, when the industry could be worth almost $128 billion, according to a report by BCC Research. The global EV market now includes passenger cars, scooters, low velocity vehicles, buses, niche vehicles and commercial and industrial vehicles. For passenger vehicles, EV types include the hybrid electric vehicles, plug-in hybrid electric vehicles and pure electric vehicles.
Passenger EVs make up the bulk of the market’s value and growth, according to the report Electric Vehicles and Fuel Cell Vehicles: Global Markets to 2022. The passenger EV market is anticipated to be worth $63.2 billion by 2022. However, in terms of units, the EV market will be dominated by battery-powered scooters and bikes—more than 55 million sold in 2017 and 79 million could be sold annually by 2022.
Leading EV makers include Audi, BMW, Chevrolet, Dolomitech, Fiat, GM, Honda, Hyundai, Mazda, Mercedes-Benz, Nissan, Toyota and Yamaha. Leading hybrid EV makers include Acura, BMW, Chevrolet, Ford, Honda, Hyundai, Infiniti, Lexus, Mercedes-Benz, Toyota and Volkswagen. Leading plug-in hybrid EV makers include Audi, BMW, Ford, Mercedes-Benz, Porsche and Volvo. Leading pure EV makers include Tesla, Toyota, Vectrix, Volkswagen, Yamaha and Zero Motorcycles.
- So-called “exotic” EV power sources include capacitive energy storage, flywheel energy storage, hydro-hybrid and water fuel cells. Of these, capacitive energy storage and flywheel energy storage could begin to have a small impact on the EV market by 2022.
- Niche EVs run a broad spectrum of types and current use status. An area of focus are military applications, where pure EV and hybrids have been deployed and battery-powered fighting vehicles have been tested. Among the benefits are the fact that certain fuels do not need to be transported across war zones, operations are quiet and there are no heat signatures.
- A substantial benefit of the wider use of EVs, HEVs, PHEVs and fuel cell electric vehicles (FCEVs) is the direct and immediate reduction of air pollution through the elimination of vehicle exhaust.
“Both HEVs and PHEVs can significantly reduce the generation of toxic pollutants, particulates, ozone, and, most notably, greenhouse gases,” said report author and BCC Research analyst Donald Saxman. “Depending on how quickly they are adopted and where and when they are recharged, a certain amount of air pollution will be transferred from numerous small point sources (automobiles) to fewer larger point sources (power plants that burn fossil fuel). The potential for pollution abatement and a consequent reduction in the production of greenhouse gases is one of the most important forces driving the EV industry.”
Chinese Scooter and Electric Bike Makers Now Looking to India for Expansion
The majority—about 80% by volume—of the world’s market for electric scooters, motorcycles and personal mobility devices are sold in China. More than 1,000 relatively small Chinese companies produce electric bikes and electric scooters, with a near-equal number of companies making lead-acid batteries. Now, Chinese manufacturers in the industry are looking to India to sustain their growth. One limiting factor to growth, both in China and India, is that batteries are rarely recycled in these regions, and China’s lead consumption now goes to fill demand for EV batteries. There are nascent calls to limit, permit or even prohibit EV scooters and bikes in China, and these same concerns are a constraint against wider adoption in India.
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About BCC Research
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