A new report released by Frost & Sullivan suggests that more than 2.8 million electric vehicles (EVs) are likely to be sold globally in 2019.
Amongst the 2.8 million EVs, 68% are expected to be battery EVs, 32% plug-in hybrid EVs whilst 3% will be passenger cars.
China is expected to lead the EV market for the fifth consecutive year with more than 58% of the total market share, followed by Europe and North America, over the next two to three years.
EV infrastructure firms and vendors wanting to expand their global footprint are recommended to be present in China.
Other recommendations include EV market players:
- Fostering partnerships and co-innovating through technology sharing.
- Electrifying the powertrains of existing portfolios by providing EV and PHEV options.Adopting a common standard for charging EVs to increase ease of access to the infrastructure.
- Adopting a common standard for charging EVs to increase ease of access to the infrastructure.
- Incorporating fast charging in all BEVs.
- Developing EVs with a range of over 300 miles, in addition to autonomous driving.
- Exploring new markets such as Africa, the Middle East, Latin America, and South Asia.
- Identifying white spaces and implementing newer business models from other verticals.
Despite Europe (UK), China and North America (US) leading the market, the regions are expected to experience a reduction in government incentives and subsidies for the development of EV infrastructure and technologies in future.
For instance, in the US, federal incentives will expire for original equipment manufacturers that have achieved sales of 200,000 EV units.
The EV market in Africa, Latin America and South Asia is expected slowly gain traction owing to strong government support in the form of incentives in future.
The introduction of several new models is expected to increase adoption of xEVs, especially in Canada and South Korea.
Prajyot Sathe, industry manager, Mobility, said: “Sales from Asia-Pacific accounted for 60.3% of the total sales in 2018, followed by Europe with 22.0%. However, the year-on-year growth rates were the highest in Canada (137.4%), South Korea (83.4%), and the US (77.1%).
“In Canada and South Korea, the growth was mainly due to the availability of a higher number of models, whereas in the US, it was largely a result of the popularity of the Tesla Model 3. While 207 models (143 BEVs and 64 PHEVs) were available in 2018, 45 new models comprising 37 BEVs and 8 PHEVs will be added in 2019.
“Toyota and Volkswagen will remain strong volume brands, while Tesla is working to shake off the tag of being a premium offering. Among HEVs, Toyota is proving the most popular automaker, while Audi leads among PHEV car owners,” noted Sathe. “By 2025, more than 40 million xEVs are forecast to be sold globally and are anticipated to account for approximately 28.6% of the total passenger vehicle market.”
For information about the report, please visit: http://frost.ly/3g5