Electric Vehicle Market Sizes per Category

Part
01
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Part
01

EV Charging & Infrastructure: Global

The size of the electric vehicle charging infrastructure (EVCI) is $6.45 billion. It is expected to growth at 36.8% CAGR in the period 2019-2027.

EV Charging Infrastructure Global Market Size

  • According to The Insight Partners, the size of the global EV charging infrastructure (EVCI) market is $6.45 billion.
  • The EVCI market is expected to grow at a CAGR of 36.8% in the period 2019-2027 to $95.98 billion.

EV Charging Station Global Market Size

  • The size of the electric vehicle charging station market is $2.5 billion.
  • The electric vehicle charging station market is expected to grow at a CAGR of 34.7% to $27.7 billion by 2027.

Industry Overview

  • World over, governments and automobile companies "have introduced initiatives, such as tax rebates, grants, and subsidies, to encourage the adoption of EVs".
  • Companies are also investing in the up-gradation of EV Supply Equipment (EVSE) to enable long-distance travel. The passenger segment is likely to see greater EV adoption than any other segment.
  • The fast charger segment is expected to grow the fastest in the coming years as companies are increasingly focused on deploying high-end devices.
  • Currently, charging overnight is insufficient to cover long distances and it is not feasible to stop for hours to charge while traveling. As this deters individuals from adopting EVs, companies are deploying chargers in public places like shopping centers, commercial buildings, and airports. BMW, Daimler, Volkswagen, and Ford collectively plan to create 400 charging sites in Europe.
  • Major companies in the EVCI market include Siemens AG; ABB Ltd.; ChargePoint, Inc.; AeroVironment, Inc.; General Electric Company; ClipperCreek, Inc.; Eaton Corporation; Chargemaster PLC; Schneider Electric SE; Leviton Manufacturing Co., Inc.; SemaConnect, Inc.; Tesla, Inc.; and Webasto SE.

Insights from McKinsey's Report

  • According to McKinsey, China, the United States, and Europe will require 40 million additional EV chargers by 2030. This will amount to a cumulative capital investment of $50 billion.
  • The total charging energy demand in China, the United States, and Europe will grow from 20 billion kilowatt-hours in 2020 to around 280 billion kilowatt-hours in 2030.
  • The EV market share in the United States is 1.2%. EV penetration in China is 2.2%, while that in France is 1.7%. Norway increased EV penetration from 11% to 32% in the last four years.
  • Roughly 75-80% of EV owners in Europe and the United States will have access to home charging, which will meet 75% of their charging needs.
  • The penetration of home charging depends on the concentration of single-family homes. As EVs become mainstream in Europe, the share of home charging will decline from 75% in 2020 to 40% in 2030.




Part
02
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Part
02

EV Charging & Infrastructure: US

The United States electric vehicle charging & infrastructure (EVCI) market was valued at $1.1 billion in 2018. The forecasted growth rate for the market in the period 2019-25 is 39.3%. The United States has a 13.06% share of the global EVCI market.

Size of the US EVCI Market

  • The size of the United States electric vehicle charging & infrastructure (EVCI) market was $1.1 billion in 2018. It is projected to grow at 39.3% CAGR in the period 2019-25.
  • The size of the global EVCI market was $8.42 billion in 2018. It is projected to grow at 32.6% in the period 2019-25.
  • United States' EVCI market has a 13.06% share of the global EVCI market.
  • EVs have a 1.2% share of the automobile market in the United States.
  • The penetration of EVs is greater in California and the Pacific Northwest as there are more single-family homes, resulting in greater home charging penetration. Over three-quarters (75-80%) of EV owners in the United States should have home charging in 2020.
  • The US government announced an investment of $4.5 billion in 2016 toward the development of EV infrastructure. The market for EV charging stations in commercial spaces has greater potential than that in residential spaces as overnight home charging does not suffice for long-distance travel.
  • Further, stricter emission norms and the "presence and concentration of large-scale automotive manufacturing and electrical equipment companies in U.S." should enable the growth of the EVCI market.

Research Strategy

The global market size estimate ($6.45B) provided in the "EV Charging & Infrastructure: Global" report is derived from The Insight Partners' research. However, as we were unable to find a similar report published by The Insight Partners for the United States, we have provided Grand View Research's estimate ($1.1B). Since we were able to obtain the global EVCI market size ($8.42B) estimated by Grand View Research, we have also furnished the same. Based on Grand View Research's estimates, the United States EVCI market is 13.06% ($1.1B/$8.42B) of the global market.


Part
03
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Part
03

Vehicle Telematics Market Size: Global

The market size for vehicle telematics globally is $25.47 billion and is expected to rise at a rate of 18.3% between the years of 2019 and 2026.

Vehicle Telematics Market Size

Research Strategy

The research was straight forward and we were able to get all the information in market reports and industry analysis. However, in order to provide the value of the market specific to electric vehicles, we used the number of units because after a thorough search, we were unable to find this representation in US dollars.
Part
04
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Part
04

Vehicle Telematics Market Size: US

According to IBIS World, the US market size for fleet telematics in 2018 was $4 billion and expected to grow at a CAGR of 2.7% in the period from 2018 to 2023. According to KBV Research, the North America automotive telematics market is expected to grow at a CAGR of 20.9% during the period from 2016 to 2022.

Vehicle Telematics Market Size, United States

Research Strategy:

We commenced the research with directly looking for any industry reports or market studies on the United States vehicle telematics market published by leading market research firms since these reports usually provide information such as market size and expected growth rates for overall vehicle telematics and electric vehicle telematics. We came across a report published by ResearchAndMarkets titled “United States Automotive Telematics Market” that only provided generic information on the market and did not disclose any information on the market size in the public domain.
We then came across another report published by IBIS World that provided the market size for the Fleet Telematics Systems Industry in the US. However, the information is only limited to fleet management and not the overall vehicle telematics market. Similarly, we came across a report published by KBV Research that provided information on the overall North American market and nothing specific to the U.S. In addition, most of the reports found for electric vehicles telematics market such as the one published by Fortune Business Insights, only provided information the global market and nothing specific to the U.S.
We then searched through various consulting and advisory firms including McKinsey, Deloitte, PwC, and KPMG to find any articles around vehicle telematics that would provide any useful information that could be used to calculate the market size for vehicle telematics in the U.S. We came across an article published by McKinsey that provided the adoption rate of telematics in the U.S. for the year 2016. However, no useful information that could be used to calculate the market size for vehicle telematics in the U.S.

We then went directly to company websites, press releases and other publications for providers of vehicle telematics solutions identified in the market research studies identified previously. The idea here was to find any useful information that could be used to calculate the market size for vehicle telematics in the U.S. We came across an article published by Silent Passenger that only provided some information on fleet telematics market in the U.S., however, most of the other articles published by other companies such as GeoTab only provided generic information on the telematics market and did not provide any useful information that could be used to calculate the market size for vehicle telematics in the United States for overall vehicles and electric vehicles.

Finally, we searched through various news publications and media articles published by websites specializing in the automotive telematics industry. The idea here was to find any articles published around the market size and growth rates for vehicle telematics and electric vehicle telematics in the United States. However, most of the articles found such as the ones published by Automotive Fleet and Telematics only provided generic information on the telematics industry, and did not provide any useful information that could be used to calculate the market size for vehicle telematics in the U.S. for overall vehicles and electric vehicles.

One of the probable reasons for the unavailability of such information could be that market research firms only disclose limited information in the public domain for promotional purposes and such detailed information is usually part of the paid versions of the reports. As well, it could also be possible that since telematics in electric vehicles is relatively new in the industry, limited information is available in the public domain.
Part
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Part
05

Fleet Vehicle Middle Mile Market Size: Global

Executive Summary

We did not find any information on the global market size for the middle mile fleet vehicles, and the associated market value for the middle mile electric fleet vehicles.

Helpful Findings

  • Logistics/trucking has the largest share of the transport and logistics sector, and this market share is estimated at 35% in terms of the deal value. This information may be useful in estimating the global market size for middle mile fleet vehicles as most parcels are moved in bulk, using trucks, to distribution centers before the final mile.
  • The global electric fleet vehicle market was valued at USD 118.9 billion, with 783,000 units sold in 2018, bringing the global electric car fleet to over 3,269,671. This value of the global electric vehicle market may be split into the global market size for the middle mile for electric fleet vehicles if an appropriate basis for the split is found.
  • Demand for 93% of the global electric fleet vehicle market is from three countries with China (42%), Europe (26%) and North America (25%) leading the uptake for electric vehicles.
  • The global electric vehicle market is estimated to reach 26,951,318 Units by 2030, at a compounded annual growth rate (CAGR) of 21.1%, mainly spurred by the growth of e-commerce. Corroborating information was also found in this other source.
  • The driving forces for commercial vehicle electrification, which will also apply to middle mile fleet vehicles include cost declines from vehicle technology improvements and the changing policy landscape around emissions reductions which may require compliance.
  • The top barriers for commercial vehicle electrification are a high purchase price, lack of electric vehicle charging infrastructure, and this may slow down adoption by middle line fleet vehicles.

Research Strategy

After exhaustive research through market and industry reports our team was unable to find statistics that directly relate to the size of the global middle mile fleet vehicle market. A report was found on middle mile e-commerce carriers, but the report did not include the hard data on the global market size for middle mile fleet vehicles. We then tried to get the information by looking for reports on fleet vehicles by industry segments. The idea behind this strategy was to get information on how the fleet industry is segmented which might then assist us to dis aggregate industry data to arrive at data specific to middle mile fleet vehicles, but this approach also did not yield the information needed to address the research criteria. We then attempted to get the required data by looking for statistics on the global trucking market, as trucks are used to transport wares in bulk to distribution centers. However, these reports were pay-walled and therefore not freely available as seen here and here. Information on electric fleet vehicles was found as presented above, but there was no data that could then be used to split the market to specifically get the middle mile market size, despite the acknowledgment that the growth of e-commerce at an annual rate of 14.9 percent is behind the growth in the market for electric fleet vehicles. It appears that the middle mile market is a very specific market that is unlikely to have any significant data available.



Part
06
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Part
06

Fleet Vehicle Middle Mile Market Size: US

The research team could not find any information on the U.S. market size for the middle mile fleet vehicles, and the associated market value for the middle mile electric fleet vehicles. Below is the research strategy as well as useful findings.
  • According to Transport Topics, the market size for monotonous middle mile could soon hit $1 trillion. However, the does not disclose any timelines or growth metrics.
  • The Transport Topics report states that automated or driverless-vehicles is a key trend in the U.S. and is being adopted by companies such as Walmart.
  • According to American Trucking Associations, growth in e-commerce has caused a shortage of over 60,000 truck drivers in the United States, which is pushing the driverless trend.
  • The American Shipper points out that the middle mile is known as the "invisible mile" because it receives almost no attention compared to the lat and first miles.
  • Industry players are being forced to abandon a straight-forward first, middle and last-mile supply chain in favor of 'fragmented' networks supporting the positioning of inventory near the final destination."
  • According to Deutsche Bank, the reduction of middle-mile distances is inevitable.
  • According to DC Velocity, demand for "less-than-truckload (LTL)" vehicles is likely to grow as more companies use direct channels for their middle-mile deliveries.

RESEARCH STRATEGY

To provide the market size for the middle mile for fleet vehicles as well as the value of the market specific to electric vehicles, the research team began by trying to find readily available information from the public domain. Our research entailed searching through market research resources, transport and logistics-focused resources, statistics resources, mainstream and industry-focused media resources, and commerce and e-commerce resources, among others. While there was a significant amount of data on the last and first mile markets, the research team could not find anything regarding the size of the middle mile market in the United States. A report by Transport Topics states that the market size for monotonous middle mile could soon hit $1 trillion. However, the report does not disclose any timelines or growth metrics. Another report by the American Shipper points out that the middle mile is known as the "invisible mile" because it receives scant attention compared to the lat and first miles.

Next, the research team elected to search through the websites, communication channels, press releases, and annual reports (where available) of the leading e-commerce companies in the United States, as well as e-commerce focused resources. This was because we had learned in our initial research that growth in e-commerce is impactful to the middle mile market and we, therefore, hoped that the companies involved had divulged information regarding on their middle mile operations or nationwide statistics that we could use answer the question. These companies would include Amazon, Walmart, Target, eBay, Best Buy, and Home Depot, among others. However, while there was information on their efforts to reduce the carbon footprint by employing more environmentally-friendly practices, there were no statistics that could help in our quest.

Third, the research team decided to focus of regional (North American) and global data in the hope that we could find the overall market size and identify the United State's market share. Again, there was much on the last and first mile but very little on the middle mile, even from paid reports.

Fourth, the research team decided to search through the websites and communication portals of U.S.-based middle mile companies. From our initial research, we had identified several companies including Convoy, NSD, Schneider, Truck USA, and AFN Logistics, among others. We found that most companies involved in the business mainly focused on providing information on their capabilities as well as the current and projected future trends.
Part
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Part
07

Fleet Vehicle Last Mile Market Size: Global

The global market size for the last mile for fleet vehicles was between $30.2 billion and $31.2 billion in 2018. The global market size for the last mile for fleet vehicles is expected to grow at a CAGR of between 9% and 10.2% between 2019 and 2025. Below is an explanation of the research strategy as well as an overview of the findings.
  • According to Brandessence Market Research, the global market size for the last mile for fleet vehicles was $31.2 billion in 2018 and it will grow to about $61.6 billion by 2025 at 10.2% CAGR.
  • According to MarketersMedia, the global market size for the last mile for fleet vehicles was $30.2 billion in 2018 and it will grow to about $55.2 billion by 2025 at 9% CAGR.
  • The growth of the last mile market has been driven by an increase in online purchases globally.
  • The major players in the global last mile market include United Parcel Service, FedEx Corporation, XPO Logistics, USPS DHL International, Schneider National, and Ryder System, among others.
  • According to IDTechEx, the global last mile electric market would reach over $792 billion in 2028.

RESEARCH STRATEGY

To provide the global market size for the last mile for fleet vehicles and the value of the market specific to electric fleet vehicles, the research team began by searching for readily available information from the public domain. Our initial strategy was to search through media resources, market research resources, statistics sites, and industry-specific resources, among others. We managed to find the global market size for the overall last mile for fleet vehicles from Brandessence Market Research and MarketersMedia. Although both resources provided slightly varying estimates, they were within an acceptable range. We also managed to find a paywalled report by IDTechEx providing a projection of the market size of the value of the market specific to electric fleet vehicles. However, the report projected that the global last mile electric market would reach over $792 billion in 2028 which was way above the projected future values of the overall market in 2025 as provided by the two aforementioned resources. Even if we calculated the market size in 2028 of the overall last mile market based on the provided CAGR, it would still be much less than the figure projected by IDTechEx. We tried to find the said report to understand if it explained any major shifts in the market that would cause the exponential growth but IDTechEx says that the report is no longer available. We found several articles and reports quoting the findings from the IDTechEx but none provides any additional information. The research team could not find any other reports that could enable us to gauge the credibility of the IDTechEx report. We also could not find any information on the CAGR of the global last mile electric market.

Next, the research team decided to search through the websites, annual reports, and communication portals for the companies that are leading in the adoption of electric fleets in the last mile industry. These included DHL, PonyZero, Amazon, Terra Motors, Tesco, and First Transit, among others. We hoped that they had conducted research on the overall market or that they provided their company data that we could use to build a proxy figure. However, most companies only provided information on what they were doing in the field of last mile electric fleets and nothing on the valuation of their operations or holdings.

Third, we decided to explore the companies that are leading the charge in the production of electric fleet vehicles in the hope that they provided insights in the size of the operations or the overall market. These would include Toyota, Nissan, Renault, and StreetScooter, among others. However, these resources do not provide any information on the size of their operations or any data on the global market size. They just provide information on their offerings and their tech advances in the field.
Part
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Part
08

Fleet Vehicle Last Mile Market Size: US

The US last mile delivery market size for fleet vehicles was $25 billion in 2018, while 300,000 EV's were in service in 2018 for last mile delivery.

Fleet vehicle last mile market size

  • The last mile delivery market in North America was valued at $31.25 billion in 2018. The CAGR is set to be 10.2% until 2025.
  • The US accounts for 80% of the North American last mile market size.
  • According to a McKinsey market report, the last mile delivery market is operated exclusively by fleet vehicles, as individuals and families do not operate fleet vehicles.

Electric vehicle last mile market size

  • The electric vehicle last mile market size globally was measured as 1.2 million units sold in 2018.
  • The US accounted for 25% of the global market.

Research methodology

Last mile delivery market in North America was valued at $31.25 billion, while the US accounts for 80% of the North American last mile market size:
  • 0.8 x $31.25 billion = $25 billion
  • The US last mile delivery market size for fleet vehicles was $25 billion in 2018.
The electric vehicle (EV) last mile market size globally was measured as 1.2 million units sold in 2018, with the US accounting for 25% of the global market:
  • 0.25 x 1.2 million = 300,000
  • 300,000 EV's have been used in 2018 for last mile delivery.


Part
09
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Part
09

Electric Fleet Vehicle Financing

Three financing options for electric fleet vehicles include battery leases from companies like GEPKS, traditional loans from third party lenders like Xcelerate, and co-financing options from bank and government partnerships like from CEFC.

Battery Leases — GEPKS

  • GEPKS offers a battery leasing program where companies purchase electric vehicles without the batteries at prices "competitive with traditional vehicles" and then lease the batteries.
  • This decreases the initial cost of moving to electric vehicles.
  • While the terms of the loan are not specified, it is stated that the vehicles (minus batteries) can be financed for a shorter period. The battery is then leased for a period of time or rented by the Km.

Third Party Financing — Xcelerate

  • Xcelerate is an auto leasing and lending company focused on sustainability and innovation. They offer traditional loans for fleet financing and leasing for electric vehicles, electric commercial transportation equipment, and commercial energy systems (like solar panels).
  • Additionally, the company provides fleet management.
  • The company finances the entire vehicle for a multitude of brands including Tesla and Nissan.
  • The company does not provide interest rates online, but states that they are based on credit history and requires customers to complete an application.
  • The loan terms range from 12 to 72 months.

Co-Financing Options — CEFC

  • In Australia, the Clean Energy Finance Corporation partners with different Australian government entities to provide clean vehicle financing incentives to public companies
  • Their company has financed "more than 1,000 hybrids, battery electric vehicles and plug in hybrid electric vehicles; more than 4,400 rooftop solar projects, with a total investment value of more than AUD 110 million."
  • They have multiple current programs that offer discounts in the finance rate for battery electric vehicles, hybrid vehicles, low emissions vehicles, and other energy efficiency programs.
  • Loans are available for up to five million, and up to ten years.

Research Strategy

The research team reviewed financing options for electric vehicle fleets from around the globe to highlight differently structured financing options. We then provided information about the specific financing program, including what is financed and repayment terms.

We did not find any revenue sharing option for the financing of electric vehicles. However, we did find one example of a joint venture made between Didi Chuxing (the leading ride-sharing company in China) and multiple electric vehicle companies, which is a creative financing mechanism for the ride-sharing company to meet Chinese government requirements to increase electric vehicles without bearing the upfront cost on their own, similar to revenue sharing.
Sources
Sources

From Part 01
Quotes
  • "The global electric vehicle charging infrastructure (EVCI) market size is expected to reach USD 63.9 billion by 2025 registering a CAGR of 32.6%, according to a new report by Grand View Research, Inc. "
Quotes
  • "The Global Electric Vehicle Charging Station Market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 3.4 Billion by 2026."
Quotes
  • "The Global Electric Vehicle Charging Infrastructure Market size is expected to reach $72.5 billion by 2025, rising at a market growth of 38.5% CAGR during the forecast period."
Quotes
  • "The Electric Vehicle Charging Stations Market is projected to reach USD 27.7 billion by 2027 from an estimated USD 2.5 billion in 2019, at a CAGR of 34.7% during the forecast period."
Quotes
  • "The global EV Charging Infrastructure market is accounted to US$ 6.45 Bn in 2018 and is expected to grow at a CAGR of 36.8% during the forecast period 2019 – 2027, to account to US$ 95.98 Bn by 2027."
Quotes
  • "It is also worthwhile to pause on charging infrastructure. Based on charging profiles and available technologies, the industry could require approximately 40 million chargers across China, Europe, and the United States, representing an estimated $50 billion of cumulative capital investment through 2030."
  • "Consumers rank not having enough access to efficient charging stations as the third most serious barrier to EV purchase, behind price and driving range. That’s according to McKinsey’s 2016 EV consumer survey of buyers considering battery-powered EV in China, Germany, and the United States. With EV prices declining and ranges expanding, charging could soon become the top barrier. "
  • "Total charging-energy demand for the EV vehicle population across China, Europe, , and the United States could grow dramatically from 2020 to 2030, increasing from roughly 20 billion kilowatt-hours to about 280 billion kilowatt-hours (Exhibit 2)"
  • "In a home-centered base case, approximately 75 to 80 percent of EV owners in the United States and European Union should have access to home charging, which should provide up to 75 percent of their energy needs in 2020 (Exhibit 3). The high penetration of single-family homes in states with high EV adoption will drive this demand, particularly in California and the Pacific Northwest. China should have much lower penetration of home charging because there are fewer single-family homes. Even when considering public-centered alternatives, the importance of home charging will remain highly relevant in the United States."
  • "In the European Union, as EVs go mainstream, charging will likely shift toward public options and away from the home over time, with the share of home charging declining from approximately 75 percent in 2020 to about 40 percent by 2030. That’s because more middleand lower-income households without home-charging options will buy EVs from 2020 onward. In China, public charging will dominate and increase in importance over time, going from 55 to 60 percent in 2020 to approximately 80 percent by 2030. The structural limitations of highly dense urban cities, which have larger proportions of on-street and large-commercial-garage parking, are the catalysts for increased public-charging demand."
  • "In the near term, low levels of public charging should therefore not significantly hinder EV adoption in the European Union and United States. The situation looks different for China, where over half of the energy will come from public sources. Furthermore, the importance of public charging will likely grow stronger by 2030, reinforcing the need for strategies based on target-market needs."
Quotes
  • "According to the report, the global electric vehicle charging infrastructure/stations market is projected to grow with a CAGR of 40.8% through 2026, while the fast charger segment is expected to dominate the industry over the forecast period."
  • "The global electric vehicle charging infrastructure/stations market is anticipated to accumulate US $56.9 billion by the year 2026."
From Part 02
Quotes
  • "The U.S. electric vehicle charging infrastructure (EVCI) market size was valued at USD 1.10 billion in 2018 and is projected to expand at a CAGR of 39.3% from 2019 to 2025. "
  • "Moreover, the government bodies, such as municipalities and federal government, are investing in the development of EV charging stations with the help of private entities. For instance, in 2016, the U.S. government announced an investment of USD 4.5 billion for the development of EV infrastructure. The initiative includes collaboration among state governments, utility companies, automakers, and federal agencies."
Quotes
  • "The global Electric Vehicle Charging Infrastructure (EVCI) market size was valued at USD 8.42 billion in 2018 and is projected to expand further at a CAGR of 32.6% from 2019 to 2025. "
From Part 04
Quotes
  • "Total Revenue in 2018: $4bn"
  • "As a result, industry revenue is expected to climb at an annualized rate of 2.7% over the five year"
  • "The companies holding the largest market share in the Fleet Telematics Systems industry include Trimble Inc., Verizon Communications Inc., Danaher Corporation and Omnitracs LLC."
Quotes
  • "The North America Autmotive Telematics market size is poised to grow at a growth rate of 20.9% CAGR during the forecast period."
  • "The report covers the analysis of key stake holders of the Automotive Telematics market. Key companies profiled in the report include Verizon Communications Inc., AT&T Inc., Ford Motor Company, BMW AG Robert Bosch GmbH, Valeo S.A, Harman International Industries, Incorporated, Vodafone Group Plc"
Quotes
  • "Its use in the United States reached about 20 percent in 2016, Italy saw 17 percent, and Singapore 9 percent."
Quotes
  • "Almost 90% of fleets across the U.S. have a telematics fleet tracking software solution, but as technology advances, some solutions are falling behind."