Global Electric Vehicle Market

Part
01
of four
Part
01

US Electric Vehicle Market: Segmentation by Propulsion Type

The estimated market size, based on volumes/units sold of different propulsion types of electric vehicles in the US include- battery electric vehicle(63.65%)plug-in hybrid electric vehicle(33.21%) and Fuel Cell Electric Vehicles(3.12%).

ELECTRIC VEHICLE MARKET-US

  • According to the market research report by Acumen Research, the US holds the major share in the global electric vehicle market, which is expected to grow at CAGR 25.6% during the forecast period, 2019-2026, and will reach over USD 567.2 Billion by 2026.
  • The global market is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Wherein the HEV (Hybrid electric vehicle)is the largest segment for electric vehicles by propulsion type, In contrast, based on the available reports for the US market, the segmentation is based on battery electric vehicles, plug-in hybrid electric vehicles, and Fuel Cell Electric Vehicles.
  • Based on the vehicle type, globally in all markets, including the US, "passenger car segment emerged as the leader in electric vehicle market due to growth in adoption of electric passenger cars as compared to two-wheelers and commercial vehicles."
  • In the US, the total EV Sales (based on volumes) were 361,307 units in 2018.

PLUG-IN HYBRID ELECTRIC VEHICLE MARKET

  • According to the Statista report, the US PHEV market size based on volume sales is around 120,000 units in 2018.
  • Hence, the percentage of the total market for the PHEV Propulsion market is 33.21%.

BATTERY ELECTRIC VEHICLES

  • According to Statista report, the US BEV market size based on volume sales is around 230,000 units.
  • Hence, the percentage of the total market for the US BEV Propulsion market is 63.65%.

FUEL-CELL ELECTRIC VEHICLES

  • According to Statista report, the US Fuell-Cell electric vehicles market size based on volume sales is around 11,307 units.
  • Hence, the percentage of the total market for the US Fuel Cell Electric Vehicle Propulsion market is 3.12%.

Research Strategy:

To obtain insights on the market segmentation of the electric vehicle market in the US by propulsion type. Which includes the market size and a percentage of the total market for each of the propulsion types, we examined multiple credible market research report on the Electric vehicle market through sources including Globalnewswire, BNEF, grandviewresearch, Deloitte, EEI, Statista. Additionally, we explored the US EV market dashboards analysis provided by prominent consultancies and forums, including insideevs, hybridcars, and ev-volumes.

Through the above search, it was found that the US holds the major share in the EV market, and the segmentation of the market/propulsion types is based on battery electric vehicle, plug-in hybrid electric vehicle, and Fuel Cell Electric Vehicles. Also, various industry reports and analyses evaluated the total market, and its propulsion types and market share based on volumes sales(unit sold). Hence, by using this information, the market size and a percentage of the total market for each of the propulsion types has been calculated as follows and provided in the key findings section:-

Calculations

PHEV(Plug-In Hybrid Electric Vehicles)

BEV(Battery Electric Vehicles)

Fuel Cell Electric Vehicles

Part
02
of four
Part
02

Global Electric Vehicle Market: Segmentation by Propulsion Type

After an extensive search, we discovered that information on market segmentation (market size and percentage share) of the global electric vehicle market by propulsion type is not available in public domain. However, our search revealed some of the key players as well as the predicted growth of each segment in the next 3-5 years which are recorded in our findings below.

Global Electric Vehicle Market:

  • The global electric vehicle market was valued at US$129.6 billion in 2018.
  • Global electric vehicle market is segmented into battery electric vehicles, plug in hybrid electric vehicles and hybrid electric vehicles based on propulsion types

Market Size and Percentage Share:

  • According to globenewswire and Allied Market research, hybrid electric vehicles contributed 47% of sales among global electric vehicle sales in 2017.
  • As per Research and Markets, with the global electric vehicle market categorized into two propulsion types namely, battery electric vehicles and plug in hybrid electric vehicles, the percentage share of battery electric vehicles is 68.7% and the percentage share of plug in hybrid vehicles is 31.3%.
  • As reported by Mckinsey, in 2017, battery electric vehicles contributed 66% of share in global electric vehicle sales and 34% of sales was contributed by plug in hybrid electric vehicles.
  • According to Globenewswire, battery electric vehicles sales share is projected to reach up to 70% by 2030.
  • Both battery electric vehicles and plug in hybrid electric vehicles are projected to share 22% of sales among global vehicle sales.
  • As per a Deloitte report, battery electric vehicle sales are outperforming plug in hybrid electric vehicles.


Key Players:

  • Global key players of battery electric vehicles market include General Motors, BMW Group, Honda Motor Co., Ltd., Groupe Renault, Toyota Motor Corporation and others.

Growth Rate:

  • Global battery electric vehicle market is expected to register a CAGR of 29.7% during forecast period of 2019-2025.
  • Global plug in hybrid vehicles market is expected to register a CAGR of 31.5% during forecast period of 2019-2025.
  • The global hybrid electric vehicle market is expected to register a CAGR of 17.7 % during forecast period of 2019-2025.


What Information Was Not Available And Why

Information on market segmentation (market size and percentage share) of the global electric vehicle market by propulsion type is not available in public domain and there is either no information or limited information which does not allow us to triangulate.

Research Strategy:

Firstly, to obtain market segmentation of the global electric vehicle market by propulsion type we scoured through various global electric vehicle market reports such as researchandmarkets, globenewswire, Deloitte, Mckinsey, businesswire, and others. We found that the global electric vehicle market is segmented into three propulsion types along with overall market size. We could not locate any insights on market size and percentage share as most of the information was behind pay walls. We also located some reports where propulsion types are categorized into 2 for which percentage share was mentioned.

We then attempted to triangulate and calculate market size and percentage share based on unit sales of each category and overall electric vehicle sales from various electric vehicle registration and sales reports such as Iea.org, anl.gov, SMMT and SMEV and found overall sales of electric vehicles but no details on unit sales of each category. We also tried to do summation of unit sales of different electric vehicle types such as passenger cars, light electric vehicle, buses and coaches and categorize them into the mentioned propulsion types to derive at market size and percentage share but there is no/limited data to derive further as most of the information was focused on growth rate.

Further, we looked for propulsion type sales among key players in electric vehicles market in their company reports such as Toyota, Honda, BMW, Mitsubishi Motors, BYD Auto and others. The idea was to identify shares of sales by propulsion type to derive at percentage sales of each type and triangulate at global percentage share of battery electric vehicles, plug in hybrid electric vehicles and hybrid electric vehicles. We hoped to calculate market size further from global electric vehicle market size but most of the companies only publish their market launches and not segmentation based on propulsion types.

As a last resort, we expanded our scope and tried looking at sources beyond 24 months with an idea to calculate recent percentage shares and market size by calculating CAGR from old data from all the above mentioned strategies but could not locate any older data to derive further.
Part
03
of four
Part
03

Global Electric Vehicle Market: Segmentation by Vehicle Type

Passenger Light-Duty Vehicles (PLDVs) has the biggest market share in the global electric vehicle market of 87.55 followed by e-buses with 8.05%, Light Commercial Vehicles (LCVs) with 4.38%, and Medium Electric Trucks with 0.035%.

Passenger Light Duty Vehicle (PLDV)

  • In 2018, there were 5 million electric passenger cars globally which have increased by 63% compared to 2017.
  • PLDV has the biggest market share in the global electric vehicle market of 87.5%.
  • In 2023, it is estimated that there will be 48 million electric passenger cars worldwide. This translates to a CAGR of 57.2 %.
  • In 2018, Tesla (154,125 units), BYD (136,539 units), Baic (90,980 units), and BMW (87,505 units) are the 4 largest brands in terms of units sold.
  • For the year 2019, BMW went down to number 5 in terms of units sold.
  • The four major brands are Tesla (257,082 units), BYD (186,195 units), Baic (107,478 units), and SAIC (97,700 units).

Light Commercial Vehicles (LCV)

  • In 2018, there are 250,000 Light Commercial Vehicles deployed worldwide.
  • LCV has a market share of 4.38% of the global electric vehicle market size in 2018.
  • In 2023, it is estimated that the figure will reach 7 million LCVs worldwide. This is translated to a CAGR of 94.73%.

E-Buses

  • In 2018, there are 460,000 e-buses deployed worldwide.
  • E-Buses has a market share of 8.05% of the global electric vehicle market size in 2018.
  • A report from Bloomberg estimated that the majority or 421,000 e-buses are in China.
  • In 2023, it is estimated that the figure will reach 3 million e-buses worldwide. This translates to a CAGR of 45.5%.
  • BYD was the sole leader in China in terms of e-buses where there are 16,000 BYD e-buses in Shanghai alone and are used in about 300 cities globally.

Medium Electric Trucks

  • In 2018, Global EV Outlook estimated that there are 1,000 to 2,000 Medium Electric Trucks worldwide.
  • Medium Electric Trucks has the least market share of 0.035% of the global electric vehicle market size in 2018.
  • Despite the slow start, Medium Electric Trucks are expected to reach 1 million units by 2023. This is translated to a CAGR of 246.57%.

Your Research Team Applied The Following Strategy

We searched for the data on market reports and reputable news such as Bloomberg, Inside EVs, and the International Energy Agency (IEA). There are pay walled sites from Bloomberg, however, the International Energy Agency (IEA) has data on the number of units for Passenger Light Duty Vehicle (PLDVs), Light Commercial Vehicles (LCVs), e-Buses, and Medium Electric Trucks as well as the projected growth. Then, we calculated the market share by dividing the number of units per vehicle type and the total global market size in terms of several units. Below are the detailed calculation for the market share and CAGR per segment.

Market Share
Total Electric Vehicle globally market size 2018 (in terms of number of units): 5,000,000 + 460,000 + 250,000 + 2,000 = 5,712,000 units (s5)
Market share of PLDV: 5,000,000/5,712,000 = 87.5%
Market Share of LCV: 250,000/5,712,000 = 4.38%
Market Share of e-Buses: 460,000/5,712,000 = 8.05%
Market Share of Medium Light Trucks: 2,000/5,712,000 = 0.035%

CAGR
PLDV
Beginning Value (2018): 5 million
Final Value (2023): 48 million
Period: 5
CAGR: 57.2 %

LCV
Beginning Value (2018): 250,000
Final Value (2023): 7 million
Period: 5
CAGR: 94.73%

e-Buses
Beginning Value (2018): 460,000
Final Value (2023): 3 million
Period: 5
CAGR: 45.5%

Medium Light Truck
Beginning Value (2018): 2,000
Final Value (2023): 1 million
Period: 5
CAGR: 246.57%
Part
04
of four
Part
04

US Electric Vehicle Market: Segmentation by Vehicle Type

The total number of electric vehicles (EV) in the United States in 2018 is 1,490,200 with electric passenger cars making up the majority at 1,484,690 units and electric commercial vehicles numbering 5,510 units. We have presented our findings and calculations below.

Passenger

  • Based on the Global EV 2019 Outlook report, in 2018, there are 1,123,370 electric car stock and 361,320 new electric car sales. This makes a total of 1,484,690 electric cars in the U.S.
  • According to the Edison Electric Institute report, there are more than 1.3 million electric vehicles on U.S. roads as of September 30, 2019.
  • Tesla Model 3, Chevrolet Volt, Tesla Model S, Nissan LEAF, and Toyota Prius Prime are the top EV models and they account for nearly 60% of the total EV car sales.
  • The top players in the EV car market are Tesla, General Motors, Nissan, Ford, and Toyota which account for about 80% of the total EV sales.

Commercial

  • Based on the Global EV 2019 Outlook report, there are 5,210 electric light commercial vehicles (LCV) in the United States in 2018.
  • In the same year, there are only 300 electric buses in the United States. It is projected that in 2022, there will be 2,000 electric buses in the country.
  • The total commercial EV market size is 5,510 EV units as calculated (see calculations below).

US EV Market Size and Market Share Per Vehicle Type

  • The total number of electric vehicles in the United States, as calculated on the Global EV 2019 Outlook report, is 1,490,200 EV units.
  • The electric vehicle passenger cars account for 99.6% of the total EV units in the U.S.
  • Only 0.4% of the US EV market is commercial vehicles.
Note: Calculations are presented in the next section.

Research Strategy:

In order to determine the market size and market shares of the electric vehicles in the United States, we searched for market reports, statistics, news and studies. Although there was no direct data of the market size and market shares of the EVs by vehicle type, we were able to find sufficient information from the Global EV 2019 Outlook and the report from the Edison Electric Institute to triangulate the data needed. From the Global EV 2019 Outlook, we have found that there were no available statistics for other electric commercial vehicle types (e-truck, two-three wheelers, medium LCV) in the US as compared to other countries such as China. This could be due to the small percentage of shares of these types in the US. Thus, we assumed that the EV commercial vehicle type in the US can be represented by the number of light commercial vehicles and e-buses combined. We also made use of the vehicle type definition provided by the International Organization of Motor Vehicle Manufacturers to classify the data found. We have performed the calculations below.

Calculations:
EV total market size
= (EV passenger stock + EV new cars)+(electric light commercial vehicles+electric bus)
= (1,123,370 + 361,320) + (5,210 + 300)
= 1,490,200

EV passenger market share
= [(EV passenger stock + EV new cars)/US EV total market size] x 100
= [(1,123,370 + 361,320)/1,490,200] x 100
= 99.6%

EV commercial market share
= [(electric light commercial vehicles+electric bus)/US EV total market size] x 100
= [(5,210 + 300)/1,490,200] x 100
= 0.4%

Sources
Sources

From Part 02
Quotes
  • "Some of the key players in the battery electric vehicles (BEV) market place include General Motors, Daimler AG, Honda Motor Co., Ltd., Groupe Renault, Volkswagen, Toyota Motor Corporation, BMW Group, and Hyundai Motor Company. "
Quotes
  • "By 2030, battery electric vehicles will account for 70% of electric vehicles. Amid the burgeoning sales of electric vehicles, the sales volume of fuel vehicles will stabilize, and start to take a nosedive from 2024."
  • "Plug-in hybrid and battery electric vehicles will make up 10% of the global vehicle sales volume by 2025, and 22% by 2030, of which battery electric vehicles will command more than half of the total EV sales."
Quotes
  • "The Hybrid Electric Vehicle market dominated the Global Electric Vehicle Market by Type 2018, growing at a CAGR of 17.7 % during the forecast period. The Battery Electric Vehicle market is expected to witness a CAGR of 29.7% during (2019-2025). Additionally, The Plug-in Hybrid Electric Vehicle market is expected to witness highest CAGR of 31.5% during (2019-2025)."
Quotes
  • "About 2 million electric vehicles were sold globally out of which 68.7% were battery electric vehicles (BEV) and 31.3% were plugin hybrid electric vehicles (PHEV) "
Quotes
  • "The Global Electric Vehicle Market Size is expected to grow from USD 129671.56 Millions in 2018 to USD 359854.56 Millions by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 15.69%""
From Part 03
Quotes
  • "Segments in Global Electric Vehicle Market based on Vehicle Type * Agricultural Vehicles * Buses & Coaches * Forklift * Port Vehicle, & Internal Container Handling Vehicle * Heavy & Special Duty Truck * Light Electric Vehicle * Medium & Heavy Duty Vehicle * Passenger Cars"
Quotes
  • "In China, an electric bus wouldn’t be unusual at all. Out of almost 425,000 e-buses worldwide at the end of last year, some 421,000 were in China. The global e-bus fleet grew about 32% in 2018, according to a BloombergNEF report released Wednesday, with the vast majority hitting the road in China. Europe had only 2,250 electric buses, by BNEF’s count."
  • " BYD buses are used in about 300 cities globally, said Chairman Wang Chuanfu in an interview, and the company is aiming to double bus sales in Europe every year for the next three years. BYD’s hometown of Shenzhen alone has about 16,000 e-buses, according to BNEF."
Quotes
  • "In freight transport, electric vehicles (EVs) were mostly deployed as light-commercial vehicles (LCVs), which reached 250 000 units in 2018, while medium electric truck sales were in the range of 1 000-2 000 in 2018."
  • "The global stock of electric two-wheelers was 260 million by the end of 2018 and there were 460 000 electric buses."
From Part 04
Quotes
  • "As of September 30, 2019, more than 1.3 million electric vehicles were on U.S. roads."
  • "The top 5 EV models— Tesla Model 3, Chevrolet Volt, Tesla Model S, Nissan LEAF, and Toyota Prius Prime—account for nearly 60% of total EV sales."
  • "To date, five automakers have sold more than 100,000 EVs—Tesla, General Motors, Nissan, Ford, and Toyota. The current cap for the federal tax credit is 200,000 vehicles."
  • "These same five automakers account for nearly 80% of total EV sales."
Quotes
  • "Passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. "
  • "Commercial vehicles include light commercial vehicles, heavy trucks, coaches and buses."