Market Outlook For Electric Vehicles

This is the Executive Summary from the latest report (19 pages) from Resource Leaders.

This report highlights the current global trends in the Electric Vehicles (EVs) market, country-wise initiatives in the EV space and the estimated growth curve. The report also examines the various factors impeding industry growth.

According to industry estimates, sales of EVs would increase from a record 1.1 million worldwide in 2017, to 11 million in 2025 and then surging to 30 million in 2030 as they become cheaper to make than internal combustion engine (ICE) cars.

Countries around the world are taking a stance to virtually eliminate Internal Combustion Engine (ICE)/Fossil Fuel Vehicles within 10-30 years. China will lead this transition, with sales there accounting for almost 50% of the global EV market in 2025.

While the market is increasing across, there are certain trends globally that reflect the way in which the industry is shaping up. These include not just initiatives that increase efficiency in the model types and usage, but also models that build efficacy and alternate uses.

Industry experts are still deliberating how long ICE cars would exist. With some experts predicting as soon as 8 years for them to phase out, they would continue to be present in the market till around 2040-2050, until the inventories are cleared. Having said that, the path to EVs is not without hurdles and conventional car companies face several challenges.

As the current global players in the market (that include large corporations as well as startups) scale, they would need to work on specific challenges, some of which are very significant.