Report Includes
- Descriptive study of the global markets for electric vehicles (EVs) and fuel cell vehicles (FCVs)
- Analyses of global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Data corresponding to market value and unit shipments of commercially viable EVs, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery-powered electric vehicles (BEVs)
- Summary of details pertaining to power sources that make these vehicles possible, including lead-acid, nickel-metal hydride, lithium-ion batteries, and proton-exchange membrane fuel cells
- Identification of the companies that are best positioned to meet this demand because of their proprietary technologies, strategic alliances or other advantages
- A relevant patent analysis
- Company profiles of major stakeholders within the market
Report Scope:
After decades of expensive development and false starts, the world is finally ready for EVs. For the purpose of this report, the term “electric vehicles” includes commercial approaches such as pure battery-powered, plug-in hybrid, hybrid internal combustion/battery, range extended, and FCVs, as well as vehicles powered by developmental power sources such as supercapacitors and flywheel. In addition to cars and trucks, this report considers motorcycles, scooters, buses, neighborhood EVs, self-driving carts, military vehicles, and locomotives.
This report details actual figures for 2013 and 2016 and compound annual growth rate (CAGR) projections for 2017 through 2022 for the global and four regional markets. Power source sales and values are provided under consensus, optimistic and pessimistic scenarios. A patent analysis and discussion of power sources and vehicle components describes the areas in which research is being performed and emphasizes intellectual property issues.
Note that values are expressed in million dollars and shipments are expressed in 1,000 vehicles. In both cases, totals are rounded to the nearest integer (i.e., less than $500,000 is expressed as 0.)
Values are based on the equivalent of wholesale, or the price charged to the retailer prior to mark-up. However, advanced EVs are sold at a price below actual manufacturing cost. This may be due to regulatory compliance or the desire to establish a market before economics of scale kicks in. The cost to consumers may be reduced considerably when government subsidies or possible tax breaks are added to the dealer price.
As defined by BCC Research for this report, EVs and FCVs include the following:
- HEVs.
- PHEVs.
- EVs (pure EVs).
Specific types of vehicles using these batteries include:
- Passenger vehicles (sedans, microcars, SUVs, crossover SUVs, pickup trucks, sports cars).
- Low-velocity vehicles (golf carts, neighborhood EVs, personal mobility devices).
- Scooters (two-wheelers, motorcycles, some three-wheelers).
- Buses.
- Commercial/industrial vehicles (material handling equipment, burden carriers, forklifts, trucks).
- Niche vehicles (self-driving vehicles, military equipment, locomotives).
This report defines the market sectors, identifies leading companies and analyzes the markets to provide a five-year market forecast. Finally, the company profiles section provides the status of and recent events for companies making power sources.
Report Includes:
- 158 data tables and 69 additional tables
- An overview of the global market for electric vehicles, including battery-powered vehicles, fuel-cell-powered vehicles, and hybrid vehicles.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
- Details on many types of electric vehicles being considered, including passenger cars, trucks, buses, e-bikes and scooters, motorcycles, and material handling and industrial vehicles.
- Discussion on the developing EV markets, such as military vehicles, locomotives, marine vehicles, and vehicle auxiliary power units.
- A summary of the power sources that make these vehicles possible, including lead-acid, nickel-metal hydride, lithium-ion batteries and proton-exchange membrane fuel cells; niche power source possibilities are also considered.
- Profiles of leading companies in the industry, including: AC Propulsion, AMZ-Kutno, Arcimoto, AstonBus USA, BAE Systems, Bentley Motors Inc., Blue Sky Design LLC, BNSF Railway, Bolloré, Boulder Electric Vehicle, Brammo Inc.
Summary
As defined in this report, the global EV market will be worth over $75.7 billion in 2017 and is estimated to increase to almost $128.0 billion in 2022. This market is expected to grow at a CAGR of 11.0% between 2017 and 2022 under a consensus scenario.
Much of this value and growth will result from passenger EVs. BCC Research anticipates a $63.2 billion annual passenger EV market in 2022 under a consensus scenario. An optimistic but still possible scenario could see a market worth more than $71.5 billion in 2022 (based on a 15.7% CAGR). The consensus scenario is based on the sale of over two million passenger EVs annually by 2022.
This volume of shipments is dwarfed by the largest segment of the EV market based on number of units. More than 55 million battery-powered scooters and bikes will be shipped in 2017, mainly to meet near insatiable demand in the Far East. Despite regulations designed to discourage the use of eBikes, shipments are on track to grow to 70 million units in 2022. Under an optimistic scenario, 2022 shipments could be more than 79 million units, mainly based on expanded sales outside of China, especially in India. Against expectations, most of these EVs are powered using lead-acid batteries.
BCC Research also analyzed the rapidly recovering FCV market to present a series of consensus, optimistic and pessimistic scenarios. Under a consensus scenario, about 37,000 vehicles could be shipped annually in 2022. An optimistic scenario could see more players and more widely available hydrogen fueling infrastructure, which would result in more than 38,000 FCVs sold annually in 2022. This will be very close to the tipping point, where refueling infrastructure becomes economical using reasonable near-term assumptions. Even a pessimistic scenario could still see an annual global market of 18,000 shipments. Definitions of these consensus, optimistic and pessimistic scenarios are described in detail in the report.
The following table summarizes the global historic and projected EV market under a consensus scenario. Please refer to this report’s Vehicle Market sections for detailed definitions of each market as well as point-by-point lists and discussions of influencing factors and optimistic and pessimistic scenarios.
Table of Contents
Chapter 1 Introduction
Study Goals and Objectives
Reasons for Doing This Study
Scope of Report
Information Sources
Methodology
Geographic Breakdown
Analyst's Credentials
Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Industry Structure: Overview
Overview: Types of Power Sources
Internal Combustion Power Sources
Battery Power Sources
Fuel Cell Power Sources
Exotic Power Sources
Hybrid Power Sources
Overview: Vehicle Types
Industry Structure: Market Trends
Pollution Abatement
Electric Utility Efficiency
Government Involvement
HEV and EV Battery Safety Issues
Lithium-ion Battery Stability Issues
Market Drivers
Passenger Vehicle Market Drivers
Low-Velocity Vehicle Market Drivers
Scooter Market Drivers
Bus Market Drivers
Commercial/Industrial Vehicle Market Drivers
Niche Vehicle Market Drivers
HEV Market Drivers
PHEV Market Drivers
Pure EV Market Drivers
Basis for Forecast Scenarios
Pricing Trends
EV, PHEV and HEV Pricing Model
Impact of Rideshare Fleet Purchases on Prices
Industry Structure: Patent Tension
History of the Nickel Metal Hydride EV Battery Intellectual Property Suite
University of Texas, Hydro-Quebec, NTT, and Others
Valence versus Phostech Lithium and Hydro-Quebec
3M, Sony, Lenovo, and Panasonic
An Exception: Tesla's EV Battery Portfolio Goes Open Source
Fuel Cell Patent Disputes and Issues
Chapter 4 Market Breakdown by Vehicles
Market by Vehicle Type
Passenger Vehicles
Low-Velocity Vehicles
Scooters
Electric Buses
Commercial and Industrial Electric Vehicles
Niche Electric Vehicles
Chapter 5 Market Breakdown by Power Source
Battery-Powered Electric Vehicle Market Summary
Lead-acid Battery-powered Electric Vehicle Market Summary
Nickel Metal Hydride Battery-powered Electric Vehicle Market Summary
Lithium-Ion Battery Market Summary
Fuel Cell Electric Vehicle Market Summary
Exotic Power Source Electric Vehicle Market Summary
Chapter 6 Market Breakdown by Configuration
HEV Market Summary
Plug-in Electric Vehicle Market Summary
Pure Electric Vehicle Market Summary
Chapter 7 Market Breakdown by Region
Electric Vehicle Industry Structure: Globalization
Global Electric Vehicle Market Drivers
Electric Vehicle Market Summary by Region
Lead-Acid Battery-Powered Electric Vehicle Market by Region
Nickel Metal Hydride Battery-Powered Electric Vehicle Market by Region
Lithium-Ion Battery-Powered Electric Vehicle Market by Region
Fuel-Cell-Powered Electric Vehicle Market by Region
Exotic Power Source Electric Vehicle Market by Region
Vehicle Market by Power Source
North American Market
Far East Market
European EV Market
Rest of World Market
Total Global EV Market by Region
Chapter 8 Vehicle Market Summary
Vehicle Market Summary by Vehicle Type
Vehicle Market Summary by Power Source
Vehicle Market Summary by Configuration
Chapter 9 Company Profiles
Leading Electric Vehicle Makers
Company Profiles
AC PROPULSION
AIXAM PRODUCTION (POLARIS INDUSTRIES)
AMZ-KUTNO
ARCIMOTO
ASTONBUS USA INC.
AUTOMOTIVE FUEL CELL COOPERATION CORP.
BAE SYSTEMS
BALQON CORP.
BENTLEY MOTORS INC.
BLUE SKY DESIGN LLC
BMW (ROLLS-ROYCE, MINI)
BNSF RAILWAY
BOLLORE
BOULDER ELECTRIC VEHICLE
BRAMMO INC.
BREDAMENARINIBUS (INDUSTRIAL ITALIAN AUTO BUS)
BREMACH
BUDDY ELECTRIC
BULTACO
BYD COMPANY LIMITED
CASTROSUA
CHERY AUTOMOTIVE
CHINA FAW GROUP CORP.
CHINA MOTOR CORP.
CHRYSLER (SUBSIDIARY OF FIAT CHRYSLER AUTOMOBILES NV)
CLUB CAR (INGERSOLL RAND)
COLUMBIA VEHICLE GROUP (PARCAR)
COMMUTER CARS
CONTINENTAL CORP.
CURRIE TECHNOLOGIES (ACCELL GROUP)
DAF TRUCKS (PACCAR)
DAIHATSU
DAIMLER (MERCEDES-BENZ, SMART, MITSUBISHI FUSO, ORION BUS INDUSTRIES/DAIMLER BUSES NORTH AMERICA)
DESIGNLINE BUS PACIFIC
DETROIT ELECTRIC
DOK-ING
DOLOMITECH ADVANCED PROPULSION
DONGFENG MOTOR COMPANY
EATON CORP.
EBARACUS
EBUS
ELECTRIC MOTORSPORT
ELECTRIC VEHICLES INTERNATIONAL (FIRST PRIORITY GREENFLEET)
ENERGICA
ENVIRONMENTAL PERFORMANCE VEHICLES (EVP CORP.)
ESPIN
ETUKTUK
EVEN ELECTRIC
FARADAY FUTURE
FERRARI
FINE MOBILE GMBH
FISKER AUTOMOTIVE (WANXIANG GROUP)
FORD MOTOR CO. (LINCOLN, MERCURY)
GENERAL DYNAMICS LAND SYSTEMS
GENERAL MOTORS (CHEVROLET AND CADILLAC)
GGT ELECTRIC
GILLIG
GOGORO
GOVECS GROUP
GREENTECH AUTOMOTIVE
GROUP LOTUS
HARLEY DAVIDSON
HESS
HONDA (ACURA)
HYUNDAI MOTOR
IN2GO
INTELLIGENT ENERGY
INTERNATIONAL FUEL CELLS COLLABORATIVE
ITALCAR
IVECO
JAC MOTORS
JR EAST
KANDI TECHNOLOGIES
KIA MOTORS (HYUNDAI)
KTM POWER SPORTS AG (KTM GROUP)
LIEBHERR
LIGHTNING CAR COMPANY
LIGHTNING MOTORCYCLES
LIT MOTORS
LITO GREEN MOTION
LUJO EV R&D
LUXGEN
MAHINDRA REVA
MALONE CAR CO.
MAN AG
MANTRA VENTURE GROUP
MAZDA
MCLAREN AUTO
MICRO-VETT SPA
MILLENWORKS (TEXTRON)
MITSUBISHI
MOTOR COACH INDUSTRIES
NATIONAL ELECTRIC VEHICLE SWEDEN AB (NEVS)
NAVISTAR (INTERNATIONAL TRUCK AND ENGINE & IC BUS)
NEW FLYER INDUSTRIES
NISSAN MOTOR CO. (INFINITI AND NISSAN FORKLIFT)
OKA AUTO USA (MIROX CORP.)
OPTARE
OSHKOSH CORP.
PARRY PEOPLE MOVERS
PERAVES CZ
PEUGEOT
PHOENIX MOTORCARS
PIAGGIO GROUP
POLARIS (GLOBAL ELECTRIC MOTOR CARS)
PORSCHE
PROTERRA
PROTON EDAR
PVI
QUANTYA
RAILPOWER TECHNOLOGIES (CORMAN RAILROAD GROUP)
RDM GROUP
RENAULT AND RENAULT TRUCKS
RIMAC
ROEWE (SHANGHAI AUTOMOTIVE INDUSTRY CORP./SAIC)
SCOOT (PANTHER MOTORS)
SEGWAY (NINEBOT)
SHENZHEN BYD DAIMLER NEW TECHNOLOGY (DENZA)
SINAUTEC
SKODA
SOLARIS BUS AND COACH
STEVENS VEHICLES
SUBARU
SUZUKI MOTOR CORP.
SYM MOTORS
SWAY MOTORSPORTS
TATA MOTORS
TAZZARI
TECNOBUS
TERRA MOTORS
TESLA MOTORS
THUNDER SKY ENERGY GROUP (WINSTON)
TOYOTA (TOYOTA, LEXUS AND SCION)
TRITON TRIKES
UPS
VENTURI
VIA MOTORS
VMOTO
VOLKSWAGEN (AUDI)
VOLVO CARS
WHEEGO TECHNOLOGIES
WRIGHTBUS
XINRI E-VEHICLE CO.
YAMAHA
Z ELECTRIC VEHICLE CORP.
ZAP
ZERO MOTORCYCLES
ZEROTRUCK
ZONDA BUS
ZYTEK AUTOMOTIVE
Chapter 10 Appendix: Selected Electric Vehicle Power Source Companies
Selected Electric Vehicle Battery Companies
Selected Proton Exchange Membrane Fuel Cell Companies
Abbreviations
Report Sources