Top Companies in Electric Car Market | Leading Players Forecast Research Report by Vantage Market Research
Increasing demand for low emission commuting, growing governments support, and development of zero-emission vehicles through subsidies & tax rebates are some factors that accelerate the growth of the Electric Car Market in coming years.
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Upcoming Trends in Electric Car Market
The Global Electric Car Market is valued at 105 USD Billion in 2021 and is projected to attain a value of 354.80 USD Billion by 2028 at a CAGR of 19% during the forecast period, 2022–2028. By keeping in mind the environmental issues, governments, and various environmental agencies are imposing stringent emission rules in order to minimize vehicle emissions. These regulations also include norms related to the reduction of nitrogen oxides (NOx) and carbon dioxide (CO2) in the air. In this regard, various government-funded around USD 14 billion on tax deductions for electric cars and direct purchase incentives in 2020. Thus, stringent government regulations for reducing vehicle emissions are expected to witness the high growth of the Electric Car market during the forecast period.
In order to develop and use alternative sources of fuel, the demand for electric vehicle is increasing. An electric vehicle transforms over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only transforms about 17%–21% of the energy stored in gasoline. Thus, demand for fuel-efficient vehicles is increasing rapidly in recent years. For instance, 2.2 million electric cars were sold in 2019 denoting just 2.5% of global car sales. Whereas, 3 million electric cars were sold, denoting just 4.1% of global car sales the overall car market in 2020. Therefore, the rising demand for high-performance, low-emission vehicles, and fuel-efficient vehicles is accelerating the maximum growth of the electric cars market in recent years.
Some of the key players operating in the Electric Car market are listed below:
|
Company Name |
Revenue in USD |
|
$124 Billion |
|
$81 Billion |
|
$134 Billion |
|
$127 Billion |
|
$160 Million |
|
$98 Billion |
|
$57 Billion |
|
$41 Million |
|
$38 Billion |
|
$272 Billion |
The special fascination of the BMW Group not only lies in its products and technology but also in the company’s history, written by inventors, pioneers, and brilliant designers. Today, the BMW Group, with its 31 production and assembly facilities in 15 countries as well as a global sales network, is the world’s leading manufacturer of premium automobiles and motorcycles, and provider of premium financial and mobility services. The BMW Group sets trends in production technology and sustainability as an innovation leader with an intelligent material mix, a technological shift towards digitalization, and resource-efficient production. At the same time, flexibility and continuous optimization of value chains ensure competitiveness.
Chevrolet also referred to as Chevy, is a subsidiary automaker of General Motors. Founded originally by Louis Chevrolet and General Motors’s ousted founder William C Durant in the November month in the year 1911, General Motors acquired the company Chevrolet motor Car in 1918 and to sell vehicles mainstream which was positioned by Alfred Sloan to compete with the variant Model T of Henry ford’s Ford. In most markets of automotive worldwide, the vehicles of Chevrolet brand, with the prominent omission of the variant Oceania, where Australian subsidiary is represented by GM, Holden. In Europe the Chevrolet was re-launched in the year 2005, selling primarily vehicles manufactured by the Korean subsidiary for General Motors and slotting below Opel. Chevrolet sells and produces in North America a wide range of vehicles, from intermediate function commercial trucks to sub-packed automobiles.
Ford is a family company, one that spans the globe and has shared ideals. They value service to each other and the world as much as to their customers. Generations have made their memories with us and included us in their hopes and dreams. After 117 years, they are used to adapting to and leading change. That’s why they are evolving to focus on services, experiences, and software as well as vehicles. They are here for one purpose, to help build a better world, where every person is free to move and pursue their dreams.
General Motors’ vision is to create a world with Zero Crashes, Zero Emissions, and Zero Congestion, and they have committed themself to leading the way toward the future. Today, they are in the midst of a transportation revolution, and they have the ambition, the talent, and the technology to realize the safer, better, and more sustainable world we want. As an open, inclusive company, they are also creating an environment where everyone feels welcomed and valued for who they are. One team, where all ideas are considered and heard, where everyone can contribute to their fullest potential, with a culture based on respect, integrity, accountability, and equality. They bring wide-ranging perspectives and experiences to solving the complex transportation challenges of today and tomorrow.
In the year 1956, the foundation of the brand HERO was laid by Late Mr. Dayanand Munjal with a vision of providing mobility to millions in India. In the following years, the brand expanded itself enormously in varied fields like Bicycles, Motorcycles, and Healthcare, among others, and became the most renowned & trusted name in India and other parts of the world. After the family businesses were realigned, Kross Bikes, Hero Exports, and Mediva came under the umbrella of Hero EcoTech, the business congregates headed by Mr. Vijay Munjal. Hero Electric is India’s first and largest manufacturer of electric 2-wheelers with hundreds of thousands of happy customers and growing.
Established in 1972, Hyundai Motor has grown into the world’s leading Heavy Industries Company by successfully diversifying from shipbuilding into offshore and engineering, and engine and machinery. Over the past 50 years, the company has encountered and prevailed over innumerable challenges and obstacles. The company's vision is to emphasize the determination to consistently deliver unrivaled products and services. The company is committed to delivering superior satisfaction to its customers, more rewarding careers for the employees, and greater value to the clients.
Kia Corporation, commonly known as Kia is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea. It is South Korea's second-largest automobile manufacturer after (its parent company) Hyundai Motor Company, with sales of over 2.8 million vehicles in 2019. As of December 2015, the Kia Corporation is minority-owned by Hyundai, which holds a 33.88% stake valued at just over US$6 billion. Kia in turn is a minority owner of more than twenty Hyundai subsidiaries ranging from 4.9% up to 45.37%, totaling more than US$8.3 billion.
Mahindra Electric is the pioneer of Electric vehicles and related technologies in India. They currently have the cutting-edge Treo range of three-wheeler EVs both in cargo and passenger form. They also have the Elfa mini in a passenger variant. Mahindra Electric also develops EV-related technologies and mobility solutions, creating an ecosystem that encourages the adoption of EV technology through products, solutions, partnerships, and an eco-friendly outlook toward growth and sustainability.
Tata Motors Group is a leading global automobile manufacturing company. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses, and defense vehicles. Tata Motors is one of India's largest OEMs offering an extensive range of integrated, smart, and e-mobility solutions. The company believes in ‘Connecting aspirations’, by offering innovative mobility solutions that are in line with customers' aspirations. They are India's largest automobile manufacturer and continue to take the lead in shaping the Indian commercial vehicle landscape, with the introduction of leading-edge powertrains and electric solutions packaged for power performances and user comfort at the lowest life-cycle costs.
Toyota Motor Corporation is a global automotive industry leader manufacturing vehicles in 27 countries or regions and marketing the company’s products in over 170 countries and regions. Founded in 1937 and headquartered in Toyota City, Japan, Toyota Motor Corporation employs nearly 350,000 people globally. Toyota strives to be a strong corporate citizen, engaging with and earning the trust of its stakeholders, and contributing to the creation of a prosperous society through all its business operations.
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