Top Companies in Electric Vehicle/EV Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Increased demand for fuel-efficient, high-performance, and low-emission vehicles, strict government pollution restrictions, falling prices for Electric Vehicle batteries, and rising gasoline prices all contribute to the expansion of the Electric Vehicle market.
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Market Overview:
Global Electric Vehicle Market is valued at USD 165.1 Billion in 2021 and is projected to reach a value of USD 434.4 Billion by 2028 at a CAGR of 17.5% over the forecast period. Since their inception, electric vehicles have seen their price drop as technology has improved. EV battery manufacturers are focusing on providing high-capacity batteries and lowering battery prices to guarantee the total cost of the automobile falls within the range allowed by subsidies. Government mandates to reduce or eliminate the use of cars powered by fossil fuels, growing public awareness of environmental issues, technological advancements that increase battery capacity, and receptive government policies and regulations all contribute to the growth of this sector.
The most common battery-powered vehicles are autonomous delivery vehicles, commercial vehicles, and public transportation vehicles. However, the cost and range restrictions of EV batteries represent a significant barrier to a complete switch to electric mobility. The cost of an electric car battery is measured in kilowatt-hours (kWh), which also influences the battery's range and the amount of power it can supply to the motor.
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Some of the key players operating in the Electric Vehicle Market are listed below:
|
Company Name |
Revenue in the USD |
|
$53 Billion |
|
$121 Billion |
|
$25 Billion |
|
$264 Billion |
|
$93 Billion |
|
$36 Billion |
|
<$5 Million |
|
$134 Billion |
1. Tesla, Inc.
Tesla, Inc. is a California-based company that designs, develops, manufactures, leases, and distributes electric automobiles and renewable energy generation and storage systems in the United States, China, and across the world. The Tesla, Inc. company operates in two segments, Automotive and Energy Generation and Storage.
2. BMW Group
BMW Motorrad GmbH is a subsidiary of Bayerische Motoren Werke AG, which produces and sells BMW-branded motorcycles and automobiles. The company operates through several business segments such as Automotive, Motorcycles, Financial Services, and Other Entities. The Automotive segment develops, assembles, manufactures, and sells cars and off-road vehicles under the following brands: MINI, BMW, and Rolls-Royce, as well as spare parts and accessories. The Motorcycles segment concentrates on the premium segment. The Financial Services segment presents retail customers with credit financing, leasing, and other services. The Other Entities segment contains holding and group financing activities. The Bayerische Motoren Werke AG was founded on March 6, 1916, and is headquartered in Munich, Germany.
3. BYD Company Ltd.
BYD Company Limited and its subsidiaries research, develop, manufacture, and sell cars and related products in the People's Republic of China and around the world. BYD Company Limited operates through three segments: Mobile Handset Components, Rechargeable Batteries, and Photovoltaic Products; Assembly Service as well as Other Products; and Automobiles and Related Products and Other Products.
Volkswagen AG produces and sells automobiles principally in Europe, North America, South America, and the Asia-Pacific. Volkswagen AG company operates in four segments: Passenger Cars, Light Commercial Vehicles, power engineering, and Financial Services.
Hyundai Motor Company and its affiliated companies produce and sell automobiles and automotive components in many countries. Hyundai Motor Company operates through Vehicle, Finance, and Others segments. The Hyundai Motor Company company offers cars under the Sonata, Veloster, Azera, Veloster N, The new i30, i30 N, i30 Fastback N, The all-new Elantra, Accent, i20 N, and i20 among others.
6. AB Volvo
The AB Volvo (publ) group of companies produces and distributes construction machinery, trucks, buses, and marine and industrial engines throughout Europe, North America, and all over the world. In addition, the company offers trucks for long-haulage, construction, mining, and distribution purposes under the Volvo, UD Trucks, Renault Trucks, Mack, Eicher, Arquus, cell-centric, Dongfeng Trucks brands; city and intercity buses, coaches, as well as bus chassis, along with associated transport systems under the Prevost and Nova Bus brands.
7. Daimler AG
Daimler AG manufactures and sells various automobiles, such as cars, trucks, and vans. Daimler works through the truck, car, van, and bus divisions as well as the financial services division known as Daimler Financial Services. The Mercedes-Benz Cars segment sells passenger cars, off-road vehicles under the Mercedes-Benz brand, and small cars under the smart brand. In addition, Daimler Trucks distributes its trucks under the brand names Mercedes-Benz, Freightliner, FUSO, Western Star, and BharatBenz.
The Ford Motor Company is an American multinational corporation that develops, produces, sells, and repairs a wide variety of trucks, SUVs, cars, electric vehicles, and Lincoln luxury automobiles. Ford Motor Company operates through three segments: Automotive, Mobility, and Ford Credit. The Automotive segment of the company sells Ford and Lincoln vehicles, service parts, as well as accessories through distributors and dealers, also through dealerships to commercial fleet customers, daily rental car companies, and governments.
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