Electric Vehicles and Fuel Cell Vehicles: Global Markets

Report Highlights

The global electric vehicles and fuel cell vehicles market should reach $2.5 trillion by 2027 from $816.5 billion in 2022 at a compound annual growth rate (CAGR) of 25.0% for the forecast period of 2022 to 2027.

Report Includes

• 184 data tables and 47 additional tables
• An up-to-date overview and analysis of the global and regional markets for electric vehicles (EVs) and fuel cell vehicles (FCVs) within the industry
• Analyses of the global market trends, with market revenue (sales data) for 2021, estimates for 2022 and 2023, and projections of compound annual growth rates (CAGRs) through 2027
• Estimation of the actual market size for electric vehicles and fuel cell vehicles in value and volumetric terms, revenue forecast, and corresponding market share analysis by vehicle type, configuration, power source and geographic region
• Updated information about the industry standards, government and industry support, regulations, and other factors that will shape this market demand in the coming years (2022-2027)
• Market outlook and market assessment for unit shipments of commercially viable EVs and summary of details of power sources that make these vehicles possible
• Discussion of the industry value chain analysis providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
• In-depth information on increasing investments on R&D activities, key technology issues, industry specific challenges, major types of end-user markets, and COVID-19 implications on the progress of this market
• Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
• Descriptive company profiles of the leading global players, including BMW AG, Ford Motor Co., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., and Tesla Inc.

Report Scope

After decades of expensive development and false starts, the world is finally ready for EVs. In this report, the term “electric vehicles” includes commercial approaches such as pure battery-powered, plug-in hybrid, hybrid internal combustion/battery, and FCVs. In addition to cars and trucks, this report also considers motorcycles, e-scooters and buses.

This report discusses three future scenarios, that is, pessimistic, consensus, and optimistic; forecasts are provided for the consensus scenario. Power source (lithium-ion batteries and fuel cells) sales and values are provided. A patent analysis and discussion of power sources and vehicle components describe the areas in which research is being performed and emphasizes intellectual property issues.

The values are expressed in billions of dollars ($ billions), and shipments/volumes are expressed in thousands of units. Values are based on the equivalent of wholesale, or the price charged to the retailer before mark-up. However, advanced EVs are sold below the actual manufacturing cost. This may be due to regulatory compliance or the desire to establish a market before the economics of scale take hold. The cost to consumers may be reduced considerably when government subsidies or possible tax breaks are considered in the dealer price.

As defined by BCC Research for this report, EVs and FCVs include the following:

• BEV (Battery Electric Vehicle).
• HEV (Hybrid Electric Vehicle).
• PHEV (Plug-in Hybrid Electric Vehicle).
• FCEV (Fuel Cell Electric Vehicle).

Specific types of vehicles using these batteries include:

• Passenger vehicles (sedans, microcars, SUVs, crossover SUVs, sports cars).
• E-scooters (two-wheelers, motorcycles).
• Buses.
• Commercial/industrial vehicles (light duty trucks, pick-up truck, heavy duty trucks, vans, etc.)
• Others (niche vehicles & low-velocity vehicles).

BCC Research analyzed each major EV technology, determined its current market status, examined its impact on future markets, and uses this analysis to present growth forecasts over the next five years. Technological issues, including the latest trends, are assessed and discussed, as are the industry’s current and likely regulatory environments.

BCC Research analyzed the industry worldwide regarding the manufacturing and deploying technologies or products. For the most relevant and available EVs, BCC Research examined the role of government both in regulating the industry and supporting electric vehicle & fuel cell vehicles through promotional incentives. The report discusses recent trends and sales and provides industry overviews and market assessments for leading EV technology. Estimated values used are based on manufacturers’ total revenues.

Regional and country-level markets are segmented and analyzed by configuration and application. The report also covers the impact of the COVID-19 pandemic. The market sizes and estimations are provided regarding revenue, with 2021 as the base year; market forecasts will be given for 2022 to 2027.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.