Electric Vehicle and Fuel Cell Power Sources: Technologies and Global Markets
The global electric vehicle power sources market totaled roughly $11.9 billion in 2013 at the manufacturers’ level. This market is expected to grow at a compound annual growth rate (CAGR) of 11.1% between 2014 and 2019 under a consensus scenario. This will result in nearly $12.4 billion in 2014 and $20.9 billion global market in 2019.
- An overview of the global market for power sources for electric vehicles including battery-powered vehicles, fuel cell-powered vehicles, and hybrid vehicles.
- Analyses of global market trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019. Both value and units shipped are provided.
- Information on power sources including lead-acid, nickel metal hydride, and lithium-ion batteries and proton exchange membrane fuel cells.
- Optimistic, consensus, and pessimistic market prediction scenarios when appropriate.
- Detailed profiles of leading companies in the industry.
SCOPE OF REPORT
After decades of expensive development and false starts, the world is finally ready for electric vehicles. As defined by this report, “electric vehicles” includes commercial approaches such as pure battery-powered vehicles; plug-in hybrids; hybrid internal combustion/battery, range extending and fuel cell vehicles; as well as vehicles powered by developmental power sources such as supercapacitors and flywheel-powered. In addition to cars and trucks, this report considers motorcycles, scooters, buses, neighborhood electric vehicles and locomotives.
This report details the actuals for 2009 and 2013 and compound annual growth rate (CAGR) projections for 2014 through 2019 for the North American, European, Far Eastern, and Rest-of-World 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 where research is performed and emphasizes intellectual property issues.
As defined by BCC Research for this report, vehicle power sources include the following:
- Internal combustion (gasoline, diesel, alternative fuels).
- Batteries (mainly lead-acid, nickel metal hydride, lithium-ion, along with advanced and developmental systems).
- Fuel cells (mainly proton exchange membrane fuel cells, as well as some other advanced fuel cell options).
- Exotic (capacitive energy storage, flywheel energy storage).
Of course, these power sources can be combined into various vehicle configurations:
- Hybrid electric vehicles.
- Plug-in hybrid electric vehicles.
- Electric vehicles.
Specific types of vehicles using these batteries include:
- Passenger vehicles.
- Scooters and motorcycles.
- Commercial /industrial.
These market sectors are defined, leading companies are identified and the markets analyzed (including a 5-year market forecast). Finally, status and recent events for power source maker companies are provided in the Company Profiles section.
Donald Saxman is an industry-recognized expert in gas separation and oil recovery through carbon dioxide injection. His experience in both markets and technologies for corrosion inhibitors, and industrial gas end uses informs his research. While working for Zellweger Analytics as a subcontractor to Boeing Aerospace, he was quality assurance manager for the design, manufacture and testing of an organic carbon monitor for the International Space Station and its water recycling system. Saxman has worked with BCC Research as analyst and author for more than 20 years, and his reports include market research on lithium batteries and solid oxide fuel cells. He holds a bachelor's degree in geology from the University of Indiana.
The global electric vehicle market in 2009 was worth more than $26 billion, including more than $4.6 billion worth of associated power sources. This market is expected to grow at a compound annual growth rate (CAGR) of 18.5% between 2010 and 2015 under a consensus scenario. This will result in a $78 billion global market in 2015, along with a $7.6 billion power source market.
The plug-in HEVs segment will experience dramatic growth. This market is expected to increase at a compound annual growth rate (CAGR) of 81.6% under a consensus scenario, from a value of $500 million in 2010 to $9.9 billion in 2015.
The hybrid electric vehicles market is worth an estimated $19.3 billion in 2010 and is expected to reach $46.2 billion in 2015, a compound annual growth rate (CAGR) of 19.1% under a consensus scenario.
Fuel cell stacks for on-the-road transportation now are a $93 million market.
This is projected to increase at an average of 91% per year over the next five years.
The zero-emission specialty small vehicle, valued at more than $2.7 billion, is growing 6% yearly on average.
Hybrid vehicles, now a $719 million market in the U.S., will increase at an AAGR (average annual growth rate) of 26%.
Fuel cell vehicles will grow at an AAGR of 84% through 2007.
The battery powered electric vehicle market is slowly developing while the hybrid electric vehicle market could move ahead more rapidly. Fuel cell vehicles, however, are in the prototype state and will not be a significant part of this discussion. An important objective, therefore, is to identify what is the most likely and seemingly most appropriate technology for each classification of vehicle.
The big winners at the present time are the small electric vehicles. These make up about 86% of the electric vehicle market at the present time. In the near term, or within the 5-year horizon, these small vehicles will find that they make up about 42% of the total electric vehicle market. The HEV is just making its appearance on the low/no emissions scene, but in 5 years will represent about 49% of the EV genre of vehicle.