Electric Vehicles and Fuel Cell Vehicles: Global Markets to 2024

Report Highlights

The global electric vehicles market reached $94.9 billion in 2019 and should reach $183.7 billion by 2024, at a compound annual growth rate (CAGR) of 14.1% for the period of 2019-2024.

Report Includes

• 75 data tables and 67 additional tables
• 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
• Company profiles of leading market participants within the industry, including Automotive Fuel Cell Cooperation Corp., Bae Systems, China Motor Corp., Ferrari, General Motors, Harley Davidson, Hyundai Motor, Mitsubishi, Nissan Motor Co., Skoda, Tata Motors, and Yamaha

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/ E-Bikes, scooters, buses, neighborhood EVs, self-driving carts, military vehicles, and locomotives. 

This report details actual figures for 2018 and compound annual growth rate (CAGR) projections for 2019 through 2024 for the global and four regional markets. Although this report discusses about three future scenarios, pessimistic, consensus and optimistic, forecasts are provided for consensus scenario. Power source sales and values are provided. 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.

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.

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