Despite a Slow Start, the Electric Vehicle Industry is Surging at 8.5% CAGR; China Among the Forerunners

February 23, 2015

Wellesley, Mass., February 23, 2015 –BCC Research ( reveals in its new report on electric vehicle (EV), the global electric vehicle market was worth over $58.6 billion in 2013 and $73billion in 2014.  This is expected to grow at a compound annual growth rate (CAGR) of 8.5% between 2014 and 2019 under a consensus scenario.  This will result in $109.8 billion for the global market in 2019.

The majority of the world’s EVs comprise of the electric scooters, motorcycles and personal mobility devices sold in the People’s Republic of China. Even in the age of advanced lithium-ion and lithium-ion polymer cells, most of these are still powered by lead-acid batteries. There is a drive to expand this market throughout the Far East, especially into India. BCC Research anticipates a $73.5 billion annual passenger EV market by 2019 under a consensus scenario.

The long predicted and explosive growth was blunted by the global recession, the generally lower than anticipated gasoline prices, relatively isolated safety concerns and, in some cases, technology that has not always lived up to expectations. On the other hand, the foundation for much wider EV use is now better established, and there are well-financed private and government-backed plans for the introduction of large numbers of next-generation vehicles.  As the market for battery-powered vehicles grows, the emerging market for fuel cell-powered vehicles is poised to breakout into wider use. 

“Much of this value and growth will result from passenger vehicle types of EVs,” says BCC Research analyst Donald Saxman. “An optimistic but still possible scenario could see a market worth more than $83.6 billion by 2019 (based on a 10.6% CAGR).”

Electric Vehicles and Fuel Cell Vehicles: Technologies and Global Markets details the actuals for 2009 and 2013, and CAGR projections for 2014 through 2019 for the North American, European, Far Eastern and rest-of-world electric vehicle markets.


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Source: BCC Research

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at

Electric Vehicles and Fuel Cell Vehicles: Technologies and Global Markets( FCB040A )
Publish Date: Dec 2014    

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