2023 Prediction of Global Electric Car Growth Outlook

2023 Prediction of Global Electric Car Growth Outlook

The Strong Transition Towards Electrification Will Continue With an Estimated EV Penetration of 18–19% Selling Over 15.2 Million Units

RELEASE DATE
06-Jun-2023
REGION
North America
Research Code: MGF7-01-00-00-00
SKU: AU02550-NA-MO_27745
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Description

This Frost & Sullivan study provides an outlook for the electric vehicle industry based on the latest industry data; it provides an outline of current trends and an in-depth analysis of future developments, as well as a breakdown of the main stakeholders in the sector and their performance.
EV sales in 2022 amounted to a total of 10.5 million, of which 72.7% were BEVs and 27.2% were PHEVs. FCEV sales remained the same as in 2021, which constituted 0.1% of the total EV sales. Global EV penetration increased from 9% in 2021 to 13% in 2022. APAC continued to record the highest y-o-y growth of 82.7%.

BYD emerged as the new market leader for the first time since the launch of EVs with over 1,858,247 unit sales followed by Tesla which sold approximately 1,314,330 units. Over 479,337 MWH of battery power was supplied globally. CATL continued to be the market leader with a market share more than 29.6%, followed by LG Energy Solution with a 16.4% market share. EV charging point installations surpassed 2.2 million points compared to 1.5 million in 2021 with China accounting for 60% and having the highest number of installations. The key trends in the market include over $400 billion investments freshly announced that will go toward establishing battery manufacturing plants and developing new EV models.

V2G-enabled vehicles with key OEMs such as VW shifting to 100% V2G-enabled vehicles on its MEB platform. Presently, only 4-5 EV models are V2G enabled. Adopting ISO 15118’s standards will ensure communication features encryption, decryption, and two-way authentication. Technical advancements toward batteries developing high power energy and heat dissipation capabilities will be imperative to render them compatible with ultrafast charging.

Author: Prajyot Sathe

Table of Contents

Electric Vehicle (EV) Highlights—2022 and Future Predictions

Global EV Market, 2022 and 2023e

Global EV Market, 2022 and 2023e (Top 5 EV Markets)

EV Growth And Penetration—Key Countries

EV Growth And Penetration—Key Countries (continued)

EV Growth And Penetration—Key OEMs

EV Growth And Penetration—Key OEMs (continued)

EV Charging Infrastructure Development

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the EV Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Top 5 Global Economic Highlights of 2022

Top 5 Global Economic Highlights of 2023

Global GDP Growth Expectations

Recessionary/Slowdown Expectations for Major Economies

Global GDP Growth Snapshot

Advanced Economy Predictions for 2023

Emerging Market Economy Predictions for 2023

2023 Regional Risks and Policy Direction

Research Scope

EV Segmentation

Key Trends in the EV Market

Increased OEM Planned Investments by 2030

EV Digital Products

Vehicle-to-Grid (V2G)/Virtual Power Plants (VPPs)

ISO 15118’s Standards/OCPP 2.0.1

High Power/ Ultrafast Charging

Vehicle Manufacturer Electrification Plans

Mergers and Acquisitions

Charging Data Utilization

Gigafactory Developments

Highlights of the EV Market in Europe—2022 and 2023e

European EV Market, 2022 and 2023e

EV Growth And Penetration—Key Countries

EV Growth And Penetration—Key OEMs

The European Powertrain Mix in the Next Decade

Highlights of the EV Market in the Americas—2022 and 2023e

The Americas EV Market, 2022 and 2023e

EV Growth And Penetration—Key Countries

EV Growth And Penetration—Key OEMs

The United States Powertrain Mix in the Next Decade

Highlights of the EV Market in China—2022 and 2023e

China EV Market, 2022 and 2023e

EV Growth and Penetration—Key OEMs

The Chinese Powertrain Mix in the Next Decade

Highlights of the EV Market in APAC (Excluding China)—2022 and 2023e

APAC (Excluding China) EV Market, 2022 and 2023e

EV Growth and Penetration—Key Countries

EV Growth and Penetration—Key OEMs

The APAC (Excluding China) Powertrain Mix in the Next Decade

Highlights of the Market in the MEA—2022 and 2023e

MEA EV Market, 2022 and 2023e

EV Growth and Penetration—Key Countries

EV Growth and Penetration—Key OEMs

Growth Opportunity 1—The Establishment of Partnerships, JVs, and Acquisitions will be Prominent in the Next 3–5 Years to Develop In-house Capabilities

Growth Opportunity 1—The Establishment of Partnerships, JVs, and Acquisitions will be Prominent in the Next 3–5 Years to Develop In-house Capabilities (continued)

Growth Opportunity 2—EV-specific Digital Services Fit into Categories such as Charging, Energy Management, Value-added Services, and eCommerce

Growth Opportunity 2—EV-specific Digital Services Fit into Categories such as Charging, Energy Management, Value-added Services, and eCommerce (continued)

Growth Opportunity 3—EV Batteries and Components with Valuable Materials Will Help Establish a Circular Economy in the EV Space

Growth Opportunity 3—EV Batteries and Components with Valuable Materials Will Help Establish a Circular Economy in the EV Space (continued)

Conclusions and Future Outlook

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

This Frost & Sullivan study provides an outlook for the electric vehicle industry based on the latest industry data; it provides an outline of current trends and an in-depth analysis of future developments, as well as a breakdown of the main stakeholders in the sector and their performance. EV sales in 2022 amounted to a total of 10.5 million, of which 72.7% were BEVs and 27.2% were PHEVs. FCEV sales remained the same as in 2021, which constituted 0.1% of the total EV sales. Global EV penetration increased from 9% in 2021 to 13% in 2022. APAC continued to record the highest y-o-y growth of 82.7%. BYD emerged as the new market leader for the first time since the launch of EVs with over 1,858,247 unit sales followed by Tesla which sold approximately 1,314,330 units. Over 479,337 MWH of battery power was supplied globally. CATL continued to be the market leader with a market share more than 29.6%, followed by LG Energy Solution with a 16.4% market share. EV charging point installations surpassed 2.2 million points compared to 1.5 million in 2021 with China accounting for 60% and having the highest number of installations. The key trends in the market include over $400 billion investments freshly announced that will go toward establishing battery manufacturing plants and developing new EV models. V2G-enabled vehicles with key OEMs such as VW shifting to 100% V2G-enabled vehicles on its MEB platform. Presently, only 4-5 EV models are V2G enabled. Adopting ISO 15118’s standards will ensure communication features encryption, decryption, and two-way authentication. Technical advancements toward batteries developing high power energy and heat dissipation capabilities will be imperative to render them compatible with ultrafast charging. Author: Prajyot Sathe
More Information
Author Prajyot Sathe
Industries Automotive
No Index No
Is Prebook No
Keyword 1 Electric Car Industry Growth
Keyword 2 EV Market
Keyword 3 Electric Vehicle Market
Podcast No
WIP Number MGF7-01-00-00-00