|Fastest Growing Market:||Asia-Pacific|
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The right-hand drive electric vehicle market was valued at USD 116.36 billion in 2021, and it is anticipated to reach USD 119.94 billion by 2027, registering a CAGR of about 27.95% during the forecast period (2022 – 2027).
The COVID-19 pandemic had a negative impact on the market as manufacturing activities were on halt in the Q1-Q2 of FY-2020. During the pandemic, both production and sales of electric vehicles have witnessed a decline owing to covid-19 restrictions and decreased purchasing parity of customers. However, after the ease of restrictions, the demand for electric vehicles witnessed a stiff increase in demand for the years 2020 and 2021.
Electric vehicles have become an integral part of the automotive industry, and they represent a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market growth.
Governments across the globe are encouraging the expansion of electric vehicle charging infrastructure to minimize the carbon emission in the transportation sector as governments are trying to provide usage and purchase incentives that may lower the overall cost of ownership or make driving electric vehicles more convenient for customers.
Right-hand drive electric vehicles witnessed optimistic growth as consumers inclined toward affordable eco-friendly transportation supported by government incentives.
Scope of the Report
The Right Hand Drive Electric Vehicle Market is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The profiles of major players in the market are also covered in the report along with their market shares. The market size and forecast are provided in value (USD billion).
Key Market Trends
Growing Demand for Passenger Cars
Electric vehicles have become an integral part of the automotive industry, and it represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns and favorable government initiatives are the major factors driving this growth.
The annual sales volume of battery-electric passenger cars is projected to cross the 7 million mark by the end of 2022. It is expected to account for a significant share of the overall vehicle sales by the end of 2027.
The government regulations and incentive schemes strongly impacted people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.
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India will shape the growth trajectory
The electric vehicle market is dominated by the left-hand drive vehicle owing to the large economies, including the US, Europe, and China. But, significant customers for the right-hand drive are available across countries like India, Australia, the United Kingdom, South Africa, Indonesia, Japan, and many more.
Among these countries, India is likely to be at the forefront of the right-hand drive electric vehicle market owing to the large automobile sector and huge population. As of now, India has more two and three-wheeler electric vehicles as compared to passenger cars. As of 2021, India has a fleet of around 52,000 electric vehicles. India's electric vehicle is presumed to grow and likely to achieve a market share of 5% in new car sales by 2025 and 30% by 2030, and 100% by the end 0f 2050.
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The right-hand drive electric vehicle market is majorly dominated by players such as Audi AG, BMW Group, BYD CO. LTD, Honda Motor Co. Ltd, Hyundai Motor Company, Mahindra & Mahindra Limited, MG Motor India Pvt. Ltd, Nissan Motor Company, Tata Motors Limited, Toyota Motor Corporation, and Volvo Group.
- In January 2022, Toyota announced to launch of its new electric SUV BZX4 in various ASEAN countries such as Thailand and Singapore. The vehicle is expected to launch before the end of 2022.
- In January 2022, Tata Motor Company announced its plans to mainstream EVs and targets 50,000 annual sales in FY 2023. Further in the next two years company is striving to scale up its production capacity to 125,000 - 150,000 Units annually.
- In December 2021, BMW Group Asia launched the first-ever BMW iX and new BMW iX3 electric cars in Singapore.
- In April 2021, Mahindra & Mahindra announced its plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its leadership position in India's electric mobility segment.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Vehicle
5.1.2 Commercial Vehicle
5.2 Propulsion Type
5.2.1 Battery Electric Vehicle
5.2.2 Plug-in Hybrid Electric Vehicle
5.2.3 Fuel Cell Electric Vehicle
5.3.1 North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.3.5 South America
188.8.131.52 Falkland Islands
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share*
6.2 Company Profiles
6.2.1 Audi AG
6.2.2 BMW Group
6.2.3 BYD CO. LTD
6.2.4 Honda Motor Co. Ltd
6.2.5 Hyundai Motor Company
6.2.6 Mahindra & Mahindra Limited
6.2.7 MG Motor India Pvt. Ltd
6.2.8 Nissan Motor Company
6.2.9 Tata Motors Limited
6.2.10 Toyota Motor Corporation
6.2.11 Volvo Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Right Hand Drive Electric Vehicle Market market is studied from 2018 - 2027.
What is the growth rate of Right Hand Drive Electric Vehicle Market ?
The Right Hand Drive Electric Vehicle Market is growing at a CAGR of >27% over the next 5 years.
What is Right Hand Drive Electric Vehicle Market size in 2018?
The Right Hand Drive Electric Vehicle Market is valued at 119 Billion USD in 2018.
What is Right Hand Drive Electric Vehicle Market size in 2027?
The Right Hand Drive Electric Vehicle Market is valued at 411 Billion USD in 2027.
Which region has highest growth rate in Right Hand Drive Electric Vehicle Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Right Hand Drive Electric Vehicle Market ?
Asia-Pacific holds highest share in 2021.
Who are the key players in Right Hand Drive Electric Vehicle Market ?
Toyota Motor Corporation, Hyundai Motor Company, Tata Motors Limited, BMW Group, Audi AG are the major companies operating in Right Hand Drive Electric Vehicle Market .