EV Ecosystem Market: Current Analysis and Forecast (2022-2030)

Report Description

The EV ecosystem market is expected to grow at a strong CAGR of around 19% during the forecast period 2022-2030.The EV ecosystem refers to the infrastructure, industries, and components that support the production, adoption, and operation of electric vehicles. It constitutes various elements, including charging infrastructure, battery manufacturing, raw material mining and logistics, vehicle manufacturing, software connectivity, and supportive government policies. This developing ecosystem is presenting ample growth and investment opportunities and one notable growth opportunity within the EV ecosystem is the expansion of charging infrastructure. For instance, as of September 2021, there were over 200,000 publically accessible charging infrastructures which are going to grow at a significant rate by 2030. Investment opportunities within the EV ecosystem are diverse and span various sectors such as charging infrastructure companies, battery technology and manufacturing firms, electric vehicle manufacturers, and raw material mining companies. Additionally, investments in software and connectivity solutions for EVs, such as advanced driver assistance systems and V2X technologies, present promising avenues for growth.

Some of the major players operating in the market include Tesla; BYD Company Ltd; Rivian; ABB; EVBoxS; Siemens; ChargePoint, Inc.; Panasonic Corporation; SAMSUNG SDI CO., LTD; and Contemporary Amperex Technology Co., Limited

Insights Presented in the Report

Based on stakeholder type, the market is segmented into manufacturing, mobility, supplier, consumer, regulator, and software & connectivity provider. Software and connectivity providers are playing a crucial role in driving the growth of the overall EV ecosystem. They contribute to enhancing the user experience, enabling advanced features, and optimizing the efficiency of electric vehicles. For instance, Tesla, which pioneer in the integration of software and connectivity has equipped its vehicles with over-the-air update software, allowing the company to continuously improve and add new features to its vehicles after they have been sold. These updates range from performance improvement to new autonomous driving capabilities, demonstrating the potential of software to enhance the functionality and value of EVs.

Based on vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and two-wheelers. The passenger vehicle segment is anticipated to witness significant CAGR growth during the forecast period. The growth in the adoption of electric passenger vehicles is driven by key factors such as environmental concerns, government policies and incentives, advancements in technology, and changing consumer preferences. Moreover, electric passenger vehicles are witnessing substantial growth in recent years. For instance, in the first quarter of 2021, global electric vehicle sales reached a record high of 500,000 units almost representing a year-on-year growth of 140%. Furthermore, Automakers are expanding their electric vehicle offerings to cater to different market segments and consumer preferences including electric SUVs, crossovers, and luxury vehicles providing a wider range of options for consumers.

 “North America dominated the EV ecosystem market in 2021.”

The EV ecosystem market in the North American region held the largest market share and is expected to maintain its growth throughout the forecast period owing to several reasons such as increasing environmental consciousness among the populace, supportive government policies, technological advancements, and the increasing availability of the charging infrastructure. Moreover, major automakers are unveiling ambitious electrification plans, flooding consumers with choices as per their preferences which can also be seen in the sales data of electric vehicles in the North American region. For instance, in the first quarter of 2021, electric vehicle sales in the United States reached a record high of almost 100,000 units, representing a year-on-year growth of 80 percent and 20 percent of overall electric vehicles sold globally.

EV Ecosystem Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global EV ecosystem market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the EV Ecosystem Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global EV ecosystem market were the three major steps undertaken to create and analyze the adoption of the EV ecosystem in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EV ecosystem market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the EV ecosystem market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the EV ecosystem market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as stakeholders, by infrastructure, by propulsion type, and by vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EV ecosystem market. Further, we conducted factor analysis using dependent and independent variables such as stakeholders, by infrastructure, by propulsion type, and by vehicle type of the EV ecosystem market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EV ecosystem market sector across the globe. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EV ecosystem market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the EV ecosystem market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global EV ecosystem market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EV ecosystem market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the stakeholders, by infrastructure, by propulsion type, and by vehicle type in the global EV ecosystem market.

The main Objective of the Global EV Ecosystem Market Study

The current & future market trends of the global EV ecosystem market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the EV ecosystem market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the stakeholders, by infrastructure, by propulsion type, and by vehicle type.
• Define and analysis of the regulatory framework for the EV ecosystem market
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the EV ecosystem market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the EV ecosystem market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team