Cart is empty 
DESCRIPTION
Electric Vehicle Procurement Market Size
According to the latest insights of the electric vehicle procurement market research report by ELINT Market Research, it is on a solid growth trajectory for the global market during 2024–2030. Global EV sales surged to 10.43 million units in 2022 from 2021, up 55%. The outstanding growth was aided by increasing consumer acceptance and improving technology in the electric vehicle market. Most notably, China, Europe, and the US accounted for nearly 98% of global EV sales in the previous year. Among these, China dominated the charts at a commanding 50%. It can be attributed to proactive government policies adopted by China, massive investments in infrastructure, and a solid manufacturing base. On the other hand, the forecast for EV sales to increase by another 35% in 2023 to an estimated 14 million units showcases a continuous uptrend driven by tightening environmental regulations, increasing consumer awareness, and bettering battery technologies.
Expansion of production facilities and installing more charging infrastructure are possible. For example, BYD, a Chinese EV manufacturer and the world’s largest EV producer intends to build a factory worth $1 billion in Türkiye, which shows that it is strategically moving toward enhancing its production capacity against growing demand. In addition, Charge Zone’s investment in an EV charging network of $360 million will fix one of the key barriers to EV adoption: charging infrastructure. It looks forward to supporting growth and highlighting a global turn towards sustainable transport solutions. It will bring enormous economic and environmental advantages, with major regions and companies investing seriously in the electric vehicle market.
Market Definition
The electric vehicle market refers to the design, manufacture, distribution, and sale of vehicles running on electric motors, either solely or in combination with an internal combustion engine. The various products available in this market pertain to passenger cars, commercial vehicles, and two-wheelers raked in to meet new needs of sustainable transportation solutions by reducing carbon emissions and dependence on fossil fuels.
Electric Vehicle Procurement Market Drivers
- Government Incentives
Across the world, governments have been putting stringent emission regulations in place, and this comes with rebates and subsidies given to people by various governments for the adoption of EVs.
- Technological Breakthroughs
The desirability of electric vehicles in the market is increasing because of advancements in technological capacity regarding battery storage, charging infrastructure, and vehicle efficiency.
Electric Vehicle Procurement Market Challenges
- High Upfront Costs
Significant impediments to widespread adoption are high upfront costs, limited range, and long charging times.
- Limited Charging Infrastructure
The market growth is also hindered by the need for charging infrastructure in several regions.
Electric Vehicle Procurement Market Opportunities
- Innovations in Battery Technology
Advances in battery technology, like solid-state batteries, have the potential to improve the range of these automobiles while significantly cutting their costs.
- Expansion of Charging Network
Expansion of the recharging networks—particularly fast-charging and wireless technologies—reduces range anxiety and enhances convenience for vehicle owners.
Electric Vehicle Procurement Market Segmentation
- The electric vehicle procurement market research report classifies the market based on vehicle type into passenger cars, commercial vehicles, and two-wheelers.
- The electric vehicle procurement market research report divides the market into hybrid, plug-in hybrid, and battery electric vehicles based on propulsion type.
- As per region, the electric vehicle procurement market research report segments the market into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Regional Outlook of the Electric Vehicle Procurement Market
The outlook on the electric vehicle market differs in different regions of the marketplace. While North America and Europe are leading, founded on a solid base of government policies, impactful investing in charging infrastructure, and high consumer awareness, the Chinese market dominates globally because of robust governmental support for the sector and its large domestic manufacturing base. Other regions that have appeared as key players are Japan and South Korea because of their advanced technologies. Meanwhile, new upcoming markets in Latin America, Africa, and Southeast Asia are slowly growing, driven by urbanization and growing environmental concerns.
Cost Component in the Electric Vehicle Procurement Market
The main factor in the cost structure of the electric vehicles market is the battery, which accounts for a large part of the total cost. Other production costs include electric motors, power electronics, and chassis and interior. In addition, development costs increase with marketing and distribution expenses.
Engagement Strategies in the Electric Vehicle Procurement Market
Manufacturers, governments, and consumers have the best engagement strategies in the electric vehicle market. Manufacturers have invested in research and development to improve the vehicles’ performance and costs. Governments are also implementing policies and incentives to promote EV adoption supported by infrastructure development.
Contract Period in the Electric Vehicle Procurement Market
The contract period represents the length of agreements between CVE and the other participants in the electric vehicle market segment, such as manufacturers, suppliers, and end-users of these systems. Most of the contracts in the former comprise short-term agreements with manufacturers of some components. The latter, on the other hand, includes long-term cooperation in research and development.
Negotiation Factors in the Electric Vehicle Procurement Market
Several negotiation drivers exist in the electric vehicle market: price, technology, and supply chain aspects. The cost and performance of batteries are vital in these regards, as they impact the whole vehicle’s cost and efficiency. Another equally important aspect is the availability and compatibility of charging infrastructure considerations, mainly for fleet operators and commercial buyers. Government incentives and regulations can change final prices and contractual conditions.
Leading Players in the Electric Vehicle Procurement Market
A few principal electric vehicle market players are Tesla, BYD, Nissan, BMW, and General Motors. Tesla is famous for its innovation in batteries and self-driving. BYD is a Chinese maker that meaningfully plays in both the EV passenger and commercial vehicle segments. The Nissan Leaf is renowned as one of the world’s best-selling electric cars. The other leading companies in this sector include BMW and General Motors. Such companies have been at the forefront of technological advancement, strategic partnerships, and the expansion of the EV portfolio.
