North America is currently the most advanced and competitive automotive market in terms of electric vehicle production and distribution. The presence of automotive giants such as Ford, Tesla, GM, and Fiat Chrysler are responsible for the cruising production of electric vehicles in the region. Companies created a forum where they could discuss, learn, and share with experts from all over the region as manufacturers increasingly focus on the exponential power of information and communication technologies (ICT) with its associated high-performance computing (HPC), machine learning, and Internet of Things (IoT).
Global Electric Vehicle Market
Over the past few years, the global market for electric vehicles has shown significant development potential, and it is anticipated that this growth will continue over the projection period. Due to factors like rising gasoline prices, government initiatives, and the expansion of international electric car manufacturers into new emerging regions, the market for electric vehicles appears to be promising throughout the anticipated time.
By 2030, it is anticipated to reach 33,691 thousand units, with a CAGR of 18.6% for the forecast period of 2022–2030.
Global Electric Vehicle Market Research Report Forecast to 2030
The high cost of electric vehicles and the underdeveloped aftermarket services are predicted to impede this market’s growth. Because of the rising interest for electric vehicles in nations like China, Japan, South Korea, and India, the market in Asia-Pacific is supposed to develop the quickest, especially Southeast Asia market.
Southeast Asia Electric Vehicle Market
For Southeast Asian countries, the promotion of electric vehicles is conducive to reducing carbon emissions and environmental pollution. Coupled with the generally low per capita car ownership in Southeast Asian countries, the priority development of electric vehicles has become the choice of many countries.
South Korea’s Hyundai Motor’s newly built electric car auto plant in Indonesia has started official production in 2022. Swedish car brand Volvo announced in March 2022 to assemble cars in Malaysia. Germany’s Mercedes-Benz Group plans to set up an electric car assembly plant in Thailand starting in 2022.
Research Report on Southeast Asia Electric Vehicle Industry 2023-2032
China’s Battery Electric Vehicle Export
In recent years, the global new energy vehicle industry has entered a phase of rapid development, and the demand for pure electric vehicles has been expanding. China has become a major global producer and exporter of electric vehicles, and most of the electric vehicles exported from China are battery electric vehicles.
In 2021, China exported a total of 503,000 battery electric vehicles, up 155.9% year-on-year, with an export value of US$9.24 billion, up 320.0% year-on-year. Among them, the export of pure electric passenger vehicles (motor vehicles equipped with drive motors only and mainly used to carry people, the same below) totaled 500,000 units, up 157.7% year-on-year, and the export value of US$8.60 billion, up 444.4% year-on-year; the export of pure electric commercial vehicles (motor buses or other trucks equipped with drive motors only, the same below) totaled 2,807 units, up 13.3% year-on-year, and the export value of US$650 million, an increase of 4.2% year-on-year.
Research Report on China’s Battery Electric Vehicles Export 2023-2032
Global Electric Vehicle Testing, Inspection, and Certification Market to Reach $4,038.2 Million by 2031.
Global and Regional Electric Vehicle (EV) Battery Housing Market
To avoid damages by side-impact and pole impact load cases, the EVs are equipped with battery housing systems. Battery protection and monitoring are a necessity with Li-ion battery packs to protect it from overvoltage and load impact during crash/accidents. The battery enclosure of an EV is responsible for providing crash-safe battery protection against electric shock and fire dangers. The growth of the global electric vehicle battery housing market is majorly attributed to the growing inclination toward vehicle weight reduction by using lightweight materials.
Global electric vehicle battery housing market is projected to reach $11,749.9 million by 2031 from $3,678.2 million in 2021, growing at a CAGR of 12.43% during the forecast period 2022-2031.
Electric Vehicle (EV) Battery Housing Market – A Global and Regional Analysis: Focus on Battery Housing Vehicle Type, Cell Format, Battery Chemistry, Materials, and Country Analysis – Analysis and Forecast, 2022-2031
Global Electric Commercial Vehicle Market Overview
An electric vehicle is a commercial vehicle that runs entirely or mostly on electricity rather than diesel or petroleum. Electric commercial vehicles are also extremely cost-effective to operate because they have fewer moving parts to maintain and use little to no fossil fuels (petrol or diesel).
By the end of 2027, the market for electric commercial vehicles is expected to grow at a healthy CAGR of 67.08%.
Electric Commercial Vehicle Market Research Report Forecast 2027
Electric commercial vehicles require less maintenance than conventional ICE-powered commercial vehicles because they have fewer moving parts and require fewer fluid changes, lowering the cost of repair and replacement. This, along with lower insurance costs as a result of the vehicle’s higher safety standards, are some of the factors that reduce the operating expenses of commercial electric vehicles.
The demand for commercial electric vehicles in Asia-Pacific is supposed to become altogether because of the developing demand for electric transports and the drives to advance the improvement of electric vehicles taken by the legislatures of nations like China, Japan, and India. The rising demand for the improvement of charging foundations and expanding coordinated efforts between the car OEMs in the area brings about the market’s development around here.
Truck driving is quite possibly the quickest-developing occupation in North America. As per the US Agency for Work Measurements, there were more than 1.8 million rock solid and heavy transport truck driving positions in 2019-2020. In general, a sum of 7.4 million residents in the US have occupations that are attached to the shipping business. As per the American Shipping Affiliations, shipping moves 71% of all the cargo in America. Almost 6% of the multitude of everyday positions in the nation begin in the shipping business. As of late, Walmart (US) has been getting some distance from outsider agreements and utilizing its drivers, which brought about a recruiting flood of all the newer transporters. Subsequently, the demand for electric trucks in the US is supposed to increment as additional individuals are checking trucks out.
Global Electric Vehicle Battery Housing Market Developments
• In March 2022, in order to accommodate new business from Ford Motor Company for the provision of novel battery enclosures, Magna stated that it is extending its operations into Chatham as an expansion of its present facilities in St. Thomas.
• In June 2022, Renault Group, a prominent participant in the automotive industry, and Minth Group announced the signing of a memorandum of understanding to establish a joint venture in France to manufacture battery casings. In 2023, the joint venture will open two additional manufacturing lines in Ruitz, with a capacity of 300,000 battery casings per year by 2025, for electric vehicles such as the upcoming R5.
• In February 2022, Nemak, S.A.B. de C.V. said that it has been granted a contract worth US$350 million per year to manufacture battery housings for worldwide clients’ fully electric automobiles. Nemak intends to invest roughly $200 million in three new manufacturing locations across Europe and North America to support joining and assembly requirements for these products.
• In February 2021, CSP, along with its parent company Teijin introduced a patent-pending clip system that replaces the need for bolts in the process of joining the top and bottom of an electric vehicle battery case. This clip system improves the seal, reduces assembly costs, and makes the batteries easier to service when needed. The clips will be manufactured at CSP Stamping in Manchester, Michigan.
• In December 2020, CSP and its parent company Teijin introduced a new innovative honeycomb class A panel technology and an advanced, multi-material EV battery enclosure for electric vehicles.
• In April 2020, the company collaborated with BMW Group to manufacture battery enclosures made of fiber-reinforced plastics for the BMW i3 and BMW 7 series.
Global Electric Vehicle Lubricants Market
APAC Fluids and Lubricants Market for EVs
Lubricating an electric vehicle is very different from lubricating a conventional internal combustion (IC) engine vehicle. In IC engine vehicles, oils are used to decrease engine friction. These oils degrade gradually as they get contaminated with combustion gases and need regular replacement. The fluids required for electric vehicles would have exposure to high voltages and temperatures. The fluids’ longevity is also essential for lowering maintenance costs and increasing the marketability of electric vehicles.
Fluids and lubricants for electric vehicles are in high demand due to the increasing number of applications for new fluids in electric vehicles. Various electric vehicle fluid and lubricant manufacturers are collaborating with different electric vehicle powertrain and battery technology providers to study and commercialize cooling technologies for batteries. Additionally, government subsidies and infrastructure development aimed at promoting electric vehicles to reduce carbon dioxide emissions propel the APAC fluids and lubricants market for EVs.
APAC fluids and lubricants market for electric vehicles is projected to reach $2,363.8 million by 2031 from $182.8 million in 2022, growing at a CAGR of 32.89% during the forecast period 2022-2031.
APAC Fluids and Lubricants Market for Electric Vehicles – Regional Analysis: Focus on Application, Product, and Region – Analysis and Forecast, 2022-2031
APAC Fluids and Lubricants Market for EVs
• In November 2021, The Lubrizol Corporation partnered with Intel to develop the industry’s first hydrocarbon collaboration for immersion fluid technology. The company’s new immersion fluid solutions will be warrantied on Intel Xeon and Core microarchitectures.
• In November 2021, Petroliam Nasional Berhad (PETRONAS) unveiled its next-generation range of electric vehicle fluid solutions at its Global Research & Technology Centre in Turin, Italy.
• In July 2021, TotalEnergies SE launched a dedicated hybrid transmission fluid for Great Wall Motors. Great Wall Motors, China’s leading car manufacturer, is a key player in the development of electric vehicles.
Global Electric Vehicle Bearings Market
Bearings are used in electric vehicles primarily for supporting axial and radial loads and reducing friction. The growth of the global electric vehicle bearings market is majorly attributed to the growing inclination toward vehicle weight reduction.
Impact of Electric Vehicle Bearings Market
• With the rapidly evolving electric vehicle market, the bearings used in electric vehicles are subjected to base on various performance parameters, including a wider operating temperature range and increased speed range.
• The optimization and integration of electric vehicle powertrain led to new bearing requirements. Major bearing producers such as NSK Ltd., AB SKF, and NTN Corporation are working on the development of new products that meet the current and future bearing requirements of electric vehicle powertrain producers.
• The electric vehicle bearing producers are exploring lightweight bearing material alternatives and a new variety of lubricant and grease formulations which together can effectively increase the electric vehicle motor efficiency, contributing to the improvement of overall vehicle efficiency.
The global electric vehicle bearings market is projected to reach $41,127.0 million by 2031 from $2,261.5 million in 2021, growing at a CAGR of 34.1% during the forecast period 2022-2031.
Electric Vehicle Bearings Market – A Global and Regional Analysis: Focus on Propulsion, Application, Vehicle, Sales Channel, Product, Material, and Region – Analysis and Forecast, 2022-2031
Electric Vehicle Virtual Prototyping Market
The global electric vehicle virtual prototyping market is expected to reach $5,613.2 million by 2030, with a CAGR of 33.83% during the forecast period 2021-2030.
Electric Vehicle Virtual Prototyping Market – A Global and Regional Analysis: Focus on Product Type, Application Type, Deployment Type, and Region – Analysis and Forecast, 2019-2030
A virtual prototype, also known as a digital mock-up, is a computer simulation of a physical product that can be presented, analyzed, and tested as if it were a real physical model from product life-cycle aspects such as design/engineering, manufacturing, service, and recycling. Virtual prototyping is the process of creating and testing a virtual prototype (VP).
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