According to a study released on Tuesday by Research and Markets, the segment of low-priced electric vehicles is expected to be the largest by 2030. The study says global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.The research enhances affordability as one of the most influential criteria to customers and the relevance of the Asia Pacific region in this segment.
“Low-priced EVs are mainly available in the Asia Pacific region. China’s top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020″, study says.
Suzuki is expected to enter the low-priced segment in the coming years with plans to open new manufacturing facilities in India. The upcoming Model 2 by Tesla for the Chinese market is also expected to cost around USD 20,000.
With affordability as the main criteria in this segment, it has immense potential in the long run, with countries making policies to shift fully to EVs in the coming decades. Low-priced electric vehicles are small, lightweight, and less costly to produce and purchase. This kind of EV is also called Mini-EVs and is mainly available in China.
Some of the bestselling low-priced EVs are offered by BYD, SAIC Motors, and Great Wall Motors (China). In April 2020, the world’s cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost approximately USD 5,000 and did not have additional features except traditional driving. This also became one of the top sold EV models in 2020 and 2021. Great Wall Motors’s Black Cat, White Cat, and Good Cat were some of the top-selling EVs from the company, which pushed it to be one of the largest EV manufacturers in the world in 2021.
In November 2020, Great Wall Motors launched its latest EV (Good Cat), which further started sales in Thailand in 2021. BYD’s Han, Qin Plus PHEV, Song, and Qin Plus EV also had substantial sales in 2021, which belong to this segment”, the Research firm concluded.
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