The size of the global electric vehicle market was recorded as USD 162.34 billion in 2019 and is likely to reach USD 802.81 billion by 2027, with a staggering CAGR of 22.6%. This market growth can be attributed to heavy investments from automakers, relaxed government policies & subsidies, increasing environmental concerns, and a major increase in the number of EV models. The Electric vehicles Competitive evaluation in the AsiaPacific region is expected to witness the fastest growth, followed by Europe and North America.

In 2019, the electric vehicle market was dominated by Tesla (US), BMW(Germany), Volkswagen (Germany), and Nissan(Japan). A few key strategies executed by these players to compete in the electric vehicle market include product launches, partnerships, collaborations, and agreements. A significant number of acquisitions& mergers also took place during this period.

Tesla (US) is one of the leading manufacturers of Best electric vehicles. The company designs, develops, manufactures, and sells high-performance, fully-electric vehicles and energy generation & storage systems. It offers a number of very-high-performance variants of electric vehicles quadrant, including the Model X, Model S, Model 3, Model Y, and the Roadster. Tesla has developed a supercharger solution that is capable of charging 80% of the battery in less than 30 minutes.

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June 2020 – Tesla plans to grow its battery manufacturing operations in Fremont, California (US).

October 2019 – Tesla acquired Hibar Systems, which helped the company improve its expertise in automated battery manufacturing for electrified vehicles, laptops, and similar products.

February 2019 -Tesla acquired Maxwell, an ultra-capacitor and battery component manufacturer based in California, US.

Nissan (Japan) manufactures high-quality vehicles under the brands Nissan, Infiniti, and Datsun and provides them to customers from across the globe. The company manufactures and sells vehicle and vehicle parts, engines, manual transmission, specially-equipped vehicles, industrial equipment engines, and more. It also manufactures high-performance BEVs and ECVs.

June 2020 – Nissan plans to launch Hybrid and EVs in India, Africa, and the Middle East.

April 2019 – Nissan unveiled an all-new sedan and also displayed two new electrified concept vehicles at the Shanghai International Automobile Exhibition.

BMW (Germany) is a global automobile manufacturing group and a leading manufacturer and seller of luxury cars. The company also offers high-performance electric vehicles known as the BMW i3 and the BMW i8, which are PHEVs. By the end of 2025, the company plans to offer as many as 25 electrified vehicles, out of which 12 will be fully electric.

June 2020 – BMW has partnered with State Grid and announced a huge charging network expansion that would approximately double the number of charging points.

June 2020 – BMW is starting the preproduction of the iX3 electric SUV, its first next-generation EV.

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360Quadrants Scoring Methodology

The top companies in the Electric Vehicle Market will be rated using the following methodology:

A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors (competitors).
A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
Approximately 20+ in-depth parameters will be considered for research into the Electric Vehicle market. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
Buyers
Industry Experts
360Quadrants Analysts
Vendors (Competitors)
The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
About 360Quadrants

360Quadrants is the largest marketplace looking to disrupt USD 6.3 trillion of technology spends and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insight using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide. The platform has around 400 total buyers across various markets.

360Quadrants will also be launching quadrants in fields like Digital Transformation Software, Cloud Computing Software, and Access Control Software.