Battery electric and plug-in hybrid electric car sales surpassed 2 million vehicles for the first time in 2019. This Cloudseed report provides a new market segmentation approach and shows how to capitalize on opportunities and mitigate risks.

Before the COVID-19 pandemic disrupted every sector, including the automotive industry, electric vehicles were steadily gaining popularity. In 2019, the total annual sales of battery electric and plug-in hybrid electric vehicles exceeded two million for the first time. Despite the current economic uncertainty and shifting consumer priorities, it is still important to assess the electric vehicle market.

Through evaluating the worldwide electric vehicle (EV) market's current status and observing the multiple drivers of growth in various directions, we have come to a conclusion on the market's evolution over the next 10 years. The substantial rise of EVs prior to 2030 will bring both significant chances and difficulties for established original equipment manufacturers (OEMs), new OEMs, captive finance firms, and dealerships. Traditional OEMs, in particular, will benefit from the findings of this report as they can use the information to realign their priorities and approaches in an unstable competitive environment.

It is evident that we have a chance to analyze consumers in detail and identify specific traits that will support market segmentation and increase the adoption of EVs.Using the insights of these buyers, we can develop a segmentation model based on driving habits and a combination of consumer and demographic factors.

Outlook for Global Development: The recent success of the electric vehicle (EV) market over the past two years, despite the temporary effects of COVID-19, gives reason for optimism. The trend of steady growth is anticipated to persist throughout the decade, as seen by the sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) exceeding two million in 2019, and EVs accounting for 2.5 percent of all new cars sales.

However, overall, the future of growth appears optimistic in the next decade, even though the COVID-19 pandemic may have a persistent effect on overall vehicle sales in the next three years. To anticipate future trends, it's crucial to analyze the developments in different regional markets in the past year.