Top 15 Key Players in the Electric Vehicles (EV) Industry

Tesla, Inc., Toyota Motor Corporation, BYD Motors Inc., General Motors, Volkswagen Group, SAIC Motor Corporation Limited, BMW AG, Mercedes-Benz Group AG, Nissan Motor Corporation, AB Volvo, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, Chery Automobile Co. Ltd, and Dongfeng Motor Company, among others, are the major players in the global market for electric vehicles.

As per the analysis by Expert Market Research, the global electric vehicle market is expected to grow at a CAGR of 20.75% in the forecast period of 2022-2027, owing to the increasing demand for vehicles that are fuel-efficient.

Multiple factors are driving the surge in demand for low-emission transportation and long-range, zero-emission vehicles. Through subsidies and tax breaks, governments all over the world are encouraging the sales of electric vehicles. As a result, there is a rising market demand for electric vehicles.

Internationally, countries have set emission reduction targets based on their different capacities. For instance, German automakers increased their cash incentives for electric cars to encourage the switch from internal combustion to battery-powered engines to reduce hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations such as the United States, China, and several European nations; this, in turn, will help the electric vehicle market expand.

According to the Norwegian Road Federation, a government-run organisation responsible for road transportation in Norway, by 2024, all cars sold in Norway must have zero emissions. This resolution is expected to have a positive impact on the electric vehicle market.

To encourage people to purchase electric vehicles, governments are spending a lot of money on incentives and subsidies. Initiatives being taken by governments throughout the world are projected to increase demand for electric automobiles in the upcoming ten years. Fuel economy standards have been developed globally, and electric vehicle regulations have been implemented in developing nations.

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Top 15 Global Electric Vehicle Companies:

Tesla, Inc.

Tesla is a United States corporation that specialises in the production of electric vehicles, solar energy, and other forms of energy. With a goal to accelerate the transition of the world to sustainable energy, it designs fully scalable sustainable systems. The business is also renowned for specialising in lithium-ion batteries for energy storage and solar panels.

Toyota Motor Corporation

Toyota Motor Corporation is one of the market leaders in the global automotive industry. It sells its products in more than 170 countries and areas while manufacturing cars in 27 countries or regions. It produces and sells motor cars and their components.

BYD Motors Inc.

China's foremost high-tech company, BYD, specialises in IT, cars, and new energy. BYD is the biggest manufacturer of rechargeable batteries in the world, and it also dominates the markets for keypads, handset Li-ion batteries, and nickel-cadmium batteries. Additionally, it holds the a global market leading share for cell phone shells.

General Motors

Formerly known as General Motors Corporation, General Motors Company is one of the largest automakers worldwide. It operates manufacturing, assembling, and distribution sites in the United States, Canada, and various other countries. The company's primary offerings comprise of top-quality automobiles, automotive parts, trucks, and engines.

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Volkswagen Group

The Volkswagen Group, which has its corporate headquarters in Wolfsburg, is one of the top automakers in the world and the largest in Europe. The Group consists of twelve brands, including KODA, Volkswagen, Audi, Porsche, SEAT, Bentley, Lamborghini, Scania, Ducati, Volkswagen Commercial Vehicles, and MAN, from seven different European countries. Through electric propulsion, digital networking, and autonomous driving, it makes cars that are clean, quiet, intelligent, and safe.

SAIC Motor Corporation Limited

Automotive design firm SAIC Motor concentrates on research and development activities, production, and sale of both passenger and commercial vehicles. The automaker's electric vehicle, the small crossover MG Mulan, was introduced by the firm in September 2022.

BMW AG

The BMW Group, with its four brands—BMW, MINI, Rolls-Royce, and BMW Motorrad—is a leading premium automobile and motorcycle producer in the world and provides excellent financial and mobility services. The BMW Group's production network consists of 31 production and assembly facilities located across 15 countries, and its global sales network spans more than 140 countries.

Mercedes-Benz Group AG

The Mercedes-Benz Group AG is one of the top manufacturers and suppliers of premium and luxurious vehicles and vans worldwide. The company develops, produces, distributes, and sells a variety of automotive products, including buses, trucks, vans, and passenger automobiles. Financial and other services related to its automotive companies are also offered by Mercedes-Benz Group.

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Nissan Motor Corporation

Nissan is a major automaker with operations all over the world. Nissan and INFINITI are its two primary brand names. The company produces and sells vehicles and related parts. It makes commercial vehicles, sports automobiles, luxury cars, and more.

AB Volvo

One of the leading manufacturers of buses, trucks, construction equipment, and industrial and marine engines globally is the Volvo Group. Additionally, the group also provides complete financial and service solutions. Around 100,000 people work for the Volvo Group, which is headquartered in Gothenburg and has production sites located across 18 different countries. It also sells its products in over 190 different markets.

Hyundai Motor Company

Hyundai Motor Co., Ltd. produces and sells motor cars and their components. It conducts business in the following sectors: financial, vehicle, and others. By successfully mass-producing hydrogen-powered cars for the first time ever and introducing the high-end brand GENESIS, it is growing the automotive market. At the same time, it is advancing the future mobility sector thanks to its technological leadership in autonomous driving and networking.

Ford Motor Company

One of the leading automakers, Ford Motor Co. (Ford) offers a complete line-up of cars, sport utility vehicles, trucks, and electric vehicles. The company also provides auto finance and leasing services.

Great Wall Motor Company Limited

Through its subsidiaries, Great Wall Motor Company Limited produces and markets pick-up trucks and sport-utility vehicles (SUVs) in China under trademarked brands. Assembling pick-up trucks and SUVs requires usage of major automotive parts and components, which are researched, developed, and produced by the company.

Chery Automobile Co. Ltd

Chery Automobile Co., Ltd. is a Chinese automaker with a worldwide presence that manufactures and sells automobiles. The company manufactures sedans, light trucks, commercial vehicles, passenger automobiles, and other products.

Dongfeng Motor Company

One of China's largest car firms is Dongfeng Motor Corporation, which was established in 1969. Commercial cars, passenger vehicles, auto assembly, parts and components, machinery and equipment, and other automobile-related goods and services are all included in the company's core business. DFM additionally manufactures a variety of alternative fuel vehicles, such as HEV, all-electric, and natural gas models.