A special program called EVI was launched under the Clean Energy Ministerial (CEM), a high-level dialogue among Energy Ministers from the world’s major economies. Fifteen countries are currently participating in EVI: Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the United Kingdom. These countries are providing a lot of supportive policies for Electric vehicle users and for the electric vehicle companies thus it makes even clear that ‘The future is electric.’
There is not one but several explanations why, rather than sticking to fuel-based vehicles, you should opt for electric cars.
Currently, with thrilling and impressive cars that are not only fuel-efficient but also safe and easily available, China, Europe and the United States dominate the electric vehicle market.
It’s no wonder why people all over the globe are gaga over Tesla models from Elon Musk.
Reasons why you should switch to electric cars
The following are a few reasons why you should switch to electric cars.
- They are cleanerThey have less moving parts thus less maintenance
- The price of an electric vehicle is steadily approaching the price of the same class of motor vehicles
- There is an improvement in the distance covered after one plug-in fee.
- The infrastructure is improving and the number of charging stations and service centres accessible for owners of EVs is rising
- In a number of countries like India, policymakers are providing financial incentives including tax credits, to reduce the initial cost of electric vehicles
In this highly favorable environment for both automakers and the customers, all the major automakers are creating strategies to make the most out of this amazing opportunity.
But there are already few electric vehicle manufacturers who already dominate the industry globally.
Top 5 Electric Vehicle Manufacturers in the World
Let us discuss the top five vehicle manufacturers in the world.
Here we will rank the companies according to their market share, product range, supporting infrastructure, business models, and future plans.
#1 Tesla Inc.
It is very much clear that tesla standouts from the crowd and they dominate the industry by having 18% of the market share of the global EV market.
If we try to rank the companies by the criteria mentioned above tesla wins all of them. Unlike the other giant electric vehicle manufacturing companies, tesla has only a history of 14 years still tops the list of top five electric vehicle manufacturers in the world.
Here are a few reasons for tesla being first on the list of Top five electric car manufacturers in the world.
- They proved that electric vehicles can be fun and thrilling with their roadster and it was a huge game-changer in the industry.
- They have the best battery technology currently available in the market.
- They have the state of the art Tesla Giga factory which is inspired a lot by SpaceX
- They have an extensive network of supercharging stations and its a great advantage for them because according to a study the greatest concern of an EV owner is the charging facility
- They have a wide range of models. The price for the Tesla Model X crossover ranges from $88,000 to $160,000 which falls into the luxury segment. At the same time, The price for the relatively low-priced Model 3 ranges from $35,000-$44,000 and the distance covered after one charge ranges from 350 to 500 km.
All the above-mentioned reasons make Tesla Inc lead the list of Worlds top Five Electric vehicle manufacturers in all the criteria.
The French-Japanese Renault/Nissan group consists of Renault (based in France), Nissan, and Mitsubishi Motors (based in Japan). Together, they sell more than 1 in 9 cars around the world. In terms of global sales, Renault/Nissan stands in the second position in the first half of the year 2020, 65,521 units were sold (10% off market share).
The Nissan Leaf which is the flagship model of their EV segment has two battery options of 24kWh and 30kWh that have ranges of 199km and 249km. Renault’s Zoe was named ‘Best used green car’ by ‘What Car?’ in 2018 and has a range of up to 402km per full charge and a real-world range somewhat of 297km, depending upon temperature and climate control use.
Let us explore the reasons why Nissan holds second place in the Top electric vehicle manufacturers in the world.
- They have the greatest infrastructure for manufacturing Electric cars.
- They have a considerable market share in almost all countries.
- With dealers and service centers around the globe, the transition from gasoline vehicles from Evs would be a smooth one.
- They have a 32-year-old legacy and has an enormous community of loyal customers.
Early signs indicate that the drive for electric mobility by Volkswagen will definitely seem to have been fruitful in 2020, with the brand selling almost three times as many pure-electric vehicles as the year before. They currently have a market share of 13 % in the EV market.
During the first phase of electrification, with an estimated 10 million vehicle sales across all VW Group brands (and now we know up to 22 million by the end of the 2020s), there has been a significant emphasis on component sharing and cost reduction. The use of an all-steel framework would help; it is much cheaper than the alternative lightweight aluminium.
Below are a few reasons why you should consider the VW group to be one of the top five electric vehicle manufacturers in the world.
- They already have a market share of 13% in the global EV market.
- The VW group with a vast amount of models their own and their subsidiaries has the advantages of various technologies which can be adapted easily for the EVs.
- Their business model emphasizes more on cost reduction which in turn makes the vehicles more accessible to the mob thus increasing the market share even more.
- They enjoy the advantage of being one of the leaders in the IC engine-powered market. This means a well-established distribution network and the goodwill of the brand name.
The German auto giant is an undisputed leader in IC-powered cars. Even then, to be honest, they are a bit lagging behind when it comes to Electric vehicles. Though they are lagging a bit, we should consider them to be one of the key players in the top Five electric vehicle manufacturers in the world.
In the next 10 years, BMW plans to sell 4.6 million fully electric vehicles, an average of 4,60,000 a year and an immense improvement from the 42,249 sold last year (all of them an i3). It also expects to sell 2.4 million plug-in hybrids and has already committed itself to offer PHEV versions in its line-up of every current model.
- The new BMW proposal calls for a major increase in the range of pure electric models.
- BMW is also planning to sell up to four different powertrain models under this model: petrol, diesel, plug-in hybrid, and pure-electric.
- The carmaker says that, for the near future, it will continue to sell both petrol and diesel engines in each of its main model lines.
- BMW also announced the electric variant of the X1 small SUV, marked iX1, which implicitly replaces the i3, plus the new i5 and i7, based on the 5 Series and 7 Series saloons of the next generation respectively.
With their elaborate business model refined for the new EV-powered market combined with their state of the art research and development facilities, existing infrastructure for distribution, service centers, and market share, BMW has all the potential to catch up with the market and to compensate for the initial loss.
KIA holds a considerable place in the list of Top five electrical vehicle manufacturers in the world. KIA is undergoing huge changes internally in order to fit into the electric era. Kia will strengthen its EV line-up by 2026 with 11 new models seven dedicated EVs built on the Electric-Global Modular Platform (E-GMP) architecture, and 4 based on existing ICE derivatives. Along with the passenger car segment KIA is also eyeing the purpose-built-vehicle (PBV) business.
- KIA is eyeing the global market and making strategies to make use of it
- They are creating huge strategies for global EV
- KIA already has 2 successful electric variants of their IC Models the Soul EV and the Niro EV.
- With a worldwide distribution network and alliance with numerous small-scale business enterprises, KIA can penetrate into the market without much efforts.
‘Now’ is the right time to Go electric
It is a widely accepted fact that the Future is electric and the governments and legislations are making sure that their country is not left behind the electric vehicle revolution which we are about to witness in the near future.
Automakers around the globe are making huge changes internally and externally by incorporating more flexible manufacturing processes and the development of new technology. As a result, EVs are becoming more and more efficient and fun to drive.
The above ranking is based on certain criteria mentioned above, the positions may change or new players may enter into the list of Top five electric vehicle manufacturers in the world. The opportunities are enormous for both the companies and the consumers.
Consumers are to be educated well about the industry to take wise decisions and to make the right calls at the right time. More on that in the coming posts.