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EV Economy

Electrifying passenger and commercial travel

Overview

The electric vehicle (EV) economy represents a future where battery electric vehicles (BEV) are readily used in transportation. Making up less than 1% of the total passenger vehicles in use, BEVs are presented with significant space for growth, while derived demand from EVs would also bode well for batteries and charging solutions. Falling battery costs and improvements in their range make BEVs competitive against gasoline counterparts. Aggressive electrification targets are also expected to drive the demand over the next few decades. If all proposed sustainability policies and electrification targets are met, the number of BEVs on the road is expected to hit around 95 million by 2030 (from around seven million in 2020).

What's driving this industry?
Market Sizing

The US EV economy could reach USD 133 billion–USD 250 billion by 2030

Conservative case

USD 133 Bn

Base case

USD 211 Bn

Expansion case

USD 250 Bn

USD billion0501001502002502021202220232024202520262027202820292030
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COVID-19 IMPACT

  • Strong recovery from the pandemic, with passenger BEV sales increasing by 86.8% YoY in 2021 (from 29.1% YoY in 2020).

  • Multiple disruptions to business operations over the past two years due to lockdowns and virus outbreaks. 

  • Rivian, Lucid Motors, Fisker, Lordstown Motors, and Sono Motors experienced delays in launching new models.

  • Volta Charging, Canoo, and Tesla developed new products to combat the coronavirus.

View detail

Market Mapping


Seed-stage battery startups and growth-stage charging infrastructure startups most prominent 

Battery startups are the most common, with a number of disruptors developing next-gen advancements in lithium-ion batteries as well as solid-state and other lithium-substitutes. Most next-gen battery startups are at the seed stage and their technologies are yet to be commercialized. Charging infrastructure is another segment with strong disruptor presence. Startups in this segment are somewhat mature with most being in the growth stage.

The passenger EVs segment is incumbent-heavy but startups providing differentiated solutions, such as solar EVs and subscription-based payment models, have shown some promise, along with a handful of commercial EV startups. These startups are yet to reach mass market adoption and are mostly in their seed or early stages.

Incumbents
Growth
Early
Seed
Pre-Seed
Passenger EVs
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Commercial EVs
?
EV Batteries: Li-ion
?
EV Batteries: Other
?
EV Fleet and Battery Management
?
EV Charging Infrastructure
?
Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi
Tesla
Ford
General Motors
Volkswagen
Renault-Nissan-Mitsubishi Alliance
Toyota
BMW
Daimler
Volvo
NIO
Rivian
Lucid Motors
Rimac Automobili
Fisker
Canoo
Sono Motors
Lightyear
Tesla
Daimler
Volvo
Proterra
Rivian
Einride
Nikola Motor Company
Lordstown Motors
Xos Trucks
Volta Trucks
Bollinger Motors
Tesla
Ford
General Motors
Volkswagen
Renault-Nissan-Mitsubishi Alliance
Toyota
BMW
Daimler
CATL
LG Energy
Panasonic
Proterra
Romeo Power
Northvolt
Nexeon
Amprius
Sila Nanotechnologies
Group14 Technologies
Enevate
StoreDot
Nanoramic Laboratories
Addionics
NanoGraf Corporation
Advano
InoBat
NOHMs Technologies
Nyobolt
Ford
Renault-Nissan-Mitsubishi Alliance
Toyota
QuantumScape
SES
Solid Power
Factorial Energy
24M Technologies
Ionic Materials
NAWATechnologies
Addionics
Gridtential Energy
Nanotech Energy
Twaice
ION Energy
Titan Advanced Energy Solutions
Tesla
Ford
General Motors
Volkswagen
Daimler
Volvo
Shell
ABB
bp
ChargePoint
Proterra
Volta Charging
EVgo
Wallbox
EV Connect
SemaConnect
Blink
Freewire
Nuvve
Xos Trucks

The Disruptors


Most top disruptors are public

The EV economy has a high number of listed disruptors compared with other industries—13 of the 15 highest funded disruptors were listed as of March 2022. Most of them have done so through SPAC deals. Passenger EV startup Rivian is the highest funded disruptor in the industry, having raised USD 12 billion at its IPO—this made it the largest IPO in the US since 2014. 

Meanwhile, lithium-ion battery startup Northvolt is the highest funded private disruptor (USD 6 billion). Other notable private disruptors are mostly next-gen battery startups like Sila Nanotechnologies, Factorial Energy, Enevate, and Solid Power, while the commercial EV-maker Einride and the EV sports car maker Rimac Automobili have also raised more than USD 150 million.   

More listed players also means that funding is somewhat concentrated, with the top 15 accounting for more than 90% of the total funds raised (among the top 50 highest funded disruptors). The industry is also relatively mature, with an average disruptor having been in operation for over nine years.

Passenger EVs

?

Disruptors

?
Funding in USD Millions
NIO
Public - Market cap USD 35.1 bn
Rivian
Public - Market cap USD 33.7 bn
Lucid Motors
Public - Market cap USD 31.2 bn
Fisker
Public - Market cap USD 2.9 bn
Canoo
Public - Market cap USD 1.2 bn
Sono Motors
Public - Market cap USD 343.9 mn
Rimac Automobili
876
Lightyear
104

Commercial EVs

?

Disruptors

?
Funding in USD Millions
Rivian
Public - Market cap USD 33.7 bn
Nikola Motor Company
Public - Market cap USD 3.0 bn
Proterra
Public - Market cap USD 1.6 bn
Lordstown Motors
Public - Market cap USD 539.4 mn
Xos Trucks
Public - Market cap USD 331.0 mn
Volta Trucks
329
Einride
152
Bollinger Motors
Unknown

EV Batteries: Li-ion

?

Disruptors

?
Funding in USD Millions
Proterra
Public - Market cap USD 1.6 bn
Romeo Power
Public - Market cap USD 143.2 mn
Northvolt
7066
Sila Nanotechnologies
880
Group14 Technologies
442
Nexeon
329
Enevate
193
StoreDot
190
Nyobolt
84
Amprius
55
Nanoramic Laboratories
39
Addionics
34
NanoGraf Corporation
24
Advano
24
InoBat
17
NOHMs Technologies
16

EV Batteries: Other

?

Disruptors

?
Funding in USD Millions
QuantumScape
Public - Market cap USD 5.9 bn
SES
Public - Market cap USD 2.0 bn
Solid Power
Public - Market cap USD 1.3 bn
Factorial Energy
240
Nanotech Energy
95
24M Technologies
95
Ionic Materials
65
NAWATechnologies
48
Addionics
34
Gridtential Energy
30

EV Fleet and Battery Management

?

Disruptors

?
Funding in USD Millions
Twaice
72
Titan Advanced Energy Solutions
44
ION Energy
5

EV Charging Infrastructure

?

Disruptors

?
Funding in USD Millions
ChargePoint
Public - Market cap USD 6.4 bn
Wallbox
Public - Market cap USD 1.6 bn
Proterra
Public - Market cap USD 1.6 bn
Blink
Public - Market cap USD 1.4 bn
EVgo
Public - Market cap USD 809.6 mn
Volta Charging
Public - Market cap USD 491.4 mn
Xos Trucks
Public - Market cap USD 331.0 mn
Freewire
230
EV Connect
53
SemaConnect
26
Nuvve
18

NIO

NIO is a Chinese EV manufacturer focusing on a battery-as-a-service model. The company has deployed a network of 700+ battery swapping stations in China. Instead of charging a built-in battery like in other EVs, discharged batteries of NIO vehicles can be swapped with charged ones at these stations. The removed battery will be then slow-charged at the station before being swapped for a discharged battery from another NIO vehicle. 

This model enables NIO to separate the vehicle from the battery. The customers can subscribe to a 70kWh battery at CNY 980 (USD 155) per month. This saves around CNY 70,000 (USD 11,000) compared with purchasing the car along with the battery. This also allows NIO to offer EVs at a much more competitive price point. The company’s latest Sedan (ET5), which was to be released in September 2022, was expected to come to the market at a starting price of CNY 258,000 (~USD 40,000) with a leased battery before government subsidies. The post-subsidy price of an entry-level Tesla Model 3 is around CNY 255,652 (~USD 40,000) in China.

NIO offers a range of electric SUVs and Sedans. The company’s operations are primarily in China, where it has sold 100,000+ vehicles (as of April 2021). NIO started deploying vehicles in Norway in September 2021. The company planned to enter Germany, the Netherlands, Denmark, and Sweden in 2022, and reach 25 countries by 2025 including the US.

NIO reported revenue of USD 2.5 million (+109% YoY) and an operating loss of USD 0.7 million (-59% YoY) in 2020. It raised USD 1 billion in an NYSE-IPO in September 2018.

Segment:
Passenger EVs
Total funding:
USD 5.4 billion
Competitors:
Lucid Motors, Fisker, Canoo, Rivian Automotive
Disruptor Funding History

Passenger EVs:

NIO
Rivian
Lucid Motors
Fisker
Canoo
Sono Motors
Rimac Automobili
Lightyear

Commercial EVs:

Rivian
Nikola Motor Company
Proterra
Lordstown Motors
Xos Trucks
Volta Trucks
Einride

EV Batteries: Li-ion:

Proterra
Romeo Power
Northvolt
Sila Nanotechnologies
Group14 Technologies
Nexeon
Enevate
StoreDot
Nyobolt
Amprius
Nanoramic Laboratories
Addionics
NanoGraf Corporation
Advano
InoBat
NOHMs Technologies

Competitive Analysis


Filter by a segment or companies of your choice
Passenger EVs

Incumbents


Incumbents dominate passenger EVs and lithium-ion battery segments

Almost all major automakers have some form of electrification plan, which explains the strong incumbent presence in the passenger EVs segment. Among the top automakers, Volkswagen and the Renault-Nissan-Mitsubishi Alliance lead in terms of electrification, while automakers like General Motors, Ford, Toyota, and BMW are gradually ramping up their EV models and capacity. Meanwhile, Tesla, as the global market leader in the segment, holds a unique position as a pure-play incumbent. 

The lithium-ion battery segment is also dominated by incumbents. Most of them have gained a foothold in the market by leveraging their in-house capabilities as diversified electronics players and long-standing partnerships with automakers. While incumbents have a somewhat limited presence in next-generation EV batteries, several automakers, as well as lithium-ion battery supplier Samsung, are developing solid-state batteries.

Shell and bp are two key incumbents in the EV charging infrastructure segment, having acquired two leading fast-charging suppliers ubitricity and Pulse, respectively. EV charging stations are a part of the two O&G players’ net-zero emission plans. Both ABB and Siemens are also prominent in this space. Meanwhile, incumbent presence in the commercial EVs segment is also somewhat limited, with just Daimler and Volvo having made any significant progress. EV and battery management solutions is another segment with little to no incumbent presence.

In-house

Partnerships

Investments

M&A

Tesla
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Ford
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General Motors
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Volkswagen
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Renault-Nissan-Mitsubishi Alliance
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Toyota
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BMW
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Daimler
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Volvo
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CATL
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LG Energy
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Panasonic
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Samsung
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Shell
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ABB
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bp
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Siemens
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Tesla

Tesla is the largest BEV manufacturer in the world with global and US market shares of around 20% and 72%, respectively (2021). It sold 936,172 units globally across its Model S (full-size car), Model 3 (mid-size car), Model X (mid-size SUV), and Model Y (compact SUV) EVs in 2021. Tesla Model 3 is also the all-time best-selling EV globally as of February 2022. Tesla manufactures EVs at its factories in Fremont, California (up to 600,000 units per year), and Shanghai, China (around 400,000 units in 2021 with the potential for up to two million units). Tesla has also unveiled prototypes of a pickup truck (Tesla Cybertruck) and a Class 8 truck (Tesla Semi). 

Panasonic supplies batteries for Tesla’s US-manufactured EVs. The two companies jointly operate Giga Nevada (Gigafactory 1), the largest battery manufacturing facility in the world, with a manufacturing capacity of around 500,000 battery packs per year. Tesla purchases batteries from LG Chem and CATL for its Chinese-manufactured EVs. The company intended to manufacture some of its batteries in-house, though specific plans were yet to be disclosed as of March 2022. 

Tesla also operates the largest global DC fast-charging network. There were 30,000+ Tesla Superchargers deployed globally as of March 2022. Tesla had a market share of 22% among the North American charging station operators in 2020 (in terms of the total charging stations deployed). Tesla EVs can be recharged up to 200 miles in 15 minutes using a Supercharger. Tesla engages in charging fee revenue. 

Tesla was founded in 2003, while Elon Musk became the largest shareholder of the company and its chairman in 2004. Tesla’s first EV model, the Roadster sports car, was launched in 2009 (discontinued in 2012). The company went public via a Nasdaq IPO, raising USD 226 million in 2010. It then purchased the Fremont factory from Toyota to start production of the Model S. Tesla reported revenue of USD 53.8 billion (+71% YoY) and an operating profit of USD 6.5 billion (+ 227% YoY) in 2021. EV sales accounted for around 88% of Tesla’s total revenue. 

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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