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.