Right Hand Drive Electric Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The right hand drive electric vehicle market was valued at USD 116.36 billion in 2021, and it is anticipated to reach USD 119.94 billion by 2027, registering a CAGR of about 27.95% during the Forecasts period (2022 - 2027).

The COVID-19 pandemic had a negative impact on the market as manufacturing activities were on halt in the Q1-Q2 of FY-2020. During the pandemic both production and sales of electric vehicle has witnessed a decline owing to covid-19 restrictions and decreased purchasing parity of customers. However, after ease of restrictions, the demand for electric vehicles witnessed a stiff increase in demand for the year 2020 and 2021.

Electric vehicles have become an integral part of the automotive industry, and they represent a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns, coupled with favorable government initiatives, are some of the major factors driving the market growth.​

Governments across the globe are encouraging the expansion of electric vehicle charging infrastructure to minimize the carbon emission by transportation sector. As the governments are trying to provide usage and purchase incentives that may lower the overall cost of ownership or make driving electric vehicles more convenient for customers.

Right hand drive electric vehicle witnessed optimistic growth as consumers inclined toward affordable eco friendly transportation supported by governments incentives. ​

Key Market Trends

Growing Demand for Passenger Cars

The electric vehicles have become an integral part of the automotive industry, and it represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns and favorable government initiatives are the major factors driving this growth.

The annual sales volume of battery-electric passenger cars is projected to cross the 7 million mark by the end of 2022. It is expected to account for a significant share of the overall vehicle sales by the end of 2027.

The government regulations and incentive schemes strongly impacted people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.

India will shape the growth trajectory

Electric vehicle market is dominated by the left-hand drive vehicle owing to the large economies including USA, Europe, and China. But, a significant customers for righ-hand drive is available across countries like India, Australia, United Kingdom, South Africa, Indonesia, Japan, and many more.

Among these countries India is likely to be at forefront of righ-hand drive electric vehicle market owing to the large automobile sector and huge population. As of now India has more two and three-wheeler electric vehicles as compared to passenger cars. As of 2021, India have a fleet of around 52,000 electric vehicle. India electric vehicle is presumed to grow and likely to achieve a market share of 5% in new car sales by 2025 and 30% by 2030 and 100% by the end 0f 2050.

Competitive Landscape

The right hand drive electric vehicle market is majorly dominated by players, such as Audi AG, BMW Group​, BYD CO. LTD, Honda Motor Co. Ltd, Hyundai Motor Company, Mahindra & Mahindra Limited​, MG Motor India Pvt. Ltd, Nissan Motor Company​, Tata Motors Limited, Toyota Motor Corporation,​ and Volvo Group​.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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