The countries that emerged as the leading players in the highly competitive market in EV exports. The top 5 leading EV export regions in 2019 are: –
- China: One of the largest producers and exporters of EVs in the world. It is accounting for more than 50% of global EV production and exports. Automakers such as BYD, BAIC, and JinkoSolar are some of the established automakers in the global EV market with countries investing heavily in the domestic EV industry.
- Europe: Countries like Germany, the Netherlands, and Norway are the major producer and exporters of EVs. Volkswagen, BMW, and Mercedes-Benz are some of the Top leading European automakers investing heavily in the development of EVs. The Government also boosted various incentives to further the competitiveness in the market.
- Japan: Companies such as Toyota, Nissan, and Mitsubishi are some of the major producers and exporters leading the EV market by investing heavily in the advancement of battery technology to make EVs more competitive in the global market.
- South Korea: It is one of the major players in the global EV market with companies such as LG Chem, SK Innovation, and Samsung SDI. The country also implemented some strong automotive policies in the industry to grow the domestic EV market. The Government supported the growth of manufacturing incentives, research and development, and consumer adoption incentives.
- United States: It is known as the land of opportunity and still holds that position without lagging in the EV market as one of the leading exporters. In the EV market with companies such as Tesla, General Motors, and Ford. The government implemented several policies such as tax credits for consumers and investment in charging infrastructure supporting the growth of the EV market not just locally but also in the international platform.
As of now, it is still uncertain whether the countries can hold their current positions. The market is bombarded with new players every day and now. The EV market is the most competitive market with unlimited opportunities to explore and be discovered more innovative ideas.