Electric Vehicle Market Size, Growth, Forecast, Opportunities by 2030 Electric Vehicle Market Size, Growth, Forecast, Op | Page 4

The mid-priced segment is expected to grow at the highest CAGR
The mid-priced segment is expected to be the fastest growing market during the forecast
period. In Asia Pacific, China is one of the leading countries for the mid-priced segment.
Companies such as BYD, Smart, and Great Wall Motors are manufacturing vehicles that
are relatively less expensive. In July 2018, Great Wall Motors announced a partnership
with BMW Group to produce electric MINI vehicles in China. In December 2018, the
company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the
ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of
almost 200 miles. Also, established automotive manufacturers such as Hyundai, General
Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market
share.
The supercharging segment is expected to grow at the highest CAGR
Tesla pioneered the installation of supercharging stations across the world. These super-
fast charging stations can charge an EV battery in approximately 30 minutes. However,
superchargers are exclusive only to Tesla EVs and do not function on other manufacturer’s
models. As of January 2019, Tesla had over 1,400 supercharging stations across the world.
With the mounting planned production of Tesla EVs that are set to be launched over the
next few years, the supercharging segment is expected to grow in tandem.