Electric Vehicle Market Value and Size, Trends, Forecast to 2030

Electric vehicle market which was USD 3,37,263.41 million in 2022, is expected to reach USD 14,84,355.71 million by 2030, growing at a CAGR of 20.35% during the forecast period of 2023 to 2030. 

Electric Vehicle Market report can be structured well with the blend of top attributes such as highest level of spirit, practical solutions, committed research and analysis, innovation, talent solutions, integrated approaches, most up-to-date technology and dedication. Further, strategic planning supports in improving and enhancing the products with respect to customer’s preferences and inclinations. The report comprises of all the market shares and approaches of the major competitors or the key players in the  industry. Moreover, this market report also brings into the focus various strategies that have been used by other key players of the market or  industry.

For the growth of business, Electric Vehicle Market report has a lot to offer and hence it plays a very important role in growth. It describes thorough study of current situation of the global market along with several market dynamics. Being a premium market research report, this business report works as an innovative solution for the businesses in today’s revolutionizing market place. This market report gives the best outcome because it is structured with a nice blend of advanced industry insights, practical solutions, talent solutions and latest technology. Electric Vehicle Market report takes into account plentiful aspects of the market analysis which many businesses demand.

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The electric vehicle operates on electricity. Electric Vehicles work with the help of an electric motor. It requires a constant supply of energy from the batteries. There are different types of batteries used in electric vehicles. These include zinc-air, lithium-ion, molten salt, and nickel-based. The primary reason for manufacturing electric vehicles was to remove environmental pollution. It has gained momentum, due to various technological advancements. It is better than conventional vehicles as electric vehicles provide higher fuel economy, low maintenance, the convenience of charging, and smoother drive.

Global Electric Vehicle Market Dynamics

Drivers

  • Rising environmental consciousness

There is rapid increasing sales of electric vehicles globally, owing to its various advantages such as high fuel economy, low maintenance, convenient charging, and smooth driving. A large number of consumers are rapidly preferring passenger and commercial electric vehicles (EVs) due to the rising environmental consciousness among them, as electric vehicles are environmentally friendly. The rising environmental consciousness globally is significantly contributing to the market’s growth.

  • Reducing the cost of EV batteries to support demand for cost-effective EVs

The decreasing cost of EV batteries during the past years has led to the production of EV batteries on a mass scale in large volumes due to various technological advancements. This has apparently led to a reduction in the cost of electric vehicles, due to the reduction in the cost of EV batteries and electric vehicles people are widely opting for electric vehicles. Earlier EV batteries were one of the most expensive parts of the electric vehicle. Therefore, the reduction in the cost of EV batteries is driving the market’s growth.

Opportunities

  • Increasing demand in  automotive and transportation

There is high demand for electric vehicles in the automotive and transportation sectors. Electric vehicles are majorly preferred in the automotive and transportation sector as they work on batteries and conventional vehicles work on fuel and the prices of fuels are increasing day by day. Along with this charging electric vehicles is also very convenient. Therefore, the increasing demand for electric vehicles in automotive and transportation is further fuelling the market’s growth. 

  • Government initiatives pertaining to electric vehicles

Various countries in the world have set targets to reduce vehicle emissions. For this, they are promoting the development and sales of electric vehicles. The government of the US invested USD 5 billion in 2017 in the electric vehicle sector to promote the infrastructure of electric vehicles such as charging stations. Governments of various countries are providing incentives such as low or zero registration fees and relaxation from import taxes, and purchase taxes. Thus, government initiatives in various countries are propelling the market’s growth.

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The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the Electric Vehicle Market.

  • Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.

  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.

  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Electric Vehicle Market.

Table of Content:

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Global Electric Vehicle Market Landscape

Part 04: Global Electric Vehicle Market Sizing

Part 05: Global Electric Vehicle Market Segmentation by Product

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

This study answers to the below key questions:

  1. What are the key factors driving the Electric Vehicle Market?

  2. What are the challenges to market growth?

  3. Who are the key players in the Electric Vehicle Market?

  4. What are the market opportunities and threats faced by the key players?

 

Electric Vehicle Market Regional Analysis/Insights

The electric vehicle market is analysed and market size insights and trends are provided, components, type, vehicle type, propulsion type, charging station type, vehicle class, power train, top speed, vehicle drive type, vehicle connectivity and end use as referenced above.

The countries covered in the  electric vehicle marketmarket report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the electric vehicle market because of the introduction of advanced technology along with a rising number of research and development activities within the region. Along with this US government has taken a number of initiatives to increase the use of electric vehicles which contributes to the market’s growth.

Asia-Pacific (APAC) is expected to grow during the forecast period of 2023 to 2030 due to the subsidies from the government for the adoption of electric vehicles in comparison to conventional vehicles. The government in the various countries of the region has taken steps such as subsidies for EV buyers, and support for the installation of EV charging points in the region.

Some of the major players operating in the electric vehicle market are:

  • Ford Motor Company (U.S.)

  • General Motors (U.S.)

  • AUDI AG. (Germany)

  • Kia India Private Ltd. (South Korea)

  • Renault Group (France)

  • Peugeot Motor Company plc (France)

  • SAIC Motor Corporation Limited (China)

  • Tesla (U.S.)

  • Daimler Truck AG. (Germany)

  • BMW AG (Germany)

  • Hyundai Motor Company (South Korea)

  • BYD Company Ltd. (China)

  • Continental AG (Germany)

  • Toyota Motor Sales, U.S.A., Inc. (Japan)

  • Nissan Motor Co., Ltd. (Japan)

  • Volkswagen AG (Germany)

  • AB Volvo (Sweden)

  • Honda Motor Co., Ltd. (Japan)

  • Stellantis NV (Netherlands)

 

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