Electric Vehicle Market - Global Forecast 2030 | MarketsandMarkets

The global Electric Vehicle Market size is projected to reach 34,756 thousand units by 2030, from an estimated 4,093 thousand units in 2021, at a CAGR of 26.8%.

Factors such as growing demand for low emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

Top 10 Players:

Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.

Other Players:

General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.

EV battery price reductions, connected cars, battery management systems, Smart charging, wireless on the go charging are the key market trends or technologies which will have a major impact on the electric vehicle market in the future. Government bodies are working with manufacturers to provide the necessary EV charging stations across their countries. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, the electric vehicle market is considered to be a fast-growing industry in the next few decades.

Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=209371461

The mid-Priced segment is expected to be the largest in the Vehicle class segment in the forecast period.

A mid-priced vehicle is considered to have a price below USD 45,000. This vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles. Established automotive manufacturers such as Hyundai, General Motors, Honda, and Nissan are manufacturing mid-priced EVs to acquire a greater market share. In April 2020, the world’s cheapest EV (Wuling HongGuang Mini EV) was launched in China. It cost around USD 5,000 and came with no additional features except traditional driving. This also became one of the top sold EV models in 2020. Some other mid-priced EVs include Renault Twizy, Seat Mii electric, Fiat 500, VW e-up, MG5 EV, MG ZS EV, etc. Other companies like Hyundai, Honda, Toyota, etc. are working on developing low-cost EV’s for sale in Asian countries.

Rear-wheel Drive EV’s to be higher in demand during the forecast period

The demand for RWD EVs has been on the increase across all regions, particularly across the Asia Pacific and Europe. This is due to its easier vehicle control and growing demand for these vehicles. North America also has seen a faster growth in these vehicles with Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan, etc. leading the market. In the coming decade, the growth of RWD EV’s will be highest in MEA due to its newer market and mostly across the Asia Pacific. The Wuling Hongguang Mini EV which made a big splash in the EV market in 2020 is also an RWD popular across Asia and Europe.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209371461

The Asia Pacific is expected to be the largest market in the forecast

In this report, Asia Pacific is segmented into China, Japan, South Korea, and India. The region is home to some of the fastest-developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of the electric vehicle market and, hence, have taken different initiatives to attract major OEMs to manufacture the electric vehicle in domestic markets. For instance, the Government of India, to increase the adoption of electric vehicles, has announced plans for financial support—a zero-rated goods and services tax (GST) for a window of 3 years for EVs and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). China is also investing heavily in the production of electric commercial vehicles, with plans for export. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. The country also supports EV usage by giving a subsidy for buying EVs. the country is also promoting EV manufacturers to develop EV technology in the country. Various cities are setting up Ev charging stations across the country due to the presence of its subsidy for setting up EV infrastructure. Japan has also been developing its EV infrastructure along with various OEMs in the region working to develop BEVs, PHEVs, and FCEVs for their market. It had plans to showcase all FCEV use during the Tokyo Olympics. The country has been developing its EV market at a very fast rate. South Korea is also working to quickly develop EV infrastructure across the country. It also plans to speed up the EV demand in the country. OEM’s like Hyundai and Kia are working for introducing high-performance EVs in their market. Various top European and American OEMs are also catering to Asia’s EV market on a growing scale. All these factors will drive the electric vehicle market in the Asia Pacific region.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.