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EV Market worth 39,208 thousand units by 2030 | MarketsandMarkets

05-19-2022 05:45 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

EV Market worth 39,208 thousand units by 2030 |

According to the new market research report, The global EV Market size is projected to grow from 8,151 thousand units in 2022 to 39,208 thousand units by 2030, at a CAGR of 21.7%.

Developments in EV battery technology connected cars technology, battery management technology, Smart charging, and wireless on the go charging will have a major impact on the EV Market in the future. Government bodies are working with manufacturers to provide the necessary EV charging infrastructure across their countries. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, EV Market is projected to register rapid growth in the next few decades.

Browse in-depth TOC on "EV Market"
262 - Tables
104 - Figures
324 - Pages

Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero-emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero-emission vehicles to reduce the increasing pollution. To attract and encourage people to buy EVs, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero-emission vehicles etc.

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The EV Market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands).

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

This report maps the EV market in the Asia Pacific region for China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, and Vietnam. The region is home to some of the fastest-developing economies, such as China and India. The governments of these emerging economies have recognized the growth potential of the EV Market and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. China for instance is investing significantly in the production of both electric passenger as well as commercial vehicles, with export plans. 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 supports EV usage by offering a subsidy for buying EVs. The country is also encouraging manufacturers to develop better EV technology. Various EV charging stations are set up across the country due to the subsidy for setting up EV infrastructure. The country has promoted the development and use of EV buses and trucks. In 2020, a low-cost EV passenger car, Wulin Hongguang Mini EV, was developed in China, costing less than USD 5,000. The vehicle sold majorly in the domestic market, but its gross sales were the second-highest of the total EV sales for 2020 and 2021. There was a major growth in the Chinese EV market due to the growing demand for mini EVs in 2021, speeding up the country's plans to have 20% of all vehicles sold as electric by 2025. According to various official estimates, the EV market share is expected to be around 30-35% of the total vehicle market by 2025.

Japan is also developing its EV infrastructure along with various OEMs in the region, developing BEVs, PHEVs, and FCEVs for the market. It showcased all FCEV use during the Tokyo Olympics. South Korea plans to speed up the EV demand in the country. OEMs such as Hyundai and Kia are undertaking efforts to introduce high-performance EVs in the market. Various top European and American OEMs also cater to the Asian EV market on an increasing scale. These factors are expected to drive the EV Market in the Asia Pacific region. Thailand, Indonesia, Malaysia, and Vietnam have also started working to reduce their vehicle emissions and shift to the use of EVs.

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MEA is expected to be the fastest-growing market during the forecast.

The Middle East and African region have started giving importance to the EV Market in the recent past. The governments of countries like UAE, Egypt, South Africa, and Cyprus have been working on growing their EV adoption and EV charging stations across the region. These countries have provided incentives for EV buyers. Companies like Tesla, Geely, Toyota, Volkswagen and Nissan have been leading the market in this region. A large part of the EVs sold in this region are bought from China and Europe. Due to the low power prices in these regions, the fuel cost for EVs comes down drastically, but the vehicle ownership costs make up for much of the difference. There is an advantage for use of EVs in the middle east: the urban areas are much closer together and an 80% charge on a decent EV can get you around wherever you need to go within the states. The rising disposable income of people in this region along with the need for emission reduction has led to an increase in EV demand over the last few years. UAE for instance plans to add over 42,000 EVs in the country by 2030. The country also plans to be among the world leaders to develop charging stations in the region. The country plans to give free EV charging till 2025 to promote the EV market.

The Passenger cars segment is expected to be the largest segment in the forecast period.

Passenger cars account for the largest share of the EV Market. The demand for passenger cars has increased due to the increase in demand for zero-emission vehicles along with government incentives, regulations, and subsidiaries. The electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The major factors driving the market are the availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates. Major EV manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc., are strong players in the market. These companies have a strong market for their EVs around the world. In 2021, the bestselling passenger electric cars were Tesla Model 3, SAIC Hongguang Mini EV, Tesla Model Y, Volkswagen ID.4, BYD Qin Plus PHEV, Li Xiang One PHEV, BYD Han EV, BYD Song Pro Plus PHEV, Changan Benni EV, Volkswagen ID.3, Renault Zoe, GAC Aion S, Chery eQ, Kia Niro EV, Nissan Leaf, GW Black Cat, Toyota RAV4, Hyundai Kona EV, Xpeng P7, and SAIC Roewe Clever EV.

View Full TOC @ https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html

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.

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.

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