Electric Car Market Sales Is Projected To Reach 45 Million Units By 2030

In 2022, the electric car market registered a sale of 8.1 million units, and it is predicted to grow at a 23.8% CAGR, to reach 45 million units by 2030, as per P&S Intelligence.

In the past few years, electric vehicles have become a major area of attention for several automakers, such as General Motors, Ford Motors, and BMW AG. Moreover, the main factors that are driving the demand for battery cars include the snowballing consumer concentration in reducing their vehicles' CO2 release, supportive government guidelines, and refining battery technology.

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The improvement of electric vehicle batteries is the major factor for the lowering cost and expanding driving range of electric vehicles. New cell understandings are being studied to make electric vehicle batteries compact, and lighter, and increase the capability to store more energy, to enable such vehicles to strive against conventional fuel-based ones.

The government rules related to vehicle emissions of greenhouse gases are the main reason behind the success of the electric car market. Over the last decade, the emission of hazardous gases has increased significantly. To control the effects of these gases on the environment, many actions have been taken all over the world, such as the Netherlands is all set to archive the target of 100% EVs by 2030.

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As electrical vehicles are costlier in comparison to traditional ICE vehicles, the Chinese government began providing huge incentives for the former in 2009. Since then, the central government has expended more than RMB 200 billion on EV incentives, whereas local governments have added RMB 100 billion, for a total of USD 47 billion.

The cost of EV cars has been decreasing significantly in the past decade. Due to the enhancement in technology and the mass production of batteries.

The battery accounts for a significant share of the total price of an electric vehicle. For BEVs to become cost-effective with conventional models, the cost of the battery packs should fall under $120/kWh by 2030. Automotive lithium-ion battery pack cost was previously reduced significantly during the 2010-2016 period, to $227/kWh.

Hence, mainly because of global warming, the sales of the electric car will increase in the future as well.

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This release was published on openPR.