Electric Vehicles Market: Leading the Way towards a Sustainable and Clean Future with Advanced Electric Vehicle Technologies

Electric Vehicles market is projected to be worth 35K thousand units by the year 2031. It is, in fact, expected to witness a whopping CAGR of over 25% between 2021 and 2031. This could be reasoned with an ever-increasing demand for lower emission/zero emission vehicles.

Also, governments across the globe are excessively investing in electric vehicles through tax rebates and subsidies. What's more interesting is the fact that economies all over are setting up targets regarding reduction of emissions as per their upper limits.

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Governments are also helping in development of charging stations along with hydrogen fueling stations and making way for incentives to the purchasers. At the same time, developing economies are a bit slow in setting up the charging stations as the installation cost is on the higher side.

EV batteries' cost to hit the Rock-Bottom?

With technological upgradations witnessing a substantiation, EV batteries are being manufactured in bulk. This mass production has, in turn, led to drastic reduction in price of EV batteries. This scenario is expected to continue even in the forecast period.

For instance, an EV battery did cost over US$ 1L per kWh as of the year 2010, but by the year 2020, the price fell by close to US$ 130 per kWh. Another reason is that of reduction in cost of cathode material. Persistence Market Research predicts that an EV battery may cost as low as US$ 55-60 per kWh by the year 2031.

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The Competitors' Desk

Persistence Market Research has listed the players as follows:

Nissan Motor Corporation
BMW AG
Honda Motor Co., Ltd.
Mitsubishi Motors Corporation
Toyota Motor Corporation
Volkswagen AG
Tesla Motors, Inc.
Groupe Renault
Ford Motor Company
Daimler AG
General Motors Company
Groupe PSA

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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

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