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Electric Vehicles Market Size to be Worth USD 1,453.77 Billion in 2030 | Emergen Research

05-08-2023 07:18 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Emergen Research

Electric Vehicles Market

Electric Vehicles Market

Electric vehicles (EVs) are gaining momentum globally as countries attempt to address climate change by reducing carbon emissions from the transportation sector. According to the International Energy Agency, the number of electric cars on the road reached 10 million in 2020, with sales increasing by 41% despite the COVID-19 pandemic. The global Electric Vehicles (EVs) market size reached USD 238.67 Billion in 2021 and is expected to register a revenue CAGR of 22.2% during the forecast period, according to latest analysis by Emergen Research.

Another driver of the EV market is the growing concern over air pollution. The transportation sector is a major contributor to air pollution, with gasoline and diesel vehicles releasing harmful emissions. EVs, on the other hand, produce zero tailpipe emissions, making them an attractive alternative to traditional vehicles.

Advancements in battery technology have also contributed to the growth of the EV market. Lithium-ion batteries, which power most electric vehicles, have become cheaper and more efficient, resulting in longer driving ranges and faster charging times. Additionally, research into new battery chemistries, such as solid-state batteries, could further increase the performance of electric vehicles.

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Despite these drivers, several factors are hindering the growth of the EV market. One major restraint is the high upfront cost of electric vehicles. EVs are typically more expensive than traditional gasoline-powered vehicles, although their total cost of ownership over their lifetime can be lower due to lower fuel and maintenance costs.

Another restraint is the lack of charging infrastructure, particularly in less developed countries. Range anxiety, or the fear of running out of battery charge, is a major concern for potential EV buyers, and the availability of charging stations is critical to addressing this concern. Governments and private companies are working to address this issue by investing in charging infrastructure development.

The growth of the electric vehicle market is expected to accelerate in the coming years, driven by several growth factors. One factor is the declining cost of batteries, which is expected to make EVs more affordable and competitive with traditional vehicles. According to the International Energy Agency, the cost of batteries has fallen by 89% since 2010 and is projected to continue declining.

Major Companies and Competitive Landscape:
The competitive landscape of the electric vehicle (EV) market is rapidly evolving as traditional automakers and new entrants compete to capture a share of the growing market. Some major companies in the global market report include Tesla, Inc., Volkswagen AG, BYD Auto Co. Ltd., Hyundai Motor Company, Toyota Motor Corporation, Ford Motor Company, Nissan Motor Co. Ltd., Honda Motor Co., Ltd., Daimler AG, and General Motors.

However, several traditional automakers are making significant strides in the EV market. Volkswagen, for example, has committed to investing over $80 billion in electric vehicles over the next five years and plans to have 70 electric models on the market by 2030. General Motors also aims to have 30 new electric vehicles on the market by 2025, with a goal of selling only zero-emission vehicles by 2035.

In addition to traditional automakers, several new entrants are entering the EV market. One notable example is Chinese automaker Nio, which has gained popularity in China with its electric SUVs and battery-swapping technology. Chinese rival BYD also aims to become a major player in the EV market, with plans to launch several new models in Europe and North America.

Electric vehicle startups are also emerging, seeking to disrupt the traditional automakers' dominance. One example is Rivian, which plans to launch an electric pickup truck and SUV in 2021. Another is Lucid Motors, which plans to begin production of its luxury electric sedan in 2021.

The electric vehicle market's competitive landscape is not just limited to automakers. Companies like Tesla and Chinese EV maker Nio are also investing in battery manufacturing to secure their supply chains and lower production costs. Battery manufacturers like Panasonic, LG Chem, and CATL are also expanding their production capacity to meet the growing demand for EV batteries.

Charging infrastructure is also becoming a critical component of the EV market's competitive landscape. Companies like ChargePoint, EVBox, and Electrify America are investing in charging infrastructure development, with the aim of establishing a network of charging stations to address range anxiety.

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Segmentation Insights for Electric Vehicles Market Report:

According to Emergen Research, the global electric vehicle (EV) market has been segmented based on various factors, including product, vehicle type, vehicle class, top speed, vehicle drive, charging station, and region. In terms of product, the market has been segmented into battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Based on vehicle type, the market has been segmented into commercial vehicles and passenger cars. The vehicle class segment is divided into mid-priced and luxury vehicles. The top speed segment is divided into less than 125 MPH and more than 125 MPH. The vehicle drive segment is divided into front-wheel drive, rear-wheel drive, and all-wheel drive. The charging station segment is divided into level 1, level 2, and level 3.

Finally, the market has been segmented by region, including North America (U.S., Canada, Mexico), Europe (Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Brazil, Rest of LATAM), and Middle East & Africa (Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA).

This segmentation provides a comprehensive understanding of the global EV market and the various factors that impact its growth. The market for battery electric vehicles is expected to grow significantly, driven by increased demand for environmentally friendly transportation. The commercial vehicle segment is also expected to grow due to increased demand for EVs in the logistics and transportation industries. The luxury vehicle segment is expected to see significant growth due to increased demand for high-end EVs.

The charging station segment is also expected to see significant growth as more charging infrastructure is built to support the growing number of EVs on the road. The regional segmentation provides insight into the various markets driving the growth of the EV market. North America and Europe are expected to remain key markets, while Asia Pacific is expected to see significant growth due to increased adoption of EVs in China, India, and Japan. Latin America and the Middle East & Africa are also expected to see growth in the EV market as governments in these regions push for increased adoption of EVs.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/electric-vehicles-market

Eric Lee
Corporate Sales Specialist
14671 110 Avenue, Surrey, British Columbia, V3R2A9
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions.

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