Press release
Electric Vehicle Market: Meticulous Research® Reveals Why This Market is Expected to Reach $4,331.0 Billion and 372.38 Million Units by 2030
Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors in hybrid electric vehicles can be powered by rechargeable battery packs or internal combustion engines, which charge the vehicle's battery pack to drive the motor and propel the vehicle. On the other hand, battery electric vehicles recharge their battery packs by connecting to charging stations linked to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications.The adoption of electric vehicles is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
Meticulous Research®, in its latest publication on the global electric vehicle market, states that the market is expected to reach $4,331.0 billion by 2030, at a CAGR of 27.6% during the forecast period from 2023 to 2030. By volume, this market is expected to reach 372.38 million units by 2030, at a CAGR of 19.9% during the forecast period from 2023 to 2030.
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The growth of the global electric vehicle market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading automotive OEMs, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for electric vehicles. The growing adoption of autonomous electric vehicles and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.
However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries are expected to obstruct the growth of this market to some extent. The range anxiety among consumers and the low cold weather performance of electric vehicles are major challenges for market growth. Additionally, shared mobility, smart EV charging stations, wireless EV charging, and solar-powered EV charging stations are prominent trends in the global electric vehicles market.
The global electric vehicle market is segmented by type, power output, propulsion type, end use, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Based on vehicle type, In 2023, the passenger vehicles segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.
Based on power output, in 2023, the less than 100 kW segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.
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Based on propulsion type, in 2023, the battery electric vehicle segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and increasing adoption of battery electric vehicles as private vehicles, autonomous delivery vehicles, industrial vehicles, and public transport.
Based on end use, in 2023, the private use segment is expected to account for the largest share of global electric vehicle. The growth of the segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. Also, supportive government incentives to promote the sales and manufacturing of EVs, tax rebates, and the decline in battery costs are further driving the adoption of EVs among consumers for private use.
Based on geography, in 2023, Asia-Pacific is expected to command the largest share of global electric vehicle. In recent years, the electric vehicles (EV) market has grown rapidly in the Asia Pacific region. China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.
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The key players operating in the global electric vehicle market are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda Motor Co., Ltd. (Japan), General Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.), Zero Electric Vehicles Inc. (U.S.), and Faraday & Future Inc. (U.S.).
Key Questions Answered in the Report:
Which are the high-growth market segments in terms of type, power output, propulsion type, end use, and geography?
What is the historical market size for global electric vehicles?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the global electric vehicle market?
Who are the major players, and what shares do they hold in the global electric vehicle market?
What is the competitive landscape like?
What are the recent key developments in the global electric vehicle market?
What are the strategies adopted by major players in this market?
What are the key geographic trends and high-growth countries?
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