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Electric Vehicle Market Set to Reach $951.9 billion by 2030

Electric Vehicle Market Set to Reach $951.9 billion by 2030

The global electric vehicle 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%. Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. The rapidly growing sales volume of EV's in Asia Pacific, Europe and North America have propelled the growth of the global EV market.

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In the EV market, by vehicle type, the Passenger cars segment is projected to dominate the market, while Commercial vehicle's will be the fastest-growing segment during the forecast period. The high adoption rate and rising demand for clean personal mobility is expected to drive the EV passenger car segment. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. Growing demand for low emission vehicles is expected to boost the growth of the EV passenger car and commercial vehicle markets. Other off-road vehicles are also expected to benefit from the development of the electric vehicle technology.

The European EV market is projected to grow at a high rate. Germany is projected to be the largest EV market in Europe. The German market is projected grow due to increasing investments by government to develop EV charging and hydrogen infrastructure and fast adoption of EV and Fuel cell buses in public transportation. France, the Netherlands, Norway, Sweden and UK also have a considerable market for electric vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. Many top OEM's in the region have been catering to the growing market.

Asia Pacific is projected to account for the largest share of the EV market during the forecast period. The Asia Pacific EV market is led by countries like China, Japan and South Korea. China being the world's largest EV producer and user has a dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV's per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing extensive EV charging network, making strict emission norms, setting up deadlines for shifting to full or hybrid EV's from ICE vehicles etc. India is also working on increasing its EV adoption in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policy's will help the country become the regions fastest-growing market for EV's in the coming years.

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With the development of alternative fuel vehicle technology and increasing adoption of EV's across various major and developing countries, the global electric vehicle market will witness an exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure network to propel the growth of zero emission vehicles to reduce carbon emissions caused by conventional ICE vehicles. As of December 2021, the global EV market is dominated by Passenger cars while commercial will grow at a faster rate. Low-priced segment is more in demand while Mid-priced and Luxury segments will grow faster in demand. Newer technologies to reduce the EV battery price and increase vehicle range along with other key technologies like faster charging, wireless on the go charging, connected cars, autonomous cars etc. have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a need for growth of EV charging infrastructure for making EV charging easier with more innovation in the technology. Countries around the world are promoting EV chargers for increasing demand for EV's.

Key Players

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

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