Electric Vehicle Market Size, Share, Growth, Forecast, Report, 2030

The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. The electric vehicle (EV) market is currently experiencing a transformative phase of rapid growth and innovation. With increasing global concern over climate change and air pollution, coupled with advancements in technology and supportive government policies, the adoption of EVs has gained tremendous momentum. Consumers are seeking environmentally friendly and cost-effective alternatives to traditional internal combustion engine vehicles, and automakers are responding with a diverse range of electric models that cater to various preferences and needs. As the world strives for a greener and more sustainable future, the EV market is set to revolutionize the automotive industry and redefine the way we commute and transport goods.

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BEVs are expected to be the largest market in the EV market due to increasing concerns for emission reductions by countries around the world, BEVs have an increasing demand. Earlier due to the low availability of charging stations and high cost of EV batteries, BEVs had a low demand. However, due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network around the world, the demand for BEVs has been rising significantly. Among the top sold EVs in the market in 2022, a majority are BEVs. The BEV is powered by an electric battery stored with chemical energy. The battery used in a BEV is rechargeable and accounts for approximately 70% weight of the vehicle. OEMs are investing significantly in research & development to increase the efficiency of electric vehicles. Companies such as Tesla and Chevrolet have invented long-range electric vehicle batteries. BEVs are emission-free and several advancements in technology have helped improve sales. BEVs are available in multiple segments, including sedan, SUV, and hatchback. Many OEMs are launching electric vehicles to cater to market demand. Tesla (US), Volkswagen AG (Germany), SAIC Motors (China) BYD (China) and Stellantis (Netherlands) are the pure electric vehicle companies topping sales, while OEMs such as Nissan, Toyota, and GM are also offering tough competition to electric vehicle manufacturers. Tesla is the bestseller in North America and Europe while the Wuling HongGuang Mini EV is a low-cost EV popular in China. China remained the largest market for BEVs, accounting for more than half of the global sales, while Europe demonstrated a rapid expansion in BEV adoption, capturing around one-third of the market share. Furthermore, the report highlights that several countries, such as the US, Japan, and South Korea, also witnessed notable growth in BEV sales during 2022.

Passenger car segment is the largest, by vehicle type, and includes sedans, hatchbacks, station wagons, Sports Utility Vehicles (SUVs), Multi-Utility Vehicles (MUVs), and other car types. This vehicle segment offers significant opportunities for electric vehicles, as it is the largest segment in the automotive industry. The passenger car segment of the electric vehicle market is growing at a significant rate in emerging economies in the Asia Pacific region. Market growth in the region can be attributed to a rise in the GDP and population, improvement in lifestyle, increased purchasing power of consumers, and development of infrastructure in the region along with strong government support for zero-emission vehicles in countries such as China, Japan, and South Korea. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc. are strong players in the market. These companies have a strong market for their EVs around the world. In 2022, the bestselling passenger electric cars were Tesla Model Y, BYD song, Tesla Model 3, Wuling HongGuang Mini EV, BYD Qin Plus, BYD Han, BYD Dolphin, BYD Yuan Plus 1 Atto 3, VW ID.4, BYD Tang, GAC Aion Y, GAC Aion S, Hyundai Ioniq 5, Changan Benni EV, Chery QQ Ice Cream, Chery eQ1, Hozon Neta V, Ford Mustang Mach-E, Li Xiang One EREV and Kia EV6.

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