Electric vehicle market Exhibit a Remarkable CAGR of 20.35% Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Data Bridge Market Research analyses that the electric vehicle market which was USD 3,37,263.41 million in 2022, is expected to reach USD 14,84,355.71 million by 2030, growing at a CAGR of 20.35% during the forecast period of 2023 to 2030.

Market Definition

The electric vehicle operates on electricity. Electric Vehicles work with the help of an electric motor. It requires a constant supply of energy from the batteries. There are different types of batteries used in electric vehicles. These include zinc-air, lithium-ion, molten salt, and nickel-based. The primary reason for manufacturing electric vehicles was to remove environmental pollution. It has gained momentum, due to various technological advancements. It is better than conventional vehicles as electric vehicles provide higher fuel economy, low maintenance, the convenience of charging, and smoother drive.

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Global Electric Vehicle Market Dynamics
Drivers

• Rising environmental consciousness
There is rapid increasing sales of electric vehicles globally, owing to its various advantages such as high fuel economy, low maintenance, convenient charging, and smooth driving. A large number of consumers are rapidly preferring passenger and commercial electric vehicles (EVs) due to the rising environmental consciousness among them, as electric vehicles are environmentally friendly. The rising environmental consciousness globally is significantly contributing to the market's growth.

• Reducing the cost of EV batteries to support demand for cost-effective EVs
The decreasing cost of EV batteries during the past years has led to the production of EV batteries on a mass scale in large volumes due to various technological advancements. This has apparently led to a reduction in the cost of electric vehicles, due to the reduction in the cost of EV batteries and electric vehicles people are widely opting for electric vehicles. Earlier EV batteries were one of the most expensive parts of the electric vehicle. Therefore, the reduction in the cost of EV batteries is driving the market's growth.

Opportunities

• Increasing demand in automotive and transportation
There is high demand for electric vehicles in the automotive and transportation sectors. Electric vehicles are majorly preferred in the automotive and transportation sector as they work on batteries and conventional vehicles work on fuel and the prices of fuels are increasing day by day. Along with this charging electric vehicles is also very convenient. Therefore, the increasing demand for electric vehicles in automotive and transportation is further fuelling the market's growth.

• Government initiatives pertaining to electric vehicles
Various countries in the world have set targets to reduce vehicle emissions. For this, they are promoting the development and sales of electric vehicles. The government of the US invested USD 5 billion in 2017 in the electric vehicle sector to promote the infrastructure of electric vehicles such as charging stations. Governments of various countries are providing incentives such as low or zero registration fees and relaxation from import taxes, and purchase taxes. Thus, government initiatives in various countries are propelling the market's growth.

Some of the major players operating in the electric vehicle market are:
• Ford Motor Company (U.S.)
• General Motors (U.S.)
• AUDI AG. (Germany)
• Kia India Private Ltd. (South Korea)
• Renault Group (France)

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