Electric Vehicle Market Size, Share, Trends & Analysis by 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.

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.

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North America is a significant market during the forecast period. Top EV battery providers and startups have partnered with OEMs in the North American EV market. GM for instance has partnered with LG Chem for their EV batteries. Stellantis on the other hand has partnered with Samsung SDI for EV batteries. Ford is working with SK Innovation for the North American EV market. Tesla manufactures its EV batteries in-house. All these companies are working together to develop manufacturing hubs in the US. BMW, Nissan, Volkswagen, and Daimler are the leading OEMs in the US that have launched electric vehicles in the region. The top selling electric vehicles in the US are Tesla Model S, Chevy Volt, Nissan Leaf, and Ford Fusion Energy PHEV.

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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