Electric Vehicle Market Size to Reach $620.3 Billion by 2030

Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), E/E Architecture, Top Speed, Charging Point Type, Vehicle Connectivity, End Use, & Region - Global Forecast 2030
The global electric vehicle market [https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=electric-vehicle-market] size is projected to grow from USD 396.49 billion in 2024 to USD 620.33 billion by 2030, at a CAGR of 7.7%. A combination of environmental, economic and technological factors is propelling the global market for electric vehicles to grow at an unprecedented rate. In order to reduce emissions, consumer's demand as well as strict governmental regulation aimed at reducing emissions has made people and manufacturers adopt more sustainable modes of transport. The improvement in battery technology has improved the performance, range and charging efficiency of electric vehicles making them more practical and attractive. Such developments and significant investments by major automakers alongside startups are driving the global uptake of EVs.

"Rising Demand for Enhanced Performance and Fast Charging Will Support The Market Growth."

800-volt architecture is built with a voltage that has a range, not fixed battery voltage which is typically between 600V and 900V. One can find electric vehicles with an 800V architecture on the market, but only a handful of brands currently produce them. 800V EVs, offering better mileage and faster charging, can command higher prices and gain a competitive edge over 400V models by enhancing the customer experience. 800V has advantages in efficiency and also in the weight of the system. The investment in new components and setup of supply chain causes high initial costs but there will be a decrease in price to low price range as more manufacturers adopt it. The 800V system improves taking by less current which makes cables thinner, small electric equipment thus lower car weights and thermal energy losses. This structure improves battery endurance and electric power delivery helping fast charging through increased DC voltages. Consequently, the effectiveness cost will be increased as 800V technology prevalence increases which makes it attractive for electric vehicle (EV) makers who want to have improved performance together with effectiveness.

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"The commercial use of electric vehicles is expected to show significant growth during the forecast period."

The electric vehicle revolution is not only transforming personal mobility but is also rapidly altering the merchant shipping landscape. Companies are increasingly turning to EVs in order to cut costs, meet sustainability goals and comply with stringent environmental regulations. This shift is reflected in many industries, including logistics, public transport, utilities and retail. Fuel costs for EVs are significantly lower in comparison to gasoline-or diesel-powered vehicles. Fewer moving parts and no oil changes also mean less maintenance is required, dropping the ultimate cost of using them. The adoption of EVs has become increasingly attractive to businesses so as to meet corporate sustainability goals because fewer resources will be consumed under stringent environmental regulations since this is an important global course that will deal with climatic changes. The transportation and distribution industry is first in the transition to modern logistics systems. Electric cargo vehicles and trucks are heavily being invested in by prominent companies like Amazon (US), Go2 Delivery (US), UPS (US) and DHL (Germany) to enhance their fleet's efficiency and sustainability. In following 2024 year, Canoo Inc., a cutting-edge advanced mobility firm announced that Go2 Delivery had signed contract for purchase of five fully electric commercial delivery vans with an option of additional purchase of 85 soon after. Moreover, November 2023 marked the launch of Amazon's fleet plan with wholly custom designed EVs for the first time in India making it easier for DSPs' last mile deliveries who require secure quality at zero-emission vehicles.

"Europe is expected to become second largest growing market in size for electric vehicle during the forecast period."

The market of electric vehicles in the European countries has been growing recently due to factors such as enhancing environmental consciousness, standard regulatory norms on emissions and several attractive financial incentives offered by the European governments. Along with Europe's goal to center the transformation of transportation globally, the use of electric vehicles has grown quickly, going for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Present day leaders such as Norway, Germany, United Kingdom, France, and the Netherlands are among the global leaders in advocating for change by providing targets on when they will ban ICE vehicles, advocating for clean energy solutions.

This has been further fueled by the recent emerging issues that has help spur the market in Europe. The availability of charging points has significantly determined this aspect, with massive contributions from the public and private entities to provide a reach of good and quick charging stations. Advancements in batteries have also formed a part of this equation with increased ranges, shorter charging time and lower costs have also led consumers towards EVs. Also, the growing number of low-emission zones and urban restrictions for polluting vehicles across the major European cities is forcing the trends towards electromobility.

Large manufacturers are already rolling out electrification strategies across the Old World. in the automotive industry, the Volkswagen Group could be cited for example, as committing a lot of capital on its ID. series are also part of this strategy and one of Volkswagen's ambitious goals is the complete climate-neutral company by 2050. According to some claims, the Mercedes-Benz brand has drawn an ambition to sell over 50% of the world's

electric cars by 2030 with more practical investment in new electric models and battery. Moreover, for electrification, the other significant automakers like Renault, Stellantis (Peugeot and Citroen), as well as Hyundai are also engaging in this process to produce a variety of electric vehicles (EVs) for use by different consumers in order also to facilitate Europe's green transition.

Key Players

The electric vehicle market is dominated by established players such as BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), and SAIC Motors (China).

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