Market Insights - Industry Research Report

Electric Vehicle Market

Electric Vehicle Market by Components (Battery Cells and Packs, On-Board Charge, Motor, and Others), by Vehicle Types (Passenger Cars, Commercial Vehicles), by End Use (Private, Commercial), Geography Analysis and Competitive Landscape: EV Industry Size, Share, Growth, Research, and Forecast From 2022 to 2030
The Electric Vehicles Market is to witness growth at a CAGR of 22.5% in the coming years

The global Electric Vehicle market was worth around USD 178.5 billion in 2021 and is predicted to grow to around USD 1108.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 22.5% between 2022 and 2030.

The report analyses the Electric Vehicle market’s drivers and restraints and the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle market.

Electric Vehicle Market Overview

Electric vehicles are those that are either partly or completely powered by electricity. In recent years, electric vehicles have been deployed to replace traditional modes of transportation to reduce pollution. It has become extremely significant as a result of technological developments such as low carbon emission and maintenance, smoother driving, less engine noise, and improved fuel economy. Electric vehicles have several advantages over traditional fuel-powered vehicles, including cheap operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers’ changing attitudes toward electric vehicles are boosting market growth as they become increasingly worried about pollution. One of the key factors propelling the expansion of the electric vehicle industry is the rise in EV sales across the globe. Increasing environmental concerns, customer preference is quickly shifting toward passenger and commercial electric vehicles (EV). Attributed to the rise in the population’s disposable income, luxury car manufacturing and sales have increased globally, causing the market to grow more quickly. Production of automobiles increases as demand for these improved vehicles rises. Additionally, the market for electric vehicles is positively impacted by expanding urbanization, lifestyle changes, an increase in investments, and rising consumer spending. Market participants have lucrative opportunities thanks to the rising demand for electric vehicles in the automotive and transportation industries.

Electric Vehicle Market Growth Drivers

  • Reducing battery costs to encourage demand for affordable EVs
  • EVs can employ plug-and-charge technology with faster-charging speeds.
  • Due to decreased electricity costs, demand for EVs is growing as oil prices rise.
  • Lower emissions make a significant contribution to the demand for EVs

Electric Vehicle Market Segmentation Analysis

On the basis of end-use, the electric vehicle market is segmented into private and commercial fleets. The commercial fleets segment is expected to grow significantly in the global electric vehicle market during the projection period. Rising fuel prices, tight environmental restrictions enforced by governments, increased usage of autonomous delivery vehicles, and increased use of electric buses and trucks are all contributing to this market’s strong rise. Commercial electric vehicles are anticipated to become more common on the road in the future. Electric commercial cars not only reduce greenhouse gas emissions and reliance on fossil fuels, but they also provide smooth operation and adherence to the latest emission requirements.

EV Industry Report Scope

ATTRIBUTE DETAILS
Study Period 2017-2030
Base Year 2021
Forecast Period 2022-2030
Segmentation By Components (Qualitative)

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

By Vehicle Types

  • Passenger Cars
  • Commercial Vehicles

By Vehicle Class

  • Low-priced
  • Mid-priced
  • Luxury

By Top Speed

  • <125 MPH
  • >125 MPH

By Vehicle Drive Type

  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive

By Charging Point Type

  • Normal Charging
  • Super Charging

By Vehicle Connectivity

  • V2B or V2H
  • V2G
  • V2V
  • V2X

By Propulsion

  • BEV
  • PHEV
  • FCEV

By End Use

  • Private
  • Commercial Fleets

By Geography Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Rest of Latin America (LATAM)
  • Middle East & Africa (MEA)
    • United Arab Emirates (UAE)
    • Saudi Arabia
    • Rest of Middle East & Africa (MEA)


Electric Vehicle Market Recent Development

  • In April 2021, the seven-seater EV ID.6 Crozz and ID.6 X, which will be produced in China in partnership with FAW and SAIC, were introduced by Volkswagen. Only China will be allowed to purchase cars. It comes with four different powertrain configurations and two different battery sizes (58 kWh and 77 kWh).
Regional Landscape

The Asia Pacific region is expected to dominate the electric vehicle market over the forecast period. In the Asia Pacific area, South Korea, Japan, and China dominate the electric vehicle market. The EV market in this region is monopolized by China, which is both the world’s largest producer and buyer of electric vehicles. Their government has taken steps, such as offering subsidies to EV purchasers, passing legislation requiring all automakers to produce EVs proportionate to the volume of vehicles they produce, allocating a sizable amount of money for the construction of EV charging stations throughout major cities, and establishing rules against excessively polluting vehicles. India is making an effort to boost EV market demand. The country will become the region’s fastest-growing market for EVs as a result of new car scrappage legislation, which permits existing vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned measures.

Electric Vehicle Competitive Landscape

The major companies in the electric vehicle market have moved their attention to product production and are launching important tactics including mergers, acquisitions, and joint ventures with domestic and major players to expand their product offerings and solidify their market position globally.

List of the prominent players in the Global Electric Vehicle Market:
  • Tesla
  • Volkswagen AG
  • Saic motors
  • BYD
  • Stellantis
  • BMW Group
  • Nissan motors
  • Hyundai Group
  • Great wall motors
  • Toyota motor corp.
  • GAC motors
  • Renault group
  • Others

The global Electric Vehicle market is segmented as follows:

By Components (Qualitative)

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

By Vehicle Types

  • Passenger Cars
  • Commercial Vehicles

By Vehicle Class

  • Low-priced
  • Mid-priced
  • Luxury

By Top Speed

  • <125 MPH
  • >125 MPH

By Vehicle Drive Type

  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive

By Charging Point Type

  • Normal Charging
  • Super Charging

By Vehicle Connectivity

  • V2B or V2H
  • V2G
  • V2V
  • V2X

By Propulsion

  • BEV
  • PHEV
  • FCEV

By End Use

  • Private
  • Commercial Fleets

By Region/Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Frequently Asked Questions (FAQs):

  1. What is the existing size of the Electric Vehicle market?
  2. What will be the CAGR of the global Electric Vehicle market?
  3. Who are the top players operating in the Electric Vehicle market?
  4. Which are the driving factors of the Electric Vehicle market?
  5. Which region will dominate the global Electric Vehicle market?

Frequently Asked Questions

According to Beyond Market Insights, the global Electric Vehicle market was worth around USD 178.5 billion in 2021 and is predicted to grow to around USD 1108.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 22.5% between 2022 and 2030.
The electric vehicle market is growing at a compound annual growth rate (CAGR) of roughly 22.5% between 2022 and 2030.
Global automotive players such as BYD, Tesla, Toyota, BMW, and Nissan have led the EV market for 2-3 years.

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