According to Beyond Market Insights, the size of 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.
New York, Oct. 31, 2022 (GLOBE NEWSWIRE) — Beyond Market Insights has a recently published research report titled “Electric Vehicle Market by Vehicle Types (Passenger Cars, Commercial Vehicles), by End Use (Private, Commercial), by Components (Battery Cells and Packs, On-Board Charge, Motor, and Others), by Region and Key Players: Global Industry Size, Share, Growth, Trends, Analysis, Regional Outlook, and Forecast from 2022 to 2030” [178+ Pages Report] in its research database.
The report analyses the Electric Vehicle Market’s drivers and restraints, as well as the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle Market.
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Electric Vehicle Market: Overview/ Growth Factors Electricity is used to power electric vehicles. These vehicles are propelled by an electric motor that runs on a continuous supply of energy from batteries rather than an internal combustion engine. Many different types of batteries are used in these cars. Among them are nickel-based designs using lithium-ion, zinc air, molten salt, and other materials. The primary reason for developing the electric vehicle was to replace more environmentally damaging traditional ways of transportation. Its popularity has increased as a result of numerous technological advancements. The supply of high-performance, fuel-efficient, and low-emission vehicles is rising, and there are stricter emission regulations as well as lower battery costs, and rising gas prices. All of these factors are helping to grow the electric vehicle industry. The increasing investments in the electric mobility arena are seen as a driving force in the expansion of the electric car market. However, the significant initial investment required to establish EV fast charging infrastructure, as well as a lack of adequate EV charging infrastructure, are projected to stymie industry growth. Furthermore, high car costs and insufficient standardization of EV charging stations are expected to be challenges for the electric vehicle market during the projection period.
Electric Vehicle Market Segmental Overview
On the basis of vehicle types, the market is segmented into commercial vehicles and passenger cars. The passenger cars segment is expected to dominate the global electric vehicle market over the forecast period due to rising demand and sales of passenger automobiles in Asia-Pacific, the passenger car category had a market share of more than. However, due to the presence of original equipment manufacturers and other automakers in the Asia-Pacific area, EVs are adopted there at a high rate. These elements will aid in promoting the expansion of this segment. Due to ongoing advancements in EV batteries that increase the load capacity of commercial vehicles, it is also predicted that the commercial vehicle market would grow in the upcoming years.
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Electric Vehicle Market Regional Overview
The Asia Pacific is expected to dominate the electric vehicle market over the forecast period due to the rising demand for passenger vehicles in developing countries. In terms of passenger cars and other vehicles, China makes up the largest portion. As their governments heavily invest in EV startups to encourage the production and sale of EVs around the world, other nations like Japan, Korea, and India are also opportunistic markets. Government subsidies to market participants from both developing and developed countries, along with strict regulations, are what is causing the electric car industry in the Asia-Pacific area to flourish. The growth of low-emission bus fleets is supported by subsidies and other incentives from China’s Ministry of Transport, which has a positive impact on the market.
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The global Electric Vehicle market is segmented as follows:
Electric Vehicle Market 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
Electric Vehicle Market by Vehicle Types
Passenger Cars
Commercial Vehicles
Electric Vehicle Market by Vehicle Class
Low-priced
Mid-priced
Luxury
Electric Vehicle Market by Top Speed
<125 MPH
>125 MPH
Electric Vehicle Market by Vehicle Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
Electric Vehicle Market by Charging Point Type
Normal Charging
Super Charging
Electric Vehicle Market by Vehicle Connectivity
V2B or V2H
V2G
V2V
V2X
Electric Vehicle Market by Propulsion
BEV – Battery Electric Vehicle
PHEV – Plug-in hybrid electric vehicles
FCEV – Fuel Cell Electric Vehicles
Electric Vehicle Market by End Use
Private
Commercial Fleets
Electric Vehicle Market by Region/Geography
North America – United States, Canada, Mexico
Europe- France, United Kingdom, 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
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EV Electric Vehicle Market Report Scope
Report Attribute
Details
Market size value in 2021
USD 178.5 billion
Revenue forecast in 2030
USD 1108.8 billion
Growth Rate
CAGR of 22.5 % from 2022 to 2030
Base year for estimate
2021
Historical data
2017 – 2021
Forecast period
2022 – 2030
Quantitative units
Revenue in USD billion and CAGR from 2022 to 2030
Report Coverage
Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments Covered
Components, Vehicle Types, Vehicle Class, Speed, Vehicle Connectivity, Propulsion
Vehicle Drive Type, Charging Point Type, End-User, Applications, Region
Regional scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key companies profiled
Tesla, Volkswagen AG, Saic motors, BYD, Stellantis, BMW Group, Nissan motors, Hyundai Group, Great wall motors, Toyota motor corp., GAC motors, Renault Group, and Others
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