Driving the Future: Empowering Sustainable Mobility with Electric Vehicles

The global electric vehicle market is experiencing rapid growth, driven by several positive factors. Governments worldwide are implementing supportive policies and incentives, further boosting the market growth. Technological advancements and expanding charging infrastructure enhance the convenience and viability of electric vehicles. Additionally, the growing focus on reducing greenhouse gas emissions and combating climate change creates a favorable environment for the continued expansion of the global electric vehicle market.

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Data Bridge Market Research analyses that the Electric Vehicle Market is expected to grow to USD 3, 37,263.41 million in 2022, and 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. The increasing awareness of environmental issues, such as air pollution and climate change, has led to a growing demand for electric vehicles as a cleaner and greener alternative to traditional combustion engine vehicles. Electric vehicles produce zero tailpipe emissions, contributing to a significant reduction in greenhouse gas emissions and improving air quality.

Key Findings of the Study

Growing charging infrastructure is expected to drive the market's growth rate

The expansion of charging infrastructure plays a pivotal role in driving the growth of the electric vehicle market. Investments in charging stations, both public and private, improve convenience and alleviate range anxiety, allowing electric vehicle owners to charge their vehicles easily. The establishment of fast-charging networks enables rapid charging, making electric vehicles more practical for long-distance travel. Furthermore, integrating charging infrastructure into urban planning ensures accessibility and promotes the widespread adoption of electric vehicles in cities and communities.

Report Scope and Market Segmentation

Segment Analysis:

The electric vehicle market is segmented on the basis of components, type, vehicle type, propulsion type, charging station type, vehicle class, power train, top speed, vehicle drive type, vehicle connectivity and end use.

• On the basis of component, the electric vehicle market is segmented into battery cells and packs, on-board charger, infotainment system, reducer, fuel stack, power control unit, battery management system, fuel processor, power conditioner, air compressor, humidifier, others. Battery cells and packs segment is expected to dominate the global electric vehicle market with a CAGR of 24.5% in the forecast period of 2023-2030 due to their crucial role in powering electric vehicles. Advances in energy density, longevity, and cost reduction have made them essential for the growing demand for electric mobility and renewable energy storage.

In 2023, the battery cells and packs segment is expected to dominate the global electric vehicle market

In 2023, the battery cells and packs segment is expected to dominate the global electric vehicle market owing to their essential function in driving electric cars. They are now necessary to meet the rising demand for electric mobility and renewable energy storage due to improvements in energy density, longevity, and cost reduction with a CAGR of 24.5% in the forecast period of 2023-2030.

• On the basis of type, the electric vehicle market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. The battery electric vehicle (BEV) segment is expected to dominate the global electric vehicle market with a CAGR of 23.3% in the forecast period of 2023-2030 due to their zero-emission nature, longer driving ranges, and decreasing costs of battery technology. BEVs are increasingly preferred as a sustainable and environmentally friendly alternative to traditional combustion engine vehicles.
• On the basis of vehicle type, the electric vehicle market is segmented into passenger cars, two wheelers, commercial vehicles. Passenger cars segment is expected to dominate the global electric vehicle market with a CAGR of 24.5% in the forecast period of 2023-2030 due to their widespread usage for personal transportation. They cater to the needs of individuals and families, offering comfort, convenience, and a wide range of features and options, making them the most common vehicle type on the roads.

In 2023, the passenger cars segment is expected to dominate the global electric vehicle market

In 2023, the passenger Cars segment is expected to dominate the global electric vehicle market owing to their widespread use as a means of transportation for people. They are the most typical type of vehicle on the roads because they cater to the needs of both individuals and families while providing comfort, convenience, and a variety of features and options with a CAGR of 24.5% in the forecast period of 2023-2030.

• On the basis of propulsion type (plug-in hybrid electric vehicles (PHEVS), battery electric vehicles (BEVS), hybrid electric vehicles (HEVS), and fuel cell electric vehicles (FCEVS), charging station type (normal charging, super charging. Battery electric vehicle (BEV) segment is expected to dominate the global electric vehicle market with a CAGR of 23.3% in the forecast period of 2023-2030 due to their zero-emission nature, lower operating costs, improving infrastructure, and technological advancements, making them increasingly attractive and viable options for eco-conscious consumers.
• On the basis of vehicle class, the electric vehicle market is segmented into low-priced, mid-priced, luxury. The mid-Priced segment is expected to dominate the global electric vehicle market with a CAGR of 23.8% in the forecast period of 2023-2030 due to their balance of affordability and quality, offering a competitive combination of features, performance, and comfort that appeals to a wide range of consumer
• On the basis of power train, the electric vehicle market is segmented into parallel hybrid, series hybrid, and combined hybrid. Series Hybrid segment is expected to dominate the global electric vehicle market with with a CAGR of 22.3% in the forecast period of 2023-2030 due to its ability to combine an internal combustion engine with an electric motor. This configuration offers improved fuel efficiency, reduced emissions, and the flexibility to switch between power sources, providing a balanced approach to hybrid vehicle technology.
• On the basis of top speed, the electric vehicle market is segmented into <125 mph, >125 mph. The segment of vehicles with a top speed of >125 MPH dominates the automotive market due to the demand for high-performance and sports cars. These vehicles cater to enthusiasts seeking exhilarating acceleration, higher horsepower, and top speeds for a thrilling driving experience.
• On the basis of vehicle drive type, the electric vehicle market is segmented into front wheel drive, rear wheel drive, and all-wheel drive. The segment of vehicles with front-wheel drive (FWD) dominates the automotive market due to its cost-effectiveness, better fuel efficiency, and compact design. FWD provides good traction and handling for everyday driving, making it a popular choice for a wide range of vehicles, including sedans, hatchbacks, and compact SUVs.
• On the basis of vehicle connectivity, the electric vehicle market is segmented into vehicle to building, vehicle to grid, vehicle to vehicle, vehicle to everything. The segment of vehicle connectivity dominated by "vehicle to vehicle" (V2V) communication due to its potential for enhancing road safety. V2V enables vehicles to exchange information, such as speed and position, to avoid collisions and improve traffic flow, making it a critical technology for future intelligent transportation systems.
• On the basis of end use, the electric vehicle market is segmented into private, commercial fleets. The segment of private end-use dominates the automotive market due to the high demand for personal transportation. Private vehicles cater to individual needs and preferences, providing convenience, flexibility, and personalization options, making them the primary choice for most consumers.

Major Players

Data Bridge Market Research recognizes the following companies as the major electric vehicle market players in electric vehicle market are SAIC Motor Corporation Limited (China), Tesla (U.S.), Daimler Truck AG. (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), Toyota Motor Sales, U.S.A., Inc. (Japan)

Market Development

• In 2021, In Chongqing, BYD unveiled four new electric vehicle models that feature Blade batteries. Qin Plus EV, E2 2021 EV, Tang EV, and Song Plus EV are the new vehicle models that are available with cutting-edge battery safety features. These new launches with cutting-edge battery safety features will draw lots of customers, which will accelerate market expansion.
• In 2021, Along with FAW and SAIC, Volkswagen displayed 7-seater EVs ID.6 Crozz and ID.6 X in China. The vehicles are available with two different battery capacities, 58 kWh and 77 kWh. This would satisfy a variety of consumers' needs and help the market expand.

Regional Analysis

Geographically, the countries covered in the electric vehicle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in the electric vehicle market during the forecast period 2023-2030

North America's dominance in the electric vehicle market can be attributed to several factors. The region has witnessed the introduction of advanced technologies and significant research and development activities, fostering innovation and driving market growth. Additionally, the US government has implemented various initiatives such as tax incentives, grants, and infrastructure investments to encourage the adoption of electric vehicles. These supportive measures have contributed to the region's leadership in the electric vehicle market.

Asia-Pacific is estimated to be the fastest-growing region in the electric vehicle market in the forecast period 2023-2030

The Asia-Pacific (APAC) region is poised for significant growth in the electric vehicle market due to government subsidies and support for EV adoption. Various countries in the region have implemented measures such as subsidies for EV buyers and initiatives to promote the installation of EV charging infrastructure. These supportive actions by governments encourage consumers to switch to electric vehicles and address barriers such as high upfront costs and limited charging infrastructure, fostering the growth of the electric vehicle market in APAC.

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