The electric vehicle (EV) market offers numerous benefits, including environmental sustainability, reduced emissions, and lower operational costs. EVs contribute to cleaner air and a decrease in greenhouse gas emissions, combatting climate change. The dominating segment within the EV market is battery electric vehicles (BEVs). BEVs rely solely on electric power, eliminating tailpipe emissions. Their increasing popularity can be attributed to advancements in battery technology, extended driving ranges, and expanding charging infrastructure, making them an appealing choice for eco-conscious consumers.
According to Data Bridge Market Research, the Global Electric Vehicle Market which was USD 3,37,263.41 million in 2022, 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.
“Reducing the cost of electric vehicle (EV) batteries boosts the market’s growth”
Reducing the cost of electric vehicle (EV) batteries is a critical driver for the electric vehicle market's growth. Lower battery costs make EVs more affordable, boosting demand for cost-effective electric vehicles. This reduction is primarily due to advancements in battery technology, economies of scale in production, and increased competition among battery manufacturers. As battery prices decrease, EVs become a more economically viable and appealing option for consumers, accelerating the transition to sustainable transportation.
What restraints the growth of the global electric vehicle market?
“Lack of awareness restraints the market’s growth”
The electric vehicle market faces a significant restraint in the form of a lack of awareness. Many potential buyers remain uninformed about the benefits and practicality of EVs, including their cost savings and environmental advantages. This limited awareness often results in consumer skepticism and a preference for traditional gas-powered vehicles.
Segmentation: Global Electric Vehicle Market
The global 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 components, type, the global 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, and others.
- On the basis of type, the global electric vehicle market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.
- On the basis of vehicle type, the global electric vehicle market is segmented into passenger cars, two wheelers, and commercial vehicles.
- On the basis of propulsion type, the global electric vehicle market is segmented into plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs).
- On the basis of charging station type, the global electric vehicle market is segmented into normal charging, and super charging.
- On the basis of vehicle class, the global electric vehicle market is segmented into low-priced, mid-priced, and luxury.
- On the basis of power train, the global electric vehicle market is segmented into parallel hybrid, series hybrid, and combined hybrid.
- On the basis of top speed, the global electric vehicle market is segmented into <125 MPH, and >125 MPH.
- On the basis of vehicle drive type, the global electric vehicle market is segmented into front wheel drive, rear wheel drive, and all wheel drive.
- On the basis of vehicle connectivity, the global electric vehicle market is segmented into vehicle to building, vehicle to grid, vehicle to vehicle, and vehicle to everything.
- On the basis of end use, the global electric vehicle market is segmented into private, and commercial fleets.
Regional Insights: North America dominates the Global Electric Vehicle Market
North America's dominance in the electric vehicle market can be attributed to its robust technological advancements and an increasing focus on research and development efforts. The United States, in particular, has implemented numerous initiatives to promote electric vehicle adoption, fostering market growth. These measures include incentives, infrastructure development, and supportive policies, encouraging consumers to choose electric vehicles and leading to the region's leadership in this industry.
The Asia-Pacific (APAC) electric vehicle market is projected to experience substantial growth from 2023 to 2030. This growth can be attributed to government incentives, including subsidies, aimed at promoting electric vehicle adoption over traditional vehicles. Various countries in the region have implemented measures such as financial support for EV buyers and the expansion of charging infrastructure. These initiatives encourage consumers to embrace electric vehicles, contributing to the market's expansion in the forecasted period.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-electric-vehicle-market
Recent Developments
- In April 2021, BYD introduced four new electric vehicle models featuring Blade batteries in Chongqing, including the Qin Plus EV, E2 2021, Tang EV, and Song Plus EV. These models offer advanced battery safety features, which enhance their appeal to consumers, potentially accelerating the market's growth.
- In April 2021, Volkswagen unveiled the 7-seater EV ID.6 Crozz and ID.6 X in collaboration with FAW and SAIC in China. These vehicles offer two battery options, 58 kWh and 77 kWh, catering to a broader range of consumers and contributing to the electric vehicle market's expansion.
The Prominent Key Players Operating in the Global Electric Vehicle Market Include:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG. (Germany)
- Kia India Private Ltd. (South Korea)
- Renault Group (France)
- Peugeot Motor Company plc (France)
- 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)
- Nissan Motor Co., Ltd. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
- Stellantis NV (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of global electric vehicle market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electric Vehicle Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
