The electric vehicle market share will reach USD 957.42 billion at a 24.51% CAGR by 2030, states the new Market Research Future report.
Electric Vehicle Market Analysis
One of the advanced technology Electric Vehicles with the latest features brings rapid evolution in the automotive sector. The electric vehicle market has good support from the government as favourable policies and subsidies to electric vehicle industry car manufacturers to reduce emission rates.
Burgeoning Need for EVs to Boost Market Growth
The burgeoning need for EVs owing to its alluring features such as advanced power trains, tackling climate change, and low emission will boost market growth over the forecast period.
Increasing Fuel Prices to offer Robust Opportunities
As fuel prices rise, the majority of people are turning to electric vehicles, which are also the best alternative for avoiding oil imports. This contributes to the global rise of electric vehicles. The use of these EVs will lessen reliance on the fossil fuels. Thus it lowers the maintenance and operating costs of electric vehicles when compared to ICE vehicles.
Soaring Cost of EVs to act as Market Restraint
The soaring cost of EVs, the lack of standardization of the charging infrastructure in underdeveloped and developing areas, and limited range of EVs may act as market restraints over the forecast period.
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|Revenue forecast in 2030||USD 957.42 billion|
|Growth rate:||CAGR of 24.51% from 2022 to 2030|
|Forecast period:||2022 -2030|
|Report coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Base Year 2021||valued at USD 208.95 billion|
High Manufacturing Cost to act as Market Challenge
The high manufacturing cost along with range anxiety & serviceability may act as market challenges over the forecast period.
Electric Vehicle Market Segmentation
The global electric vehicle market is bifurcated based on vehicle type and technology.
By technology, battery will lead the market over the forecast period.
By vehicle type, passenger cars will dominate the market over the forecast period.
Globally, the COVID-19 outbreak is wreaking havoc on all types of marketplaces. Manufacturing restrictions and a drop in automobile sales have hindered market growth, particularly in the automotive sector. However, as a result of the lockdowns, market demand for its expanded features is increasing by the day. The rise of the electric vehicle market is being driven by the acceptance of EVs in China, the United States, and Europe, as well as demand for battery-powered vehicles. The government’s global goal is to have zero-emission vehicles and to reduce reliance on oil imports, which the electric vehicle industry provides. Some of the causes that will increase demand for electric vehicles are the development of charging infrastructure, expanding residential units, and the lowering of battery prices.
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Electric Vehicle Market Regional Analysis
APAC to Lead Electric Vehicle Market
The Asia Pacific electric car market is dominated by China, Japan, and South Korea. The region’s EV market is dominated by China, the world’s largest EV producer and user. Their government has undertaken steps such as providing EV buyers with subsidies, requiring all vehicle manufacturers to produce EVs based on vehicle production, providing significant support for installing EV charging stations in key cities, and enacting regulations against excessively polluting vehicles. Japan & South Korea are also increasing their EV markets. Their governments have aided the growth of electric vehicle demand by adopting emission limits, establishing deadlines for transitioning from ICE vehicles to full or hybrid EVs, & so on.
India is also looking to expand its EV market demand. The new car scrappage policy, which permits old vehicles to be scrapped in order to replace them with low-emission vehicles, and other planned measures will help the country become the region’s fastest growing EV market in the next years. Thailand, Indonesia, Malaysia, and Vietnam have also started working to reduce car emissions and transition to electric vehicles. Because of rising demand for passenger vehicles in developing countries, Asia Pacific is expected to show significant growth in this market. China has the largest market share for passenger vehicles and other automobiles.
Furthermore, North America is expected to see the highest market growth. The regional expansion could be attributed to the Department of Energy’s (DOE) ongoing initiatives to provide charging infrastructure across the United States to service the region’s growing number of EVs. This upheaval is being caused by increased demand for electric vehicles in Japan, India, and China. For example, in India, the government provided tax incentives for EV sales in 2019. The government intends to repeal income taxes on interest paid or loans taken out to purchase electric automobiles.
Europe to Have Significant Growth in Electric Vehicle Market
Furthermore, Europe is expected to surpass Asia as the second most significant region. The efforts of the regional government to reduce carbon emissions have been a driving factor in the market’s expansion across Europe. The United Kingdom, France, and Germany all play important roles in the region’s growth. Furthermore, the growing popularity of fuel-efficient vehicles is good news for the European market. Furthermore, it has been discovered that the rest of the globe is obviously trailing in terms of expected market share owing to a lack of charging infrastructure and money in less developed countries.
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Electric Vehicle Market Key Players
Eminent industry players present in the global electric vehicle market report include,
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.