The global electric vehicle market size was US$ 170 billion USD in 2021, grew to US$ 208.58 billion USD in 2022, and will reach US$ 1103.17 billion USD in 2030, with a CAGR of 23.1% from 2022 to 2030.
What is Electric Vehicle?
An electric vehicle (EV) is one that operates on an electric motor, instead of an internal-combustion engine that generates power by burning a mix of fuel and gases. Therefore, such a vehicle is seen as a possible replacement for current-generation automobiles, in order to address the issue of rising pollution, global warming, depleting natural resources, etc. Though the concept of electric vehicles has been around for a long time, it has drawn a considerable amount of interest in the past decade amid a rising carbon footprint and other environmental impacts of fuel-based vehicles.
What is The Future Size Of Electric Vehicle Market?
The global electric vehicle market size was US$ 170 billion USD in 2021, grew to US$ 208.58 billion USD in 2022, and will reach US$ 1103.17 billion USD in 2030, with a CAGR of 23.1% from 2021 to 2030.
➢ By 2040, the Europe is expected to achieve 40% greenhouse gas reduction and net-zero by 2050
➢ EV sales increased by 80% in the United States in 2019
➢ Asia Pacific electric vehicle market was valued at USD 121.7 billion in 2021
➢ By propulsion type, the battery electric vehicles (BEV) accounted largest revenue share 66% in 2021
➢ The hybrid electric vehicle segment is expected to reach USD 301.67 billion by 2030 from valued at USD 77,581.7 million in 2021.
➢ The plug-in hybrid EV segment is expected to hit revenue USD 385,617 million from 2022 to 2030.
➢ The passenger car electric vehicle market was valued at USD 127,394 million in 2021 and is projected to hit at USD 598,735 million by 2030.
➢ The commercial vehicle EV market was valued at USD 47,351.9 million in 2021.
➢ The luxury EV market is projecte to reach USD 441,273 million by 2030 from valued at USD 104,380 million in 2021.
Why Electric Vehicles?
Electric vehicle is an electrically powered vehicle that uses traction motor or electric motor for propulsion. They have shown attractive growth over the past decade and their adoption rate is still prospering in double-digit growth.
Electric vehicle adoption will tremendously increase in the coming years, owing to the factors like rising demand for low-emission vehicles and strong efforts by government bodies to significantly escalate EV deployment. For instance, the government of California made headlines recently as the government is planning to halt the production of gasoline-powered vehicles by 2035. Therefore, the weak scope of gas-powered vehicles will force people to adapt to the changing era.
Additionally, governments, including the government of China, India, the US, etc., are offering favourable incentives to prompt the sale of EVs. Nearly 20 nations, including Costa Rica, Cabo Verde, Sri Lanka, etc., have announced plans to implement a complete ban on internal combustion engine (ICE) car sales in the upcoming 10-30 years.
The fact that electric vehicles are more expensive than gasoline-powered vehicles is among the major reasons restricting the market's growth. Additionally, the asymmetrical standards associated with EV charging infrastructure may impact the growth curve of the market during the study period.
The global electric vehicle market is witnessing growing trends, such as the growing use of clean and renewable energy sources, such as solar and wind power, along with the growing popularity of hydrocarbon-based energy sources.
In 2021, over 6.9 million EVs were sold across the globe. Wherein, Tesla was the clear winner with a higher share in the global electric vehicle market. The company sold almost 1 million EVs (935,950), which was around 50,366 in 2015. However, Tesla's lead will likely to increase as number of other automakers invest in more electric models. Hyundai Motor led the industry in terms of sales volume in 2013 but did not rank among the top three brands in 2016. Volkswagen (AG) and General Motors Company (GM) are expected to be among one of the leaders in 2025.
Mass players in the global electric vehicle market are already adopting many electrification trends, such as Ford, Toyota, Tata, Mahindra, Tesla, BYD, and Volkswagen. However, there are still many challenges to address before electric vehicles can become mainstream, for example, cost-effective energy storage solutions; battery durability; and regulatory hurdles (e.g., driving range and fast charging).
More than 12.5 million Charger will be Needed by 2030
There is still a lot of work to be done in terms of developing charging stations, making them available at reasonable prices, and making them accessible to all EV drivers. As battery technology improves, charging times are gradually shortened - but there is still much progress to be made in reducing recharging time to minutes or even seconds.
Ultimately, however, it's not just about overcoming these obstacles in the electric vehicle market. It's about building an ecosystem around electric vehicles that offers a compelling alternative to traditional fuel sources. This will require new business models.
By 2030, more than 50% of the world's population will live in areas where electric vehicles are the only choice for transportation. This increase ownership in electric vehicle industry and creating new demand for charging infrastructure.
- The Covid-19 pandemic negatively affected the EV industry. According to data released by Society of Electric Vehicle Manufacturers (SMEV), the registration for new, all types of electric vehicles dropped by 20% during FY21 compared to that of FY20.
- Several market players tried to formulate new approaches to keep up with the unprecedented conditions by using EVs for medical supplies.
➢ Ampere Vehicles
➢ Benling India Energy and Technology Pvt Ltd
➢ BMW AG
➢ BYD Company Limited
➢ Chevrolet Motor Company
➢ Daimler AG
➢ Energica Motor Company S.p.A.
➢ Ford Motor Company
➢ General Motors
➢ Hero Electric
➢ Hyundai Motor Company
➢ Karma Automotive
➢ Kia Corporation
➢ Lucid Group, Inc.
➢ Mahindra Electric Mobility Limited
➢ Nissan Motors Co., Ltd.
➢ Okinawa Autotech Pvt. Ltd.
➢ Tata Motors
➢ Tesla Inc.
➢ Toyota Motor Corporation
➢ Volkswagen AG
➢ WM Motor
➢ Xiaopeng Motors
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