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Electric Vehicle (EV) Market Research Report - Global Forecast till 2030

Electric Vehicle Market/ EV Market Research Report: Information By Technology (Battery, Hybrid and Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers) - Global Forecast till 2030

ID: MRFR/AM/1261-CR | October 2020 | Region: Global | 188 Pages         

Electric Vehicle Market

Electric Vehicle Market is projected to be worth USD 957.42 billion by 2030, registering a CAGR of 24.51% during the forecast period 2022 - 2030

Segmentation

By Technology Battery Hybrid Plug-In Hybrid Electric Vehicles
By Vehicle Class Mid-priced Luxury class
By Vehicle Type Passenger cars Two-wheelers Commercial vehicles

Key Players

  • Nissan Motor
  • Tesla Inc
  • Toyota Motor
  • Ford Motor
  • Volkswagen
  • BMW
  • General Motors
  • Daimler AG
  • Hyundai Motor
  • Mitsubishi Motors

Drivers

  • The surge in demand for electric vehicle worldwide
  • Increasing fuel prices
  • Government initiatives
  • High prices of electric vehicles
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Electric Vehicle Market Overview


Electric Vehicle Market is projected to be worth USD 957.42 billion by 2030, registering a CAGR of 24.51% during the forecast period (2022 - 2030). , The market was valued at USD 208.95 billion in 2021.


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. Tax rebates, non-financial benefits like new car registration, and carpool lane access, increasing vehicle range, active participation of OEMs, providing charging infrastructure in regular areas, etc., factors can increase the growth of the EV market trends.


By the latest report of the Market Research Future Report (MRFR), the advanced features like an objective of tackling climate change, advanced powertrains, and lithium-ion batteries increase the EV market growth.


COVID-19 Analysis:


Globally, the COVID-19 pandemic has a savage effect on all types of markets. Especially, in the automotive sector, due to the restrictions on production and contraction of automobile sales, the market growth has reduced. But gradually after lockdowns, the market growth is increasing day-by-day for its advanced features. The electric vehicle market growth is raised by the adoption of EVs in the US, China, and European countries and demand for battery-operated vehicles.


Globally, all the government’s goal is to have zero-emission vehicles and to reduce dependence on oil imports which are provided by electric vehicle market. Some factors to increase the demand for electric vehicles market value are establishing of charging infrastructure, the rise of residential units, lowering the price of batteries.


Competitive Landscape


The emerging and efficient key players in the electric vehicles (EV) market research are as follows:



  • General Motors (U.S)

  • Hyundai Motor Company (South Korea)

  • BMW (Germany)

  • Daimler AG (Germany)

  • Nissan Motor Company (Japan)

  • Toyota Motor Corporation (Japan)

  • Ford Motor Company (U.S)

  • Tesla Inc. (U.S)

  • Mitsubishi Motors Corporation (Japan)

  • Volkswagen (Germany)


Out of these Tesla Inc. is the top player in the electric vehicles market for its innovative product designing and technological enhancements. It constructed a charging station across the U.S and Canada.


Recent Developments


The Nissan Motor Company has gained 180,000 customers which is the biggest milestone for the offering of LEAF. This company has launched the latest vehicle Ariya with an electric crossover coupe.


In May 2019, Tesla launched two safety features in the car named lane departure and emergency lane departure which avoids collisions and when it is in cuisine mode, it keeps the vehicle in lane.


Market Dynamics:




  • Drivers:



    • The surge in demand for electric vehicle worldwide




Globally, electric vehicles have a high demand for their advanced features like low emission, tackling climate change, advanced power trains, etc., rise the demand over the electric vehicles market.





    • Increasing fuel prices




By increasing the fuel prices, most people focus on electric vehicles and also to avoid oil imports, these electric vehicles are the best solution. This makes the growth among electric vehicles worldwide. By using these EVs, dependence on fossil fuels will be reduced. Hence it reduces the maintenance and operating cost of electric vehicles compared to ICE vehicles.





    • Government initiatives




Generally, the atmosphere is impurifying due to ICE vehicles which emit a high volume of GHG. To avoid this, the worldwide governments are taking initiatives for the zero-emission environment which improves the quality of air.  The government is providing good support by subsidies and policies which highly increase the EV market growth




  • Restraint:



    • High prices of electric vehicles




The high cost of electric vehicles restraints the demand for EV market share leads to the reduction of subsidies in the U.S and China. By reducing the imports of fossil fuels, the demand across the EV market increases, and hence the maintenance and operating cost of electric vehicles decreases.





    • Underdeveloped aftermarket services




Due to the lack of standardization of charging infrastructure in developing and underdeveloped areas, the demand for electric vehicles reduces. Both drivers and charging network operators should have experience of charging infrastructure, which needs to improve by some efforts.




  • Opportunities:



    • Use of V2G (Vehicle to Grid) EV charging stations




It has a bidirectional electrical energy flow between plug-in EVs and the power grid that starts to store the unused power and discharge it in the grid which saves the power. This V2G technology improves the performance of electrical components.





    • Charging by renewable energy




Renewable energy like solar panels can also be used for charging EVs. This is one of the key opportunities for the electric vehicle industry due to the lower price and easier installation of solar panels.




  • Challenges



    • Limited range of EVs




Most electric vehicle owners are concerned about the distance covered in a single charge of EVs. EV’s driving range is shorter than ICE vehicles.


Study Objectives -



  • To provide detailed information about the market structure along with various forecast segments and sub-segments.

  • To provide the factors that are affecting the growth of market analysis.

  • To analyze the market-based porter’s five force analysis, etc.

  • To provide history and forecast revenue segments and sub-segments of the market share for the main geographies and their countries.

  • To provide the country-level analysis of the current market size and future prospective

  • To provide country-level analysis of the market growth by region, form, and application.

  • To provide a strategic profile of the key players in the market, analyze their core competencies, and draw a landscape of the global electric vehicle industry market growth.

  • To track and analyze new product developments, strategic alliances, and global market research.


Segment Overview:


The global electric vehicle/ EV market outlook is segmented by technology, vehicle type, and region.


Based on Technology


Based on the technology, the market is segmented into Battery Electric Vehicles, Hybrid electric vehicles, and plug-in hybrid electric vehicles.


Hybrid electric vehicles can act as both electric and fuel-based driving ranges. It is helpful when insufficient charging infrastructure available. For increasing the demand for battery electric vehicles, the government and private entities are planning to arrange a charging infrastructure all over the world to reduce the emission and keep the environment green. The plug-in hybrid electric vehicles are helping to decrease these vehicles prices that boost the demand further.


Based on Region


Based on the region, the market revenue is segmented into Asia-Pacific, Europe, North America, and the Rest of the World. Among these, North America is expected to hold the highest growth in the market.


Based on Vehicle Type


The electric vehicles market is segmented based on the vehicle type as Passenger cars, Two-wheelers, and Commercial vehicles. Among these, passenger cars hold the largest market share of the electric vehicle market value. The use of electric mobility and lighter materials in vehicle design helps in the electric vehicle market growth.


Regional Analysis -


Asia-Pacific is expected to lead significant growth in the global market for its huge potential and developing economies, passenger cars in developing nations like China and India. China accounts largest electric vehicles market share in passenger cars and other automobiles. Europe has been the driving factor for the growth of the market for the government’s steps to reduce carbon emissions. In this region, UK, Germany, and France are contributing to the growth of the market.


By building the charging infrastructure by the Department of Energy (DOE) all over the U.S to increase the demand for electric vehicles. This makes North America keep this region as the highest growth in the market.


Report Overview:


This EV market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent Developments, Segmentation Table and FAQs. The market dynamics contain drivers like government initiatives, increasing fuel prices, and demand for advanced features.


Segmentation Table


The electric vehicles market research report is done based on the segments technology, vehicle type, and region.


By Technology


Plug-in hybrid electric vehicles, Hybrid electric vehicles, and Battery Electric Vehicles are the three technologies.


By Vehicle Class


Mid-priced and Luxury class


By Vehicle Type


Passenger cars, Two-wheelers, and Commercial vehicles


By Region


Asia-Pacific, Europe, North America, and the Remaining regions of the World are the main regions


By Charging station Type


Normal charging and Supercharging


By Components


Infotainment, Battery Cells & Packs, On-Board Charge, and Electric motor



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 957.42 billion
  CAGR   24.51% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology and Vehicle Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Nissan Motor, Tesla Inc, Toyota Motor, Ford Motor, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor and Mitsubishi Motors
  Key Market Opportunities

  • High prices of electric vehicles
  • Underdeveloped aftermarket services
  • Use of V2G (Vehicle to Grid) EV charging stations
  • Charging by renewable energy
  •   Key Market Drivers

  • The surge in demand for electric vehicle worldwide
  • Increasing fuel prices
  • Government initiatives


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    Frequently Asked Questions (FAQ) :

    While your electric car motor uses AC, the battery needs to receive its electricity in DC.

    Rapidly Increasing Sales of Electric Vehicles and Rising Fuel Prices Are Driving Factors of Global Electric Vehicle Market. Government Initiatives for Same is Also Helping to Boost the Global EV Market.

    The key players of the global Electric Vehicle market are Nissan Motor, Tesla Inc, Toyota Motor, Ford Motor, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor and Mitsubishi Motors.

    North America region is Dominating global electric vehicles market due to the growing demand for electric cars at a rapid pace across the US and Canada.

    The Global Electric Vehicle (EV) Market Has Been Segmented Based on the Technology, Vehicle Type, Charging Station, Connector Type, Installation Type, Vehicle Type and Region.

    Electric Vehicle Market is projected to be worth USD 957.42 billion by 2030, registering a CAGR of 24.51% during the forecast period (2022 - 2030). , The market was valued at USD 208.95 billion in 2021.