Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global electric vehicle market size was valued at USD 384.65 billion in 2022 and is expected to be worth USD 500.48 billion in 2023. The industry is projected to be valued at USD 1,579.10 billion by 2030, recording a CAGR of 17.8% during the forecast period.
Fossil-fueled vehicles are a major reason behind increased air pollution levels. This factor has compelled many governments to pass strict emission laws and regulations on carmakers to reduce vehicle emissions. The demand for BEVs has increased tremendously in recent years as these automobiles do not use fossil fuels, such as diesel or gasoline. The overall maintenance cost of EVs is also quite low, which gives them a significant advantage over fossil-fueled vehicles.
Fortune Business Insights™ provides this information in its report titled, "Global Electric Vehicle Market, 2023-2030".
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 17.8 % | |
| 2029 Value Projection | USD 1,579.10 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 384.65 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
Drivers & Restraints-
Supportive Government Subsidies and Policies to Boost Market Growth
Governments are introducing attractive policies and incentives to boost the sales of electric vehicles. Some of these incentives include zero or low registration fees, decreased selling prices, and free charging infrastructure of EVs at different charging stations. Many governments across the world are also exempting road, import, and purchase taxes based on different subsidies. However, high manufacturing and battery costs might restrain market growth.
COVID-19 Impact-
Favourable Initiatives by Governments to Help Market Recover from COVID-19 Aftermath
The COVID-19 pandemic had a severe impact on the functioning of a wide range of industries including aviation and automobile. This period saw a rapid decrease in the production and sales of vehicles. However, the electric vehicle market growth skyrocketed after June 2020 as governments were actively promoting vehicle electrification by launching a wide range of subsidies and programs.
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Segmentation:
Rising Demand for PEVs to Boost Sales of Passenger Vehicles
Based on vehicle type, the market is segmented into passenger and commercial vehicles. The passenger vehicle segment has captured the largest market share due to the growing presence of EV manufacturers, automakers, and OEMs in Asia Pacific. The rising sales of passenger vehicles in India, China, Norway, and Germany will also boost product demand.
Demand for Traction Battery Pack Rises Due to Wide Usage as a Power Source for EVs
Based on components, the market is divided into battery pack & high voltage components, motor, brake, wheel & suspension, body & chassis, and low voltage electric components. The traction battery pack segment has held the largest market share as it has a significant cost contribution and acts as the main power source that helps an EV run smoothly.
Rising Innovations in EVs to Boost Demand for BEVs
In terms of propulsion type, the market is segmented into Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). The BEV segment is expected to capture a major market share as OEMs are manufacturing electric vehicles on a large scale.
Front-wheel Drive Vehicles Offer Affordability, Driving Market Growth
Based on drive type, the market is bifurcated into all-wheel drive, front-wheel drive, and rear-wheel drive. The front-wheel drive segment accounted for the largest market share. This is because these drive systems incur low manufacturing costs and are easy to maintain as well.
Growing Purchase of Passenger Vehicles to Boost Adoption of 151-300 Mile Range
Based on range, the market is segmented into up to 150 miles, 151-300 miles, and above 300 miles. The 151-300-mile range segment captured the largest market share as the sales of passenger cars are rising every year and most of these vehicles deliver a range of 151-300 miles
Report Coverage-
The market report offers an in-depth analysis of the industry and highlights key aspects, such as top vehicle types, leading market players, and key applications of the product. The report also provides valuable insights into the latest market trends and focuses on key industry developments. Apart from the abovementioned factors, the report covers several factors that have contributed to the market’s growth in recent years.
Regional Insights:
Asia Pacific to Dominate Owing to Rising Electrification
Asia Pacific electric vehicle market share is anticipated to grow at a notable pace as the demand for passenger cars in developing nations has grown considerably in recent years. China has captured the largest share in terms of passenger cars and other automobiles. North America is predicted to record the highest growth rate in the global market. The regional market’s growth can be credited to the rising number of initiatives by the Department of Energy (DoE) to build EV charging infrastructures across the U.S. to support the growing number of EVs in the region.
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Competitive Landscape-
Companies Focus on Developments and Partnerships to Gain Competitive Edge
The market is fragmented with the notable presence of key players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, among others.
List of Key Players Covered in Electric Vehicle Market:-
- BMW Group (Germany)
- BYD Company Ltd. (China)
- Daimler AG (Germany)
- Ford Motor Company (U.S.)
- General Motor Company (U.S.)
- Nissan Motor Corporation (Japan)
- Tesla (U.S.)
- Toyota Motor Corporation (Japan)
- Volkswagen AG (Germany)
- Group Renault (France)
Electric Vehicle Market Segmentation:-
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle ( HEV)
By Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
By Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
By Component
- Battery Pack & High Voltage Component
- Motor
- Brake, Wheel & Suspension
- Body & Chassis
- Low Voltage Electric Component
Key Industry Development:
February 2023 – Ford announced plans to build a new battery plant in Michigan worth USD 3.5 billion to diversify its battery offerings by using a Chinese firm’s technology as it tries to enhance its electric vehicle production capacity.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Electric Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
- Market Analysis, Insights and Forecast – By Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
- Market Analysis, Insights and Forecast – By Component
- Battery Pack & High Voltage Component
- Motor
- Brake, Wheel & Suspension
- Body &Chasis
- Low Voltage Electric Component
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued…….
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