Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region - Global Forecast 2030
Northbrook, IL 60062 -- (SBWIRE) -- 08/10/2022 -- The report "Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030" The electric vehicle market size is projected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a CAGR of 21.7%. Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to EV's and growth of Electric Vehicle market.
Browse 262 market data Tables and 104 Figures spread through 324 Pages and in-depth TOC on "Electric Vehicle Market"
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Dynamics for Electric Vehicle Market / EV Market:
Driver: Reducing cost of EV batteries to support demand for cost-effective EVs
EV Market: The cost of EV batteries has been decreasing during the past decade due to technological advancements and the production of EV batteries on a mass scale in large volumes. This has led to a decrease in the cost of electric vehicles as EV batteries are one of the most expensive components of the vehicle. In 2010, the price of an EV battery was approximately USD 1,100 per kWh. However, by 2020, the price fell to approximately USD 137 per kWh, and it reached as low as USD 120 per kWh in 2021. The price of these batteries are as low as USD 100 per kWh in China. This is because of the reducing manufacturing costs of these batteries, reduced cathode material prices, higher production, etc. The prices of EV batteries are expected to fall to approximately USD 60 per kWh by 2030, which is expected to significantly reduce the prices of EVs, making them cheaper than conventional ICE vehicles.
Electric Vehicle Market Opportunity: Government initiatives pertaining EVs
Countries around the world have set targets to reduce vehicle emissions by 2030-2050. They have started promoting the development and sales of EV market and related charging infrastructure. For instance, the US government invested USD 5 billion in 2017 to promote electric vehicle infrastructure such as charging stations. Several governments are providing various incentives such as low or zero registration fees and exemptions from import taxes, purchase taxes, and road taxes to adopt EVs.
The Passenger cars segment is expected to be the largest segment in the forecast period.
Passenger cars account for the largest share of the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for zero-emission vehicles along with government incentives, regulations, and subsidiaries. The electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The major factors driving the market are the availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates. Major EV manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc., are strong players in the market. These companies have a strong market for their EVs around the world. In 2021, the bestselling passenger electric cars were Tesla Model 3, SAIC Hongguang Mini EV, Tesla Model Y, Volkswagen ID.4, BYD Qin Plus PHEV, Li Xiang One PHEV, BYD Han EV, BYD Song Pro Plus PHEV, Changan Benni EV, Volkswagen ID.3, Renault Zoe, GAC Aion S, Chery eQ, Kia Niro EV, Nissan Leaf, GW Black Cat, Toyota RAV4, Hyundai Kona EV, Xpeng P7, and SAIC Roewe Clever EV.
Key Market Players
The electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands). The EV market ranking has been derived by considering EV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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