Advancements in battery technology with lower cost, improved charging speed, and government support in the form of tax rebates and subsidies to promote eco-friendly vehicles are the key factors driving the adoption of electric vehicles. In addition, the market growth is also driven by the rising investment by automakers in EV development, decreasing prices of batteries.

Northbrook, IL -- (SBWire) -- 02/08/2021 --The Electric Vehicle Market is projected to reach 27 million units by 2030 from an estimated 3 million units in 2019, at a CAGR of 21.1%.

The electric vehicle market has witnessed rapid evolution with ongoing developments in the automotive sector. Favourable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration (specifically in China where ICE vehicle registration are banned in some urban areas) is one of the primary factors driving the growth of the market.

Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.

Top 10 Players:

Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.

Other Players:

General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.

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In the electric vehicle market, by propulsion type, the FCEV passenger car segment is estimated to be the fastest-growing market. In FCEV, the fuel cell combines hydrogen with oxygen from the air to produce electricity. With increased state and federal policies aimed at getting more of these vehicles on the roads, FCEVs can become a large part of the future transportation systems. Also, the FCEV segment is estimated to be the fastest-growing market in Japan. Toyota and Honda are selling hydrogen-powered cars and have collaborated to increase hydrogen refuelling stations across the country. Also, in March 2018, a group of 11 Japanese companies, including Toyota, Nissan, and Honda, launched a venture called Japan H2 Mobility to build 80 hydrogen fueling stations by 2022.

North America is estimated to be the fastest-growing market during the forecast period. North America comprises developed economies such as the US & Canada and is home to many leading players such as Tesla and Ford and charging infrastructure companies such as ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving the electric vehicle market in this region.

The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in countries such as China, Japan and South Korea is inclined toward innovation, technology, and development of the advanced electric vehicle. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle.

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The commercial vehicle segment is expected to be the fastest-growing market. With the increasing adoption of electric buses, particularly in China and India, has contributed to the growth of the electric commercial segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.