The Global Electric Vehicle Market size is projected to grow from 4,093 thousand units in 2021 to 34,756 thousand units by 2030, at a CAGR of 26.8%.
Factors such as growing demand for low emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.
EV battery price reductions, connected cars, battery management systems, Smart charging, wireless on the go charging are the key market trends or technologies which will have a major impact on the electric vehicle market in the future. Government bodies are working with manufacturers to provide the necessary EV charging stations across their countries. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, the electric vehicle market is considered to be a fast-growing industry in the next few decades.
Top 10 Players:
Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.
General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.
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The Asia Pacific market is projected to hold the largest share by 2030
The Asia Pacific EV market is led by countries like China, Japan and South Korea. China is the world’s largest EV producer and the user has dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing EV charging stations, making emission norms, setting up deadlines for shifting to full or hybrid EVs from ICE vehicles, etc. India is also working on increasing its EV demand in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policies will help the country become the region’s fastest-growing market for EV’s in the coming years.
The Passenger cars segment is expected to be the largest segment in the forecast period
Electric passenger car is the fastest-growing segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market. Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC, etc. have been strong players in the market. These companies have a strong market for their EV’s around the world. Passenger cars account for the largest share in the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for electric vehicles. Countries such as China have a low waiting period for electric vehicles compared to that for ICE-powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2050. US and China also follow such an agreement. The fast growth of EV chargers has also led to the growth of the EV passenger car market.
Supercharging to be the fastest-growing recharging segment in the forecast period
Currently, Asia has the highest number of Superchargers in the world, while Europe stands the 2nd best. This is because people in Asian countries prefer to fast charge for their vehicles for daily use. Superchargers are projected to grow at a fast rate in all 3 regions, but mostly in the North American region due to the fast-projected transformation to EV’s in the US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, UK etc. In Asia, Superchargers exist mostly in China and some in Japan, South Korea, etc. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.
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