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Market Outlook
According to MRFR analysis, the Global Electric Vehicle Market is expected to register a CAGR of~24.50% from 2022to 2030 and hold a value of over USD 957.06 billion by 2030. The global electric vehicle (EV) market refers to the industry that produces, sells, and supports the use of electric-powered vehicles. This includes various types of electric vehicles, such as battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). The global EV market has experienced significant growth in recent years due to increasing environmental concerns, government support for EV adoption, and advancements in EV technology.
During the early stages of the pandemic, supply chain disruptions and factory shutdowns caused a decline in EV production and sales. Consumers also became more hesitant to make large purchases due to economic uncertainty, which further slowed the growth of the EV market. Additionally, with people working from home and traveling less, there was less demand for transportation, including EVs.
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Some of the key market players are:
Regional Analysis
The largest region in the global electric vehicle (EV) market is currently Asia-Pacific (APAC). This region includes countries such as China, Japan, South Korea, and India, which have all made significant investments in EV technology and infrastructure in recent years.
China, in particular, has emerged as the largest market for EVs, both in terms of production and sales. The Chinese government has implemented policies to encourage the adoption of EVs, including subsidies and regulations that require automakers to produce a certain percentage of EVs each year.
Other countries in the APAC region, such as Japan and South Korea, have also been investing heavily in EV technology and infrastructure. Japan is home to several large automakers that are developing EVs, including Toyota and Nissan, while South Korea has been investing in battery technology and production, with companies such as LG Chem and SK Innovation leading the way.
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Market Segmentation
The Global Electric Vehicle Market has been segmented into type and technology.
Based on the type, the market has been segmented into passenger cars, two-wheelers and commercial vehicles.
Based on the technology, the market has been segmented into battery, hybrid and plug-in hybrid electric vehicle.
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Table Of Content:
1 Executive Summary
2 Introduction
2.1 Scope Of The Study 13
2.2 Assumptions 13
2.3 Market Structure 13
3 Research Methodology
3.1 Research Process 15
3.2 Primary Research 16
3.3 Secondary Research 16
3.4 Market Size Estimation 16
3.5 Forecast Model 18
4 Market Dynamics
4.1 Introduction 19
4.2 Market Drivers 20
4.2.1 Surge In Demand Of Electric Vehicle Worldwide 20
4.2.2 Increasing Fuel Prices Will Boost Demand Of Electric Vehicles 21
4.2.3 Government Initiatives 21
4.2.4 Expansion Of Global Auto-Manufacturers Into New Emerging Markets 22
4.3 Market Restraints 22
4.3.1 High Prices Of Electric Vehicles 22
4.3.2 Underdeveloped Aftermarket Services 23
4.4 Market Opportunities 23
…….
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
