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Modular Electric Vehicle Market size is predicted to reach $87.4 Billion by 2030, growing at a CAGR of 9.6% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing Environmental Imperatives, and Upgradation in Battery Technology are the driving factors of the market during the forecast period, finds IndustryARC in its recent report, titled “Modular Electric Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Commercial Vehicles, Micro-Mobility), By Modularity (Partial Modular EVs, Fully Modular EVs), By Range (Short Range, Medium Range, Long Range), By Price (Economy, Mid-Range, Premium), By End User (Individual Consumers, Fleet Operators, Government & Municipalities, Rental Companies), & Industry Forecast, 2023-2030.”
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Modular Electric Vehicle Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
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Forecast Period |
2023–2030 |
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CAGR |
9.6% |
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Market Size in 2030 |
$87.4 Billion |
|
Segments Covered |
Vehicle Type, Modularity, Range, Price, End User |
|
Key Market Players |
|
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Modular Electric Vehicle Market Report – Key Takeaways:
Commercial Vehicles with a market share of 36% is the largest by type segment. Commercial vehicles, especially those used for delivery and logistics, cover high mileage and have significant fuel and maintenance costs. Electric commercial vehicles offer substantial operational cost savings due to lower electricity costs, reduced maintenance needs (fewer moving parts), and potential government incentives. As cities become more congested and air quality concerns rise, governments and businesses are seeking solutions to reduce urban pollution and congestion. Electric commercial vehicles are well-suited for short-distance urban travel, especially for last-mile delivery.
Modular EVs offer consumers and businesses a level of customization and flexibility that traditional vehicles often lack. This appeals to various market segments with diverse needs, driving adoption across a wider range of use cases. Modular design allows consumers to tailor their vehicles to their specific preferences, choosing components like battery capacity, powertrain options, and interior features. Commercial operators can adapt modular EVs to different applications, such as last-mile delivery or ridesharing, without requiring an entirely new fleet. Modular EVs can be easily upgraded with new technologies, enabling owners to stay up-to-date with the latest advancements without purchasing a new vehicle.
Technological innovation, particularly in the areas of connectivity, autonomous driving, and user interfaces, is driving the modular EV market. As consumers become accustomed to seamless digital experiences, modular EVs are integrating advanced technologies to enhance the driving experience and differentiate themselves in the market. Modular EVs are equipped with advanced connectivity features, allowing for real-time data sharing, over-the-air updates, remote diagnostics, and smartphone integration. Modular EVs are becoming platforms for testing and implementing autonomous driving technologies, catering to the growing interest in self-driving vehicles.
As the adoption of modular EVs increases, so does the concern about battery waste and recycling at the end of their lifecycle. Developing efficient battery recycling technologies and establishing standardized recycling practices will be crucial. Governments can implement regulations that require automakers to take responsibility for recycling and disposal. Additionally, repurposing used batteries for energy storage solutions can extend their useful life beyond vehicular applications.
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Key Opportunity Analysis:
Growing Green Energy Initiatives Globally
Increasing awareness of climate change and the environmental impacts of traditional internal combustion engine vehicles is driving individuals, governments, and businesses to seek greener alternatives. As a result, modular EVs, powered by clean electricity, are being recognized as a pivotal solution to mitigate emissions and combat air pollution. Manufacturers can position modular EVs as a sustainable choice, emphasizing their zero tailpipe emissions and contribution to cleaner air quality. Collaborating with governments to align with their emissions reduction targets and receiving incentives can further enhance the attractiveness of modular EVs. Governments around the world are introducing incentives, subsidies, and regulations to promote the adoption of green technologies, including electric vehicles. These policies create a favorable environment for the growth of modular EVs by reducing barriers to entry and increasing affordability.
Electrification of Commercial Fleets
As businesses and organizations strive to reduce their carbon footprint and operating costs, they are increasingly considering the transition to electric vehicles for their fleet operations. Modular EVs, with their adaptability, customization options, and potential for efficient last-mile delivery, are well-positioned to cater to this growing demand. Electric vehicles, including modular EVs, often have lower operating costs compared to their internal combustion engine counterparts due to lower maintenance and fuel costs. This TCO advantage is particularly attractive to fleet operators looking to cut expenses.
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The Report also Covers the Following Areas:
Modular Electric Vehicle Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic had a mixed impact on the modular electric vehicle (EV) market. While the initial phases of the pandemic led to disruptions in manufacturing, supply chains, and consumer demand, the market later rebounded due to increased emphasis on sustainable transportation and recovery efforts. The pandemic highlighted the importance of cleaner air and sustainable transportation. As a result, interest in EVs, including modular EVs, increased among consumers looking for environmentally friendly options.
The geopolitical tensions and the crisis in Ukraine have implications for the modular EV market, particularly in terms of supply chains, regulations, and market sentiment. Geopolitical tensions have created economic uncertainty, affecting consumer purchasing decisions and causing potential delays in adoption, particularly for higher-cost items like modular EVs.
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The key companies profiled in the Modular Electric Vehicle Market Report are listed below:
HEV and EV On-Board Battery Chargers Market– Growing demand for electric vehicles, on-board chargers that increase the efficiency of the vehicle, increase the power density of the battery, and retain the battery charge for long durations are increasingly being adopted.
Wireless Electric Vehicle Charging Market– The utilization of battery powered vehicles is significantly growing across the globe due to the growing awareness on automotive carbon emissions and diminishing oil reserves, thus creating a huge opportunity for the growth of market.
Electric Vehicle Battery Market is analysed to grow at a CAGR of 20.31% during the forecast 2022-2027 to reach $116.34 billion.
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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
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