Electric Vehicles Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Electric Vehicle Market Information by Product Vehicle Class, Operating Platforms, and Region – Forecast till 2030” The electric vehicle market will go from USD 206.42 Billion in 2022 to USD 957.06 billion by 2030, at 24.50% rate from 2022 to 2030.

The adverse environmental effects of conventional petrol cars and the rise in fuel prices have helped to grow the Electric Vehicles market for alternative fuel vehicles. Consumers who are more and more likely to use battery-powered or hybrid vehicles are predicted to fuel the market for electric vehicles. BEVs don’t run on conventional fuels like petrol or diesel, thus consumer demand has increased dramatically in recent years. EVs also significantly outperform conventional fuel-based vehicles in terms of maintenance expenses and are therefore, experiencing an uptick in their demand worldwide.

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Electric Vehicles Market Competitive Landscape:

• Tesla (US)
• Volkswagen AG (Germany)
• SAIC Motors (China)
• BYD (China)
• Stellantis (Netherlands)

Electric Vehicles Market Drivers:

As a result of several government initiatives, such as tax incentives, grants, subsidies, non-financial benefits for vehicle registration, and access to carpool lanes, the sale of electric vehicles is projected to increase dramatically in the next years. For instance, in an effort to avoid conversion from combustion engines to battery-powered engines in order to reduce hazardous emissions, German automakers upped their payment incentives for electric vehicles in November 2019. The industry will grow as a result of the large increase in the sale of electric vehicles in recent years in countries including the United States, China, and several European countries.

Over time, the price of battery packs, which account for a large portion of the cost of manufacturing electric vehicles, has decreased. The average cost of lithium-ion battery packs fell rapidly during a ten-year period by 89%, from $1,200 per kWh to $132 per kWh (by 2021). The cost of electric vehicles would be comparable to those propelled by internal combustion engines if this pricing were to reach $100 per kWh. Additionally, while the average price of new cars increased by 2.2% between 2020 and 2021, the cost of EVs reduced by 10.8% during that same period. The future of internal combustion engine (ICE) automobiles and their electric competitors are both clearly indicated by this trend toward electrification. Global EV use has surged as a result. This price reduction will benefit the market.

The market for electric cars is set to benefit from the recent trend of self-driving trucks. Leading OEMs including Tesla, Daimler Vera, and Volvo have also been developing automatic-driving electric vehicles for the market. Because of the alluring advantages of decreased accident risk, ease of use, and the incorporation of value-added capabilities, self-driving technology will ultimately raise demand for electric automobiles. This technology is predicted to advance over the next five to six times. Therefore, it is anticipated that the advancement of self-driving electric car technology will offer opportunities for market expansion in the near future.

Electric Vehicles Market Restraints:

The absence of a charging infrastructure poses a problem to the electric vehicles market. But one of the essential conditions for ensuring the adoption of electric vehicles is the development of a strong electric vehicle infrastructure. The market for electric vehicles isn’t expanding since the majority of developing nations still lack suitable EV charging infrastructure and haven’t caught up to meet demand.

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Electric Vehicles Market Segmentation

The market segmentation for electric vehicles, in terms of technology, includes battery, hybrid, and plug-in hybrid models.  

With respect to vehicle type, the market is segmented into mid-priced and premium classes for electric vehicles. In 2021, the market was led by the mid-priced category, and from 2022 to 2030, it is predicted that this segment will grow at the highest rate.  

The types of electric vehicles are passenger cars, two-wheelers, and commercial vehicles.  

Electric Vehicles Market Regional Insights

The market for electric vehicles in North America was valued at USD 71.63 billion in 2021 and is anticipated to expand quickly during the course of the research. This is related to the rise in demand for electric vehicles in the US, as well as the fact that these regions have built out their infrastructure for vehicle charging and offered incentives to encourage the usage of electric vehicles.

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