The Electric Vehicle Market crossed US$ 165.5 billion mark in 2022 and is expected to hit US$ 823.7 billion by 2030, recording a CAGR of 18.2% during the forecast period.
In order to encourage people to purchase electric vehicles, governments are spending a lot of money on incentives and subsidies. Initiations being taken by governments throughout the world are projected to increase demand for electric automobiles in the upcoming ten years. Fuel economy standards have been developed globally, and electric vehicle regulations have been implemented in developing nations. They also provide incentives and subsidies to both manufacturers and purchasers of electric vehicles. As a result, this element is fueling electric vehicle market expansion. The majority of these nations also offer incentives for the installation of EV charging stations. The first region to totally switch to EVs is likely to be Europe. The majority of the nations in the area have made plans to halt ICE vehicle sales in the ensuing decades.
The Electric Vehicle Market is experiencing a rise in Passenger Cars
Asia-Pacific has the greatest market for electric passenger cars, followed by Europe and North America. China, Japan, and South Korea are the nations in Asia that are dominating the passenger electric vehicle market. This is a result of these countries' robust government backing for passenger EVs. The top European nations with a rising demand for EV passenger vehicles are Germany, France, the Netherlands, Norway, Sweden, the United Kingdom, etc. These nations have released strict pollution standards as well as a range of grants, subsidies, and other incentives to encourage the switch to electric vehicles.
Reducing cost of EV batteries to support demand for cost-effective EVs is one of the major factors accelerating Electric Vehicle Market growth.
Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past ten years. As EV batteries are one of the most expensive parts of the car, this has resulted in a fall in the price of EVs. A typical EV battery cost about USD 1,100 per kWh in 2010. However, by 2020, the cost had decreased to around USD 137 per kWh, and by 2021, it had fallen all the way to USD 120. In China, these batteries can be purchased for as little as $100 per kWh. This is brought on by the declining costs of making these batteries, the lower cost of cathode materials, increased production, etc. By 2030, the cost of EV batteries is anticipated to drop to around USD 60 per kWh, which would result in a huge decrease in the cost of EVs, making them more affordable than traditional ICE vehicles.
Recent strategic developments in the Electric Vehicle Market
The electric vehicle market has undergone several significant developments, and a few of these have been mentioned below:
Several players drive the electric vehicle market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BAIC Group; BYD Company Motors; Daimler AG; Ford Motor Company; General Motors;Mitsubishi Motors; Nissan Motor Corporation; Tesla Inc.; Toyota Motor Corporation; Volkswagen AG are among the prominent players operating in the Electric Vehicle Market.
The target audience for the report:
Scope of the report:
In this report, the electric vehicle market has been segmented based on:
The List of Companies
- BAIC Group
- BYD Company Motors
- Daimler AG
- Ford Motor Company
- General Motors
- Mitsubishi Motors
- Nissan Motor Corporation
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG.