Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Vehicle Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global Electric Vehicle market is projected to reach $4,331 billion by 2030, at a CAGR of 27.6% from 2023–2030. By volume, this market is projected to reach 372.38 million units by 2030, at a CAGR of 19.9% from 2023–2030. The growth of the global electric vehicle market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading automotive OEMs, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for electric vehicles. The growing adoption of autonomous electric vehicles and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.
However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries are expected to obstruct the growth of this market to some extent. The range anxiety among consumers and the low cold weather performance of electric vehicles are major challenges for market growth. Additionally, shared mobility, smart EV charging stations, wireless EV charging, and solar-powered EV charging stations are prominent trends in the global electric vehicles market.
Meticulous Research® has segmented this market based on vehicle type, power output, propulsion type, end use, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at country levels.
Based on vehicle type, the global electric vehicle market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. In 2023, the passenger vehicles segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.
Based on power output, the global electric vehicle market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2023, the less than 100 kW segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.
Based on propulsion type, the global electric vehicle market is segmented into hybrid electric vehicles and battery electric vehicles. In 2023, the battery electric vehicle segment is expected to account for the largest share of the global electric vehicle market. The large share of this segment is attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and increasing adoption of battery electric vehicles as private vehicles, autonomous delivery vehicles, industrial vehicles, and public transport.
Based on end use, the global electric vehicle market is segmented into private, commercial, and industrial use. In 2023, the private use segment is expected to account for the largest share of global electric vehicles. The growth of the segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. Also, supportive government incentives to promote the sales and manufacturing of EVs, tax rebates, and the decline in battery costs are further driving the adoption of EVs among consumers for private use.
Based on geography, the electric vehicle market is segmented into Asia–Pacific, Europe, North America, Latin America, and Middle East & Africa. In 2023, Asia–Pacific is expected to command the largest share of global electric vehicles. In recent years, the electric vehicles (EV) market has grown rapidly in the Asia Pacific region. China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.
The key players operating in the global electric vehicle market are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda Motor Co., Ltd. (Japan), General Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.), Zero Electric Vehicles Inc. (U.S.), and Faraday & Future Inc. (U.S.).
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