DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle market size is projected to reach 39,208 thousand units by 2030, from an estimated 8,151 thousand units in 2022, at a CAGR of 21.7%.
The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast
Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market.
Major EV manufacturers like Tesla, BYD, BMW, Volkswagen, Nissan, Toyota, Honda, Hyundai, Daimler, Volvo, GM, SAIC etc. have been strong players in the market. These companies have a strong market for their EV's around the world. Passenger cars account for the largest share in the electric vehicle market. Countries such as China have a low waiting period for electric vehicles compared to that for ICE powered vehicles. Due to the growing stringency of emission norms, European countries are planning to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement which further support the market growth. The fast growth of EV chargers have also led to the growth of the EV passenger car market.
DC (Super charging) to be the fastest-growing e-charging segment in the forecast period
Currently, Asia has the highest number of DC Chargers in the world, while Europe stands the 2nd best. Higher investments by governments has paid a significant role in the region. Superchargers are projected to grow at a fast rate in all 3 regions, especially in North American region due to the fast-projected transformation to EV's in the US. In the European region, Superchargers exist mostly in countries like Norway, Netherlands, the UK etc.
In Asia, Superchargers exist mostly in China and some in Japan and South Korea. Many countries have announced plans for a massive expansion of EV charging stations of both types in the next 5-10 years. In North America, many companies are collaborating with various states to speed up Supercharging infrastructure development. In the predicted period, Superchargers may grow fastest in the Asian region and 2nd highest in the North American Region.
Low-priced segment is expected to be largest in the Vehicle class segment in the forecast period
Low-priced EVs are mainly available in the Asia Pacific region. China's top EV manufacturers like SAIC Motors, BYD, etc., provide EVs under this category. Some of the lower end EVs for the European and North American models also fall under this category. However, they have a low to moderate market share in these regions. Some of the latest EVs in India also come under this category, with Tata Motors launching EVs costing around USD 18,000 in 2020.
Market Dynamics
Drivers
- Reducing Prices of Batteries to Support Demand for Cost-Effective EVs
- Faster Charging Speed to Enable Plug and Charge Use of EVs
- Rising Petroleum Prices Increase Demand for EVs Due to Lower Electricity Cost
- Lower Emissions Contribute to Demand for EVs
- Development of Private and Semi-Public EV Charging
Restraints
- High Initial Investments for Installing EV Fast Charging Infrastructure
- Insufficient EV Charging Infrastructure to Slow EV Adoption
- Longer Charging Time Than Other Fuels to Hinder Shift to EVs
- Lower Vehicle Range Hampers Use of EVs for Traveling
Opportunities
- Rising Demand for Electric Vehicles in Automotive and Transportation Sectors
- Government Initiatives Pertaining to EVs
- Development of Wireless EV Charging Technology for On-The-Go Charging
- Use of EVs for Fleets and Commercial Applications
Challenges
- High Cost of Electric Vehicles Compared to Ice
- Insufficient Standardization of EV Charging Infrastructure
- Lower Availability of Lithium for Use in EV Batteries
- Insufficient Grid Infrastructure Globally
Companies Mentioned
- Altcraft Motor Company
- Baic Motors
- BMW Group
- Byd
- Byton
- Chery
- Daimler AG
- Faraday Future
- Fisker
- Ford Motor Company
- Fresco Motors
- Gac Motors
- Geely
- General Motors
- Great Wall Motors
- Hyundai Group
- JAC
- Leap Motors
- Lordstown Motors
- Lucid Motors
- Mitsubishi Motors
- Nikola Corporation
- Nio
- Nissan Motors
- Renault Group
- Rivian
- Saic Motors
- Stellantis
- Tesla
- Toyota Motor Corporation
- Volkswagen AG
- WM Motors
- Xpeng
- Zoyte
For more information about this report visit https://www.researchandmarkets.com/r/c6bf27
