The Asia Pacific region to dominate the Electric Vehicle (EV) market in 2021

According to Custom Market Insights (CMI), The size of the Global Electric Vehicle Market was worth around USD 170 billion in 2021 and is predicted to grow to around USD 1105 billion by 2030 with a compound annual growth rate (CAGR) of roughly 23% between 2022 and 2030.

The report analyses the Electric Vehicle (EV) market’s drivers and restraints and the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle (EV) market.

Electric Vehicle (EV) Market: Overview

Low-emission technology used in electric vehicles aids in reducing greenhouse gas emissions and addressing other environmental problems. To reduce greenhouse gas emissions, several developing economies are choosing sustainable alternatives.

The demand for electric vehicles has increased due to growing worries about the pollution produced by conventional internal combustion (IC) engines, which has positively impacted the electric vehicle market.

Browse the full “Electric Vehicle (EV) Market Size, Trends and Insights By Product (BEV, PHEV), By Vehicle Type (Private Vehicles, Commercial Vehicles), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/electric-vehicle-market/

Global Electric Vehicle (EV) Market 2023 – 2032 (By Product)

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Growth Factors

The sale of electric vehicles is projected to increase in the future due to a significant number of government programs, including tax rebates, grants, and other non-financial perks like access to carpool lanes and subsidies. For instance, German automakers increased their cash incentives for electric cars in November 2019 to delay the switch from internal combustion to battery-powered engines to prevent hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations including the United States, China, and several European nations; this, in turn, will help the industry expand.

However, several key obstacles that impede market expansion include a lack of charging infrastructure, variances in charging load, and a lack of standardization. Several regions, including China, Europe, the United States, Japan, Korea, and others, have varied standards for charging electric vehicles. To address this issue, certain electric vehicle manufacturers, like Tesla Inc., are concentrating on a worldwide standardization of the charging infrastructure.

Nevertheless, it is projected that increasing the use of electric vehicles in the public and commercial sectors will propel the market. For instance, the UK government approved 200 electric buses in 2020, intending to make all buses electric by 2025, which may reduce CO2 emissions by roughly 7,400 tonnes annually.

Segmental Overview

The market for Electric vehicles (EV) is segmented into product and vehicle types. The market for commercial vehicles is anticipated to expand at the highest CAGR shortly. Due to rising fuel prices, tough immigration laws imposed by governments, an increase in independent delivery vehicles, and the addition of electric motorcars and vehicles, this market segment is expected to grow rapidly.

The government-imposed strict emigration morals, rising fuel prices, the growing abandonment of independent delivery trucks, and the growing abandonment of electric motorcars and vehicles all contribute to the segment’s rapid growth.

Global Electric Vehicle (EV) Market 2023 – 2032 (By Vehicle Type)

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Regional Overview

China, Japan, and South Korea are the Electric Vehicle market leaders for electric vehicles in the Asia Pacific region. China, the world’s largest producer and consumer of electric vehicles have a monopoly on the EV market in the area. Their government has taken action, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for installing EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles.

The EV market has also been expanding in Japan and South Korea. Their governments installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and took other measures to assist the growth of EV demand.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 170 Billion
Projected Market Size in 2030 USD 1105 Billion
CAGR Growth Rate 23% CAGR (2022-2030)
Base Year 2022
Forecast Period 2023-2032
Prominent Players BMW, BAIC Group, Nissan-Renault-Mitsubishi, GAC Motors, BYD, Great Wall Motors, Jaguar, Hyundai Group, Toyota, Mercedes, SAIC Motors, Stellantis, Tesla, Volkswagen Group, and Others
Key Segment By Product, Vehicle Type, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfill your requirements for research.

Key Players Insights

Due to several Electric Vehicle market participants, there is intense rivalry in the global electric vehicle market. The incumbent players emphasize innovation and the creation of new models and technologies to address their weaknesses and solidify their position in the global market. Several market participants are also funding EV companies to increase their local footprint.

Furthermore, the auto industry has transitioned to battery-powered or electric vehicles due to increased government initiatives regarding environmental degradation from CO2 emissions. Companies use partnerships, joint ventures, mergers, and acquisitions as Electric Vehicle market position retention strategies.

Global Electric Vehicle (EV) Market 2023 – 2032 (By Billion)

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Some of the prominent players

  • BMW
  • BAIC Group
  • BMW
  • Nissan-Renault-Mitsubishi
  • GAC Motors
  • BYD
  • Great Wall Motors
  • Jaguar
  • Hyundai Group
  • Toyota
  • Mercedes
  • SAIC Motors
  • Stellantis
  • Tesla
  • Volkswagen Group

The global Electric Vehicle market is segmented as follows:

By Components:

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Fuel Stack
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

By Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles
  • By Vehicle Class:
  • Low-priced
  • Mid-priced
  • Luxury

By Top Speed:

  • <125 MPH
  • >125 MPH

By Vehicle Drive Type:

  • Front Wheel Drive
  • Rear Wheel Drive
  • All Wheel Drive

By EV Charging Point Type:

  • Normal Charging
  • Super Charging

By Vehicle Connectivity:

  • V2B or V2H
  • V2G
  • V2V
  • V2X

By Propulsion:

  • BEV
  • PHEV
  • FCEV

By End Use:

  • Private
  • Commercial Fleets

On the basis of Geography

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America