New Report - Electric Vehicles Market to Hit $ 1403.78 Bn By 2030, Reports Insights

United Sates New York, Jan. 26, 2023 (GLOBE NEWSWIRE) -- As per the research report Electric Vehicles Market published by Reports Insights, the market was worth USD 379.70 Billion in 2022 and is estimated to reach over USD 1,403.78 Billion by the year 2030, growing at a CAGR of 17.8%.

Electric Vehicles Market Size, Share & Trends Analysis, By Propulsion (Battery Electric Vehicles (BEV), Plug-in Electric Hybrid Vehicles (PHEV), and Fuel-cell Electric Vehicles (FCEV)), By Vehicle Type (Two-Wheelers, Passenger And Commercial Vehicles), By Battery Capacity (Less than 50 kWh, 50-250kWh, and Above 250kWh), By Range (Less Than 150 Miles, 150 To 300 Miles, And Above 300 Miles), By End Use (Private and Commercial Fleet), By Region and Segment, Forecast Period 2022 – 2030. Drivers -A large section of the population is shifting to electric vehicles because of the rising prices of petrol across the globe. Moreover, the low maintenance costs of electric vehicles are also fascinating for people to opt for environment-friendly vehicles. Opportunities - The scope of introducing new advanced technologies at affordable costs is expected to open new doors for the growth of the global market. Furthermore, the introduction of self-driving technology is also anticipated to provide potential opportunities for the growth of the global market.

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An electric vehicle (EV) is referred to a vehicle that is powered by an electric motor that draws electricity from a system of batteries. The EVs are available as either fully electric or hybrid models which are further categorized as per battery charging setups. Further, electric vehicles (EVs) are becoming increasingly popular due to their low running costs and environmental benefits. Unlike traditional gasoline-powered vehicles, EVs have fewer moving parts, which reduces the need for maintenance. Additionally, EVs do not rely on fossil fuels like petrol or diesel, making them a more sustainable transportation option.

One of the key components of an EV is its battery. Historically, EVs used lead acid or nickel metal hydride batteries, but these have been largely phased out in favor of lithium-ion batteries. These batteries have a longer lifespan and are better at retaining energy, with a self-discharge rate of just 5% per month. However, there are still challenges associated with lithium-ion batteries, particularly the risk of thermal runaway, which can cause fires or explosions. This has been a concern with certain EV models, such as the Tesla Model S. Despite this, manufacturers have been working to improve the safety of these batteries to reduce the risk of such incidents. Further, one of the major concerns regarding electric vehicles is the battery size and charging infrastructure. Various governments around the world have decided to increase the number of these infrastructures in present circumstances along with in coming years. The European government has also set a target for the production and consumption of electric vehicles to attain the goals of sustainable development.

Electric Vehicles Market Research Analysis Coverage:- 

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Key Market Highlights

• The global electric vehicles market size is expected to exceed USD 1,403.78 billion by 2030 and grow at a CAGR of 17.8% during the forecast period (2022-2030).
• Globally, electric vehicles are divided based on propulsion: battery electric vehicles (BEV), plug-in electric hybrid vehicles (PHEV), and fuel-cell electric vehicles (FCEV)
• In the context of vehicle type, the market is separated into two-wheelers, passenger, and commercial vehicles.
• The market is also categorized as per battery capacity: less than 50 kWh, 50-250 kWh, and above 250 kWh.
• Based on the range, the market share is segmented into three groups: less than 150 miles, 150 to 300 miles, and above 300 miles.
• Further, the end-use segment comprises two aspects: private and commercial fleets.
• The market is geographically segregated into five regions: Europe, North America, the Asia-Pacific, South America, and the Middle East and Africa.
• Asia-Pacific and North America are projected to support industry growth during the forecast period in terms of increased expenditures on technology advancement of electric vehicles.

Electric Vehicles Market Segmentation Details:

Based on propulsion, the BEV segment is expected to support market growth in terms of revenue. BEVs are fully battery electric vehicles with technologies such as regenerative braking and charging the battery when the vehicle is at a halt or idle-off. Such technologies are also offered by other types of electric vehicles with differences in their engine components such as a hybrid vehicle with fossil fuel-based engine and electric battery configuration. Thus, the favorable adoption by the majority of the population for BEVs due to growing preferences is the major factor that supports the market growth during the forecast period.

Based on vehicle type, the passenger segment is estimated to contribute significant shares to the market growth in terms of volume. The large-scale adoption among the population is mainly due to government incentives offered to residents such as special electric mobility zone, swapping policies, and tax reductions on electric vehicles. Further, EVs offer great convenience in navigating through traffic situations in congested areas. Thus, the ease of commuting major numbers of passengers into a single environment-friendly vehicle is expected to support the demand for passenger EVs during the forecast period.

Based on battery capacity, less than 50 kWh batteries are expected to contribute substantial shares in terms of volume. The less than 50 kWh batteries are mainly used in BEVs due to easy integration and convenient replacement in case of battery failure. This battery capacity is considered a crucial aspect of any EV as it helps in deciding the overall configuration of EVs along with the vehicle range. EVs are often differentiated based on battery capacity, which plays a vital role in deciding the performance, power-to-weight ratio, and overall battery consumption. Thus, consumers primarily consider battery capacity to reduce the risks of EV failure in the future.

Based on the range, the 150 to 300 miles segment is anticipated to support the market growth with the largest share contribution. A majority of automotive original equipment manufacturers (OEMs) are preferring to manufacture EVs with a range between 150-300 miles due to increased consumer demand. Also, this range can be easily achieved in terms of internal components with reduced effects on the overall acceleration and battery capacity of EVs. Further, the major consumption of EVs is for the purpose of conducting daily commutes to workplaces or nearby places to reduce the volume of generated carbon footprint. Thus, such chores fall within the range of mentioned 150-300 miles, which supports the segment growth during the forecast period.

Based on end use, private electric vehicles are projected to contribute major shares to the market growth during the forecast period. A large number of the population have started to adopt private EVs in terms of personal preference. Further, purchasing a high-end electric vehicle is observed as a symbol of a high standard of living, which results in large adoption among the high disposable income population. Moreover, private EVs are mainly adopted by consumers due to long-term saved-up costs of maintenance and fuel, making them a favorable alternative to conventional vehicles.

Based on region, Asia Pacific is anticipated to contribute substantial shares to the market growth in terms of volume. The growing initiatives from the government for reducing the carbon footprint generated by the large pool of population is one of the major factors that support the electric vehicles market statistics in the Asia Pacific region. Moreover, the growing adoption of electric vehicles as an environment-friendly alternative for public transport especially in developing countries such as India, Brazil, and Mexico supports the market growth in this region.

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Recent Developments

• In October 2020, a China-based firm named BYD collaborated with a Japanese firm, Hino, to create a new venture for commercial BEV development.
• In April 2021, Toyota launched its new BEV series. The company decided to launch 15 new BEV models by 2025.
• In January 2022, Mercedes-Benz introduced an all-electric SUV. It launched two models-Pinnacle and Exclusive. 

List of Major Electric Vehicles Market Players

Further, the market research report provides a detailed evaluation of the parameters such as market dynamics which help stakeholders understand current market drivers, restraints, opportunities, and challenges. Such analysis helps stakeholders gain a comprehensive hold of growth insights across technological advancements, applications, business strategies, and product innovations to understand the current market trends. Mentioned are the major industry players currently operating in the market circumstances—

• Tesla
• Audi AG
• Volkswagen AG
• BMW AG
• SAIC Motors
• Mercedes-Benz AG
• BYD
• TATA Motors
• Toyota Motor Corporation
• Mahindra & Mahindra Ltd
• Hyundai Motor India

Global Electric Vehicles Market Segmentation: 

By Propulsion

• Battery Electric Vehicles (BEV)
• Plug-in Electric Hybrid Vehicles (PHEV)
• Fuel-cell Electric Vehicles (FCEV)

By Vehicle Type

• Two-Wheelers
• Passenger  
• Commercial Vehicles

By Battery Capacity

• Less than 50 kWh
• 50-250kWh
• Above 250kWh

By Range

• Less Than 150 Miles
• 150 To 300 Miles
• Above 300 Miles

By End Use

• Private
• Commercial Fleet

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