New York, United States , Oct. 31, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Market Size is to grow from USD 356.18 billion in 2022 to USD 1,821.49 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 17.7% during the projected period. Growing demand for low-emission traveling, as well as government incentives and tax breaks for long-range, emission-free vehicles, have pushed manufacturers to offer electric vehicles globally. As a result, there is a growing market demand for electric vehicles. Countries all over the world have set emission reduction targets based on their own capacity.
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Electricity powers the electric vehicle. An electric motor powers electric vehicle. It requires a constant supply of energy from the batteries. Various types of batteries are used in electric vehicles. Zinc-air batteries, molten salt batteries, lithium-ion batteries, and nickel-based batteries are examples of these. Electric vehicles were developed primarily to reduce pollution. It has gained popularity as a result of technological advancements. It outperforms conventional vehicles due to better fuel economy, fewer repairs, ease of charging, and smoother driving. Vehicles powered by fossil fuels are a major source of global air pollution. As a result, many regulatory bodies have been forced to impose strict emission standards on automobile manufacturers in order to reduce vehicle emissions. Consumer demand for BEVs has increased significantly in recent years due to the fact that they are not powered by traditional fuels such as petrol or diesel. Electric vehicles also have lower maintenance costs than traditional gasoline-powered vehicles, giving them an advantage. Increasing EV demand will drive market growth throughout the forecast period. Governments are offering enticing incentives and policies to encourage the purchase of EVs. However, the lack of infrastructure for charging electric vehicles has proven to be a detriment to market growth.
Browse key industry insights spread across 200 pages with 210 market data tables and figures & charts from the report on, "Global Electric Vehicle Market Size, Share, and COVID-19 Impact Analysis By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The battery electric vehicle segment is expected to hold the largest share of the global electric vehicle market during the forecast period.
The global electric vehicle market is divided into two segments based on propulsion type: battery electric vehicle and hybrid electric vehicle. The battery electric vehicle segment will likely account for the majority share of the global electric vehicle market throughout the study period. Government incentives, increased environmental awareness, advancements in battery technology, and expanding charging infrastructure are driving segmental growth.
The front wheel drive segment is expected to grow at the highest CAGR in the global electric vehicle market during the forecast period.
The global electric vehicle market is divided into three segments based on drive type: all-wheel drive, front wheel drive, and rear wheel drive. Front-wheel drive is projected to expand at a rapid pace in the global electric vehicle market throughout the forecast period. Cost-effectiveness, energy efficiency, and suitability for daily commuting and urban driving are all contributing factors to segmental growth.
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Asia Pacific is projected to hold the largest share of the global electric vehicle market during the study period.
The Asia Pacific region has emerged as a dominant player in the global electric vehicle market. It includes countries such as China, Japan, South Korea, and India, all of which have played significant roles in EV adoption and manufacturing. China holds a significant market share and has become the world's largest EV market due to a combination of factors such as government incentives, supportive policies, robust domestic EV manufacturing, and a strong focus on reducing air pollution and carbon emissions.
Europe is projected to expand at the highest rate in the global electric vehicle market throughout the forecast period. Europe has emerged as a key market for electric vehicles, with several countries showing high adoption rates. Due to stringent emission regulations, financial incentives, and extensive charging infrastructure, Norway, the Netherlands, Germany, France, and the United Kingdom have led the way in EV adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Vehicle Market include BAIC Group, BMW Group, Jaguar, BYD Company Ltd., Hyundai Group, Daimler AG, Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla, Toyota Motor Corporation, Volkswagen AG, Group Renault, and Others.
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Recent Developments
In March 2023, Moscow decided to buy 1,000 electric buses from KAMAZ. GAZ Group is also planning to purchase another 200 electric buses. Currently, Moscow operates 1,055 electric buses on 79 routes. Moscow intends to build nearly 200 ultra-fast charging stations for electric buses, as well as to open a second electric bus park in the Mitino district northwest of Moscow and to launch 29 new electric bus routes.
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