Electric Vehicle Market worth USD 951.9 billion by 2030 – Exclusive Report by MarketsandMarkets™

Chicago, April 02, 2024 (GLOBE NEWSWIRE) -- Electric Vehicle Market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%, according to a new report by MarketsandMarkets™. 

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111 – Figures    
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Report Attributes Details
Market size value in 2023: USD 388.1 billion
Projected to reach 2030: USD 951.9 billion
CAGR: 13.7%
Base Year Considered: 2022
Forecast Period: 2023-2030
Largest Market: Asia Pacific
Region Covered: Asia Pacific, Europe, North America, Middle East & Africa
Segments Covered: 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
Companies Covered: BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others

The electric vehicle (EV) market is experiencing a remarkable surge in growth, revolutionizing the global automotive industry. With an increasing focus on sustainability and reducing greenhouse gas emissions, governments and consumers alike are embracing the transition to electric mobility. Advancements in battery technology, charging infrastructure, and improved driving range have alleviated the concerns of range anxiety, boosting consumer confidence in EV adoption. Additionally, favorable government policies, incentives, and advancements in manufacturing processes have contributed to making EVs more accessible and affordable to the masses. At present, companies such as BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others. These companies manufacturers EVs and EV components.

Commercial vehicles to be the fastest growing market by volume during forecast period

The commercial vehicle segment includes LCVs and HCVs. HCVs combine two categories of vehicles − heavy trucks and buses & coaches. The nature of these vehicles limits their production volumes and growth rates as they are used in specific applications such as logistics, construction, and mining industries. On the other hand, LCVs have come a long way from having bare-essential features to full-blown utility vehicles that can be used for passengers as well as commercial purposes. The majority of used LCVs and HCV’s include vans, mini-buses, pickups, trucks etc. Various companies such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, DAF Trucks, etc. already have EV models available or are currently under development. For instance, in May 2022, Stellantis and Toyota Motor partnered to develop a new large-size commercial van, including a battery electric version. This collaboration completes a full lineup of light commercial vehicles (LCV), consisting of compact, mid-size, and now a large-size LCV. Similarly, ZF's Commercial Vehicle Solutions (CVS) department unveiled 'AxTrax 2' and 'AxTrax 2 dual’ electric central drive system designed for various types of vehicles, ranging from light delivery vans to heavy-duty trucks and trailers. Increasing sales of electric buses, particularly in China, has contributed to the growth of the electric bus segment. In the near future, several countries are expected to replace their existing fuel-based bus fleets with electric buses. The increasing trend of the replacement of fossil fuel-based public transport fleets with electric buses is expected to drive the growth of electric commercial vehicle market during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility are expected to drive the growth of electric commercial vehicles during the forecast period. Electric vans are expected to witness significant growth in Europe and Asia owing to their extensive use in businesses. In the coming years, EV LCVs are expected to be the fastest-growing market.

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FWD to be the largest market during the forecast period

A front wheel drive vehicle has the transmission system attached to its front axle and wheels. It is significantly cheaper to design and produce compared to other wheel drives. The vehicle is therefore cheaper for consumers. Most front wheel drives provide better mileage compared to rear wheel drives as the weight of the drivetrain is lower than that of the rear wheel drive. They also provide better traction as the weight of the engine and transmission are over the front wheels. This makes the vehicle easier to operate in difficult weather conditions such as snow and heavy rain. However, the handling of these vehicles is harder compared to other drives, especially at faster speeds. In 2022, there were total sales of 1.8 million FWD EV cars in Asia Pacific followed by 0.3 million in Europe and 0.04 Million in North America. BYD Song Pro/Plus was the second best-selling passenger car worldwide which has a FWD type. Some popular FWD EVs include BYD  Qin Plus, BYD Han, Tesla  Model Y, BYD Donphin, Tesla  Model 3, BYD Yuan Plus EV, BYD  Tang, Tesla Model Y, Tesla  Model 3, GAC Aion Y, GAC Aion S, Changan Benni EV, Chery QQ Ice Cream, Hozon Neta V EV, Chery EQ 1 etc. These vehicles are better suited for places with high traffic, metro cities, etc. Most mini EVs including GW Black Cat, GW White Cat and GW Good Cat are sold under FWD specification. These 3 cars sold well in the past few years. FWD EVs were relatively high in use in the past due to manufacturers simply converting their existing ICE vehicle structure to EV by replacing parts during production. This worked well in the initial shift to EVs when manufacturers were not sure about plans to develop EVs fully.

“Middle East and Africa is expected to be the fastest growing market in the EV market”

The Middle East & Africa region has started giving importance to the electric vehicle industry in the recent past. Governments of countries such as the UAE, Egypt, South Africa, and Cyprus have been working on growing their EV demand and EV charging stations across the region. These countries have provided incentives for EV buyers. Companies such as Tesla, Geely, Toyota, Volkswagen, and Nissan are leading this market. A large share of the EVs sold in this region are bought from China and Europe. Due to the low power prices in these regions, the cost of fuel for EVs reduces significantly, but the vehicle ownership costs make up for much of the difference. There is an advantage for the use of EVs in the Middle East: the urban areas are closer together and an 80% charge on a decent EV enables travel wherever needed within the states. The rising disposable incomes of people in this region along with the need for emission reductions has led to an increase in the demand for EVs in the last few years. The UAE for instance, plans to add over 42,000 EVs in Dubai by 2030. The country also plans to be among the world leaders in developing charging stations. It plans to provide free EV charging till 2025 to promote the EV market. The EV market in the Middle East & Africa is led by countries such as South Africa and the UAE while Egypt is a newly growing market. These countries are working towards developing demand and the adoption of EVs to reduce dependence on petrol in the coming years. These countries are also developing EV charging stations across their regions to cater to the upcoming demand for EVs.

Key Market Players:

The Electric Vehicle Companies are BYD (China), Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), and Stellantis (Netherlands), among others.

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