New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electric vehicles Market Research Report Information by Vehicle Type, Region, Vehicle Class, and Technology - Forecast Till 2030”, the global electric vehicles market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 24.50%. The reports further predict the market will acquire nearly USD 957.06 billion by the end of 2030. As per the documents, the electric vehicle market was valued at nearly USD 165.8 billion in 2022.
Electric Vehicle Market Overview:
The global Electric vehicles industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising investment in electric cars.
Competitive Analysis
The listing of the prominent leaders across the global market for Electric vehicles includes players such as:
- Nissan Motor
- BMW
- Tesla Inc
- General Motors
- Toyota Motor
- Daimler AG
- Ford Motor
- Hyundai Motor
- Volkswagen
- Mitsubishi Motors
- Among others.
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Electric Vehicle Market USP Covered
Market Drivers
The global Electric vehicle market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising investment in electric cars. Furthermore, factors such as governments and environmental agencies, growing environmental concerns, and major regulatory measures are also likely to enhance the performance of the market over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high initial cost.
Electric Vehicle Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 957.06 billion |
| CAGR during 2022-2030 | 24.50% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Vehicle Class, Operating Platforms, and Region |
| Key Market Opportunities | Government initiatives about electric vehicle |
| Key Market Dynamics | Increasing investment in electric vehicle Reducing the cost of electric vehicle batteries |
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas across the world. The electric vehicle market is no different than others. The market experienced tremendous setback during the pandemic given to the halt on several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Electric Vehicle Market Segment Analysis
Among all the technologies, the hybrid segment held the top spot across the global electric vehicle market in 2021. The hybrid electric vehicle offers the dual option of fuel-based and electric driving, particularly in regions with inadequate charging infrastructure availability. The expansion of the battery electric vehicle is gaining traction as private entities and governments plan to implement a web of charging infrastructure globally to promote green energy usage. On the contrary, the plug-in hybrid electric car segment is predicted to showcase the maximum growth rate over the coming years, given the declining prices of these vehicles.
Among all the classes, the mid-priced segment held the top spot across the global market for electric vehicles in 2021, given the increasing preference for mid-priced electric cars. On the contrary, the luxury class segment is anticipated to demonstrate maximum growth over the coming years, given the growing disposable income.
Among all the types, the commercial vehicles segment secured the top spot across the global market in the year 2021, given mainly to the continued introduction of electric light-duty commercial trucks. On the contrary, the passenger cars segment is likely to grow at the highest pace over the review ear owing to the tax benefits offered to consumers.
Electric Vehicle Market Regional Analysis
The research reports by MRFR suggest that the North American region held the top position across the global electric vehicle market in 2021, with the largest contribution of around USD 71.63 billion. The regional market is predicted to exhibit a considerable positive growth rate over the coming years. The primary parameter supporting the regional market expansion is the growing demand for electric vehicles across the US. Furthermore, the presence of well-developed charging infrastructure is also considered one of the vital aspects causing a rise in the regional market performance. Moreover, the incentives supplied by the governments of these regions are also anticipated to boost the regional market's performance over the review timeframe.
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The Asia-Pacific regional market for electric vehicles is anticipated to showcase substantial development over the coming years. The main aspect causing a rise in the performance of the regional market is the escalating demand for passenger cars in developing nations across the region. The region has China as the leading growth contributor. The Indian market for electric vehicles is anticipated to showcase maximum development over the coming years.
The European regional market for electric vehicles is likely to demonstrate a significant growth rate over the assessment period. The initiatives taken by the regional government to lower carbon emissions across the region are considered the main parameter supporting the expansion of the regional market. Furthermore, the rapid adoption of fuel-efficient vehicles is also likely to enhance the performance of the regional market over the assessment era. Moreover, the U.K., France, and Germany are vital to the region's growth. The region has Germany as the leading growth contributor. In contrast, the UK is anticipated to showcase the maximum growth rate over the evaluation period.
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