Chicago, June 22, 2023 (GLOBE NEWSWIRE) -- Electric Vehicle Market is projected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a CAGR of 21.7%, according to a new report by MarketsandMarkets™.
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262 – Tables
104 – Figures
324 – Pages.
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| Report Attributes | Details |
| Market size value in 2022: | 8,151 thousand Units |
| Projected to reach 2030: | 39,208 thousand Units |
| CAGR: | 21.7% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2030 |
| Largest Market: | Asia Pacific |
| Region Covered: | North America, Europe, Asia Pacific and Rest of the World |
| Segments Covered: | Components, Vehicle Type, Vehicle Class, Top Speed, Vehicle Drive Type, EV Charging Point Type, Vehicle Connectivity, End Use, Propulsion and Region. |
| Companies Covered: | Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands) |
The passenger car segment to be the largest segment during the forecast period
In the EV market, by vehicle type, the Passenger cars segment is projected to dominate the market, while Commercial vehicle’s will be the fastest-growing segment during the forecast period. The high adoption rate and rising demand for clean personal mobility is expected to drive the EV passenger car segment. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. Growing demand for low emission vehicles is expected to boost the growth of the EV passenger car and commercial vehicle markets. Other off-road vehicles are also expected to benefit from the development of the electric vehicle technology.
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Electrification Wave: France, Netherlands, Norway, Sweden, and UK Boosting the European EV Market
The European EV market is projected to grow at a high rate. Germany is projected to be the largest EV market in Europe. The German market is projected grow due to increasing investments by government to develop EV charging and hydrogen infrastructure and fast adoption of EV and Fuel cell buses in public transportation. France, the Netherlands, Norway, Sweden and UK also have a considerable market for electric vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. Many top OEM’s in the region have been catering to the growing market.
Asia Pacific is expected to be the largest market in the forecast.
Asia Pacific is projected to account for the largest share of the EV industry during the forecast period. The Asia Pacific EV market is led by countries like China, Japan and South Korea. China being the world’s largest EV producer and user has a dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing extensive EV charging network, making strict emission norms, setting up deadlines for shifting to full or hybrid EV’s from ICE vehicles etc. India is also working on increasing its EV adoption in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policy’s will help the country become the regions fastest-growing market for EV’s in the coming years.
Key Market Players:
The electric vehicle companies are Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands). These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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