New York , Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global electric vehicle market size is predicted to grow at a CAGR of over 20% from 2023 to 2033. The market is projected to garner a revenue of USD 1 Trillion by the end of 2033, up from a revenue of USD 170 Billion in the year 2022. This growth is predicted to be influenced by rising environmental concerns. Automotive running on fossil fuel has boosted the prevalence of pollution rigorously over the years. For instance, an average passenger automobile generates 4.6 metric tons of carbon dioxide annually. Hence, more emphasis is given to electric vehicles.
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In terms of efficiency, petrol or diesel automobiles can only transfer 17%–21% of the energy contained in the fuel to the wheels, however, electric vehicles can transform about 60% of the electrical energy from the grid to power the wheels. Hence, governments all across the globe are promoting the adoption of electric vehicles further to achieve the target of net zero carbon emission.
Electric Vehicle Market: Key Takeaways
- Market in Asia Pacific to gather the highest market share.
- Passenger cars segment to garner the highest growth
- Market in the North America region to grow at a notable rate
Growing Urban Population to Boost the Growth of the Global Electric Vehicle Market
As of 2021, roughly about 5 billion people were living in metropolitan areas worldwide, and an additional 4 billion people lived in rural areas. Over 750 million people lived in cities in 1950; by 2021, that figure had almost doubled to almost 5 billion; by 2050, it is expected to rise to over 7 billion, bringing an additional 3 billion people to metropolitan areas. Hence, with this the market demand for electric vehicles is set to increase since everyday driving distances are typically significantly shorter in urban areas, smaller, more fuel-efficient cars tend to be more common there.
Electric Vehicle Industry: Regional Overview
The global electric vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Population to Drive the Growth of Market in Asia Pacific
The electric vehicle market in Asia Pacific is predicted to gather the highest revenue by the end of 2033. This growth of the market in this region is set to be influenced by the rise in population. 60 percent of the world's population, or over 4.3 billion people, are located in the Asia and Pacific region, which happens to be dwelling to China and India, the two most populous nations on earth.
Rise in Disposable Income to Influence the Market Expansion in North America
The North America market for electric vehicles is set to have significant growth in the market over the forecast period. The major factor to dominate the market expansion is a rise in disposable income. In 2021, the average American personal income that might have been spent totaled USD 14 trillion. Approximately 45,342 dollars was the per capita personal disposable income in that particular year.
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Electric Vehicle Segmentation by Vehicle Type
- Passenger Cars
- Commercial Vehicles
The passenger cars segment is estimated to gather the largest market revenue by the end of 2033. This growth of the segment is predicted to be influenced by rising middle-class population. It is projected that an additional 699 million individuals are expected to become part of the global middle class by 2030, accounting for over half of the world's population.
Electric Vehicle Segmentation by Propulsion
- BEV
- PHEV
- FCEV
The PHEV segment is expected to have significant growth in the market over the forecast period. The major factor to dominate the segment growth is the rising demand for PHEV vehicles. The worldwide sales of new plug-in hybrid electric vehicles reached around 3 million in 2022. In 2022, sales of plug-in hybrid electric vehicles (PHEVs) made up about 27% of all sales of electric vehicles. However, the BEV segment might also experience upward momentum only with the growth in the development of charging centers. Furthermore, in the case of PHEV the speed of charging is also higher which is why they are more in demand.
Electric Vehicle Segmentation by Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressors
- Humidifier
Electric Vehicle Segmentation by Vehicle Class
- Low – Priced
- Medium – Priced
- Luxury
Electric Vehicle Segmentation by Speed
- >100 MPH
- 100 – 125 MPH
- <125 MPH
Electric Vehicle Segmentation by Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
A few of the well-known market leaders in the global electric vehicle market that are profiled by Research Nester are Toyota Motor Corporation, BYD Motors Inc., Mercedes-Benz Group AG, Ford Motor Company, General Motors., Nissan Group, Tesla, Volkswagen AG, Renault Group, Hino Motors, Ltd., and others.
Recent Development in the Market
- A deal has been reached by BYD Motors Inc. and Hino Motors, Ltd. to establish a new business dedicated to the development of commercial battery electric vehicles, or BEVs.
- The Toyota Motor Corporation has introduced the Toyota Bz into the recently formed series of battery electric vehicles (BEVS) subsequent to the introduction of electrified cars.
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