Global Electric Vehicle Market - Industry Trends and Forecast to 2030

Global Electric Vehicle Market, By Component (Battery Cells & Packs, On-Board Charger, Infotainment System, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, Humidifier, Others), Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle),Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles), Propulsion Type (Plug-In Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric Vehicles (FCEVs), Charging Station Type (Normal Charging, Super Charging), Vehicle Class (Low-Priced, Mid-Priced, Luxury), Power Train (Parallel Hybrid, Series Hybrid, Combined Hybrid), Top Speed (>125 MPH)Vehicle Drive Type(Front Wheel DriveRear Wheel DriveAll Wheel Drive)Vehicle Connectivity (Vehicle to Building, Vehicle to GridVehicle to VehicleVehicle to Everything), End Use(Private, Commercial Fleets) - Industry Trends and Forecast to 2023 to 2030.

Electric Vehicle Market Analysis and Size

The essential factors contributing to the growth of the electric vehicle market in the forecast period of 2023-2030 include new technological advancements, such as low carbon emission and maintenance, smooth drive, and reduced sound from engines. There is a rapid increase in the demand for electric vehicles as they are fuel-efficient, provides high performance, and are low-emission vehicles. Strict government rules & regulations for vehicle emission, and reduction in the cost of electric vehicle is significantly boosting the market’s growth.

Data Bridge Market Research analyses that the electric vehicle market which was USD 3,37,263.41 million in 2022, is expected to reach USD 14,84,355.71 million by 2030, growing at a CAGR of 20.35% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Electric Vehicle Market Scope and Segmentation

Market Definition

The electric vehicle operates on electricity. Electric Vehicles work with the help of an electric motor. It requires a constant supply of energy from the batteries. There are different types of batteries used in electric vehicles. These include zinc-air, lithium-ion, molten salt, and nickel-based. The primary reason for manufacturing electric vehicles was to remove environmental pollution. It has gained momentum, due to various technological advancements. It is better than conventional vehicles as electric vehicles provide higher fuel economy, low maintenance, the convenience of charging, and smoother drive.

Global Electric Vehicle Market Dynamics

Drivers

• Rising environmental consciousness

There is rapid increasing sales of electric vehicles globally, owing to its various advantages such as high fuel economy, low maintenance, convenient charging, and smooth driving. A large number of consumers are rapidly preferring passenger and commercial electric vehicles (EVs) due to the rising environmental consciousness among them, as electric vehicles are environmentally friendly. The rising environmental consciousness globally is significantly contributing to the market’s growth.

• Reducing the cost of EV batteries to support demand for cost-effective EVs

The decreasing cost of EV batteries during the past years has led to the production of EV batteries on a mass scale in large volumes due to various technological advancements. This has apparently led to a reduction in the cost of electric vehicles, due to the reduction in the cost of EV batteries and electric vehicles people are widely opting for electric vehicles. Earlier EV batteries were one of the most expensive parts of the electric vehicle. Therefore, the reduction in the cost of EV batteries is driving the market’s growth.

Opportunities

• Increasing demand in  automotive and transportation

There is high demand for electric vehicles in the automotive and transportation sectors. Electric vehicles are majorly preferred in the automotive and transportation sector as they work on batteries and conventional vehicles work on fuel and the prices of fuels are increasing day by day. Along with this charging electric vehicles is also very convenient. Therefore, the increasing demand for electric vehicles in automotive and transportation is further fuelling the market’s growth. 

• Government initiatives pertaining to electric vehicles

Various countries in the world have set targets to reduce vehicle emissions. For this, they are promoting the development and sales of electric vehicles. The government of the US invested USD 5 billion in 2017 in the electric vehicle sector to promote the infrastructure of electric vehicles such as charging stations. Governments of various countries are providing incentives such as low or zero registration fees and relaxation from import taxes, and purchase taxes. Thus, government initiatives in various countries are propelling the market’s growth.

Restraints/Challenges

• Insufficient EV charging infrastructure

There are fewer electric vehicle charging stations around the world. This further leads to the less availability of public electric vehicle charging, thus it reduces the adoption of electric vehicles among people. It is witnessed that most countries are not able to install the required number of electric vehicle charging stations, they are only present in large cities of the countries. Therefore, the insufficient charging system is a major restraint hindering the market’s growth.

• Lack of awareness

There is a lack of awareness about the benefits and uses of electric vehicles among the people. This is widely witnessed in less developed economies in these places the technology of electric vehicles is new. In addition, in developed economies, there is a lack of awareness about the existence of electric vehicles and people are unaware of this technology. Thus, lack of awareness is a major concern restraining the market’s growth.

This  electric vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2021, BYD launched four new electric vehicle models that are equipped with Blade batteries in Chongqing. The new vehicle models are Qin Plus EV, E2 2021, Tang EV and Song Plus EV which are available with advanced battery safety features. These launch with advanced battery safety features will attract number of consumers which will boost the market’s growth.
• In April’2021, Volkswagen showcased 7 seater EV ID.6 Crozz and ID.6 X along with FAW and SAIC in China. The vehicles come in two battery versions, including 58 kWh and 77 kWh. This would cater needs of a number of consumers and further contribute to the market’s growth.

Global Electric Vehicle Market Scope

The electric vehicle market is segmented on the basis of components, type, vehicle type, propulsion type, charging station type, vehicle class, power train, top speed, vehicle drive type, vehicle connectivity and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Battery Cells & Packs
• On-Board Charge
• Motor
• Infotainment System
• Reducer
• Fuel Stack
• Power Control Unit
• Battery Management System
• Fuel Processor
• Power Conditioner
• Air Compressor
• Humidifier
• Others

Type

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Vehicle Type

• Passenger Cars
• Two Wheelers
• E-Scooters & Bikes
• Commercial Vehicles
• Heavy Commercial
• Heavy-Duty Commercial Trucks
• Light Commercial
• Light Commercial Pick-up Trucks
• Light Commercial Vans
• Buses
• Medium-Duty Commercial Trucks

Propulsion Type

• Plug-In Hybrid Electric Vehicles (PHEVs)
• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs)
• Fuel Cell Electric Vehicles (FCEVs)

Charging Station Type

• Normal Charging
• Super Charging

Vehicle Class

• Low-Priced
• Mid-Priced
• Luxury

Power Train

• Parallel Hybrid
• Series Hybrid
• Combined Hybrid

Top Speed

• <125 MPH
• >125 MPH

Vehicle Drive Type

• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

Vehicle Connectivity

• Vehicle to Building
• Vehicle to Grid
• Vehicle to Vehicle
• Vehicle to Everything

End Use

• Private
• Commercial Fleets

Global Electric Vehicle Market Regional Analysis/Insights

The electric vehicle market is analysed and market size insights and trends are provided, components, type, vehicle type, propulsion type, charging station type, vehicle class, power train, top speed, vehicle drive type, vehicle connectivity and end use as referenced above.

The countries covered in the  electric vehicle marketmarket report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the electric vehicle market because of the introduction of advanced technology along with a rising number of research and development activities within the region. Along with this US government has taken a number of initiatives to increase the use of electric vehicles which contributes to the market’s growth.

Asia-Pacific (APAC) is expected to grow during the forecast period of 2023 to 2030 due to the subsidies from the government for the adoption of electric vehicles in comparison to conventional vehicles. The government in the various countries of the region has taken steps such as subsidies for EV buyers, and support for the installation of EV charging points in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Electric Vehicle Market Share Analysis

The electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric vehicle market.

Some of the major players operating in the electric vehicle market are:

• Ford Motor Company (U.S.)
• General Motors (U.S.)
• AUDI AG. (Germany)
• Kia India Private Ltd. (South Korea)
• Renault Group (France)
• Peugeot Motor Company plc (France)
• SAIC Motor Corporation Limited (China)
• Tesla (U.S.)
• Daimler Truck AG. (Germany)
• BMW AG (Germany)
• Hyundai Motor Company (South Korea)
• BYD Company Ltd. (China)
• Continental AG (Germany)
• Toyota Motor Sales, U.S.A., Inc. (Japan)
• Nissan Motor Co., Ltd. (Japan)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)
• Honda Motor Co., Ltd. (Japan)
• Stellantis NV (Netherlands)