Global New Energy Vehicles Market – Industry Trends And Forecast to 2030

Energy Vehicles Market Analysis and Size

The global new energy vehicles market is segmented on the basis of vehicle type, energy type, power source and powertrain. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the global energy new energy vehicles market which was USD 432 billion in 2022, would rocket up to USD 956 billion by 2030, and is expected to undergo a CAGR of 22.55% during the forecast period. This indicates the market value. The “PHEVs” dominates the energy type segment of the global energy new energy vehicles market as PHEVs serve as a transition technology between conventional internal combustion engine vehicles and fully electric vehicles. They offer a combination of an internal combustion engine and an electric motor with a larger battery pack than regular hybrids. This allows them to operate in electric-only mode for a significant range before switching to the combustion engine. As the market moves towards full electrification, PHEVs provide a familiar driving experience while reducing emissions and fuel consumption. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, pricing analysis, and regulatory framework.

Energy Vehicles Market Scope and Segmentation

Market Definition

The global energy new energy vehicles market inlucle the vehicles that utilize alternative energy sources instead of or in addition to conventional internal combustion engines. These vehicles include electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs).

Global New Energy Vehicles Market Dynamics

Drivers

• Environmental Concerns

Growing awareness of the environmental impact of traditional fossil fuel vehicles is a significant driver for NEV adoption. Conventional vehicles emit greenhouse gases (GHGs), such as carbon dioxide (CO2) and pollutants that contribute to air pollution and climate change. NEVs, on the other hand, produce little to no tailpipe emissions when running on electricity. Individuals and societies can contribute to reducing air pollution, improving air quality, and mitigating climate change impacts. The need to reduce greenhouse gas emissions is driven by international agreements such as the Paris Agreement, where countries have committed to limiting global warming by reducing emissions. This commitment has prompted governments and individuals to seek cleaner transportation alternatives, leading to increased demand for NEVs.

• Government Support and Regulations

Governments worldwide are playing a crucial role in promoting NEV adoption through policies, incentives, and regulations. These measures aim to accelerate the transition to cleaner transportation and achieve sustainability goals. Some common initiatives include:

• Subsidies and Tax Benefits: Governments provide financial incentives to reduce the upfront cost of purchasing NEVs. These incentives can come in the form of subsidies, grants, or tax credits, making NEVs more affordable and attractive to consumers
• Emissions Standards and Regulations: Governments are implementing stricter emissions standards, particularly for vehicle manufacturers, to encourage the production of NEVs and limit the sale of high-emission vehicles. These regulations push automakers to invest in electric drivetrains and improve the overall fuel efficiency of their fleets

• Technological Advancements

Advances in battery technology, charging infrastructure, and electric drivetrains are key drivers for NEV adoption. These advancements contribute to making NEVs more efficient, affordable, and practical for consumers. Here are some specific technological developments;

Battery Technology: Improvements in battery technology have led to increased energy density, longer driving ranges, and faster charging times. Lithium-ion batteries, for example, have become more efficient, enabling NEVs to cover longer distances on a single charge. Ongoing research and development efforts aim to further enhance battery performance and reduce costs.

Opportunities

• Increasing Government Initiatives

Governments worldwide are intensifying efforts to incentivize NEV adoption, offering subsidies, tax credits, and other benefits, which create opportunities for market growth.

• Advancements in Battery Technology

Continued advancements in battery technology, such as higher energy density and faster charging capabilities, can improve the range and performance of NEVs, attracting more consumers.

Restraint/Challenge

• Limited Charging Infrastructure

The limited availability and accessibility of charging infrastructure is a significant challenge that hinders the widespread adoption of all-electric vehicles (EVs). One of the primary concerns for EV owners is the availability of charging stations. Many regions still have an inadequate number of charging points compared to the demand for EVs. This shortage can discourage potential buyers from adopting EVs due to concerns about being able to find a charging station when needed.

This global energy new energy vehicles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 variable frequency drive market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In march 2021, Tesla announced plans to open a Gigafactory in India, signaling their entry into the Indian market and their commitment to expanding their manufacturing and sales presence globally
• In june 2020, Volkswagen Group (May 2021): Volkswagen announced a significant investment of around €46 billion ($56 billion) in electric vehicles and digitalization by 2025. The investment aims to accelerate their transition to electric mobility and develop a comprehensive electric vehicle ecosystem.

Global New Energy Vehicles Market Scope

The global energy new energy vehicles market is segmented on the basis of vehicle type, energy type, power source and powertrain. The growth amongst these segments will help you analyze meager 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.

Vehicle Type

• Passenger cars
• Buses
• Industrial Vehicles
• Scooters
• Others

Energy Type

• BEV’s
• PHEV’s
• FCEV’s

Power Source

• Stored Electricity
• On Board Electric Generator

Powertrain

• Series Hybrid
• Parallel Hybrid
• Combined Hybrid

Global New Energy Vehicles Market Country Analysis/Insights

The global energy new energy vehicles market is analyzed and market size insights and trends are provided by country, vehicle type, energy type, power source and powertrain, as referenced above.

The regions covered in the global energy new energy vehicles market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global energy new energy vehicles market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa.

North America is expected to dominate the new energy vehicles market due to rise in the environmental awareness among people and increase in the fast charging availability in private and public in this region. Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the several initiatives and incentives taken by the governments from various countries in the region.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream 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 the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

The global energy new energy vehicles market also provides you with a detailed market analysis for every region’s growth in data center construction for capital equipment, installed base of different kinds of products for the global energy new energy vehicles market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the variable frequency drive market. The data is available for the historic period 2010-2020.

Competitive Landscape and Global New Energy Vehicles Market Share Analysis

The global energy new energy vehicles market competitive landscape provides details of competitors. 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, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the global energy new energy vehicles market are:

• Toyota Kirloskar Motor (India)
• Nissan (Japan)
• Tesla (U.S.)
• Mitsubishi Electric Corporation (Japan)
• General Motors (U.S.)
• Ford Motor Company (U.S.)
• BMW AG (Germany)
• Renault (France)
• AB Volvo (Sweden)
• Daimler AG (Germany)
• Volkswagen (Germany)
• Honda Motor Company (Japan)
• Fiat Automobiles (Italy)
• BYD Company Ltd (China)
• CHERY (China)

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