The electric vehicle market is witnessing remarkable growth and is projected to reach a value of $823.75 billion by 2030, with a compound annual growth rate (CAGR) of 18.2% between 2021 and 2030. Allied Market Research recently released a comprehensive report titled “Electric Vehicle Market by Type, Vehicle Type, Vehicle Class, Top Speed, and Vehicle Drive Type: Global Opportunity Analysis and Industry Forecast, 2021-2030.”
The report highlights the leading manufacturers in the EV industry, including Xiaopeng Motors, BMW AG, Ampere Vehicles, Energica Motor Company S.p.A., BYD Company Limited, Rivain, Chevrolet Motor Company, Daimler AG, Hyundai Motor Company, Toyota Motor Corporation, Ford Motor Company, Tesla, Inc, General Motors, Mahindra Electric Mobility Limited, Hero Electric, Karma Automotive, Volkswagen AG, Okinawa Autotech Pvt. Ltd., Kia Corporation, NIO, Nissan Motors Co., Ltd., Tata Motors, WM Motor, and Lucid Group, Inc. These manufacturers have implemented strategic growth initiatives, new product launches, alliances, and collaborations to expand their presence in the market.
The report provides stakeholders with valuable insights into the market dynamics, segment performance, and product portfolio growth of the leading market players. It also analyzes the drivers, limitations, and opportunities in the global electric vehicle market.
One of the key factors driving the growth of the electric vehicle market is the increase in fuel costs and the demand for more fuel-efficient and environmentally friendly vehicles. Additionally, government regulations regarding vehicle emissions have created a favorable market environment. However, market growth is limited by factors such as high production costs, a lack of charging infrastructure, range anxiety, and serviceability concerns. Despite these limitations, technological advancements, the development of self-driving EV technology, and government initiatives are expected to create new opportunities for industry players in the future.
In terms of vehicle types, the Battery Electric Vehicle (BEV) segment holds the largest market share, accounting for more than three-fourths of the global electric vehicle market revenue in 2020. The BEV segment is also expected to exhibit the highest CAGR of 19.0% from 2021 to 2030, driven by a shift in consumer perception towards EV adoption. The report also examines other segments, including Plug-in Hybrid Electric Vehicles (PHEV) and Fuel Cell Electric Vehicles (FCEV).
The passenger car segment dominates the electric vehicle market, capturing nearly two-thirds of the global market revenue in 2020. This segment is expected to maintain its dominance throughout the forecast period as vehicle manufacturers continue to focus on passenger car production. On the other hand, the commercial vehicle segment is projected to witness the fastest growth, with a CAGR of 19.3% from 2021 to 2030, driven by the increasing demand for zero-carbon vehicles.
In terms of regional analysis, the Asia-Pacific region held the largest share of the electric vehicle market in 2020, accounting for almost half of the global market revenue. This region is expected to maintain its dominance in the market by 2031, driven by the growing number of vehicles on the roads and increasing demand for electric vehicles. However, Europe is projected to witness the fastest CAGR of 20.6% from 2021 to 2030 due to the region’s concerns about the environment and stringent emission standards.
Norway, in particular, stands out as one of Europe’s rapidly expanding electric vehicle markets. The country’s commitment to environmentally friendly practices and rising fuel prices have fueled the growth of the EV sector. In 2021, plug-in EVs captured a significant market share of 89.3%, up from 79.1% in 2020. Norway’s parliament has set an ambitious target that all cars sold in the country should be zero emissions vehicles by 2025, further driving the expansion of the electric vehicle market.
In conclusion, the global electric vehicle market is experiencing significant growth, driven by factors such as the rising cost of fuel, increasing demand for fuel-saving and low-emission vehicles, and government regulations regarding vehicle emissions. While challenges exist, such as high production costs and a lack of charging infrastructure, technological advancements and government initiatives are expected to provide new opportunities for industry players. The report provides valuable insights into market dynamics, segment performance, and the contribution of leading players to market growth.