CHICAGO, Aug. 19,
2024 /PRNewswire/ -- Electric Vehicle (EV) Market is
projected to grow from USD 396.4
billion in 2024 to USD 620.3
billion by 2030 at a CAGR of 7.7%, according to a new report
by MarketsandMarkets. A combination of environmental, economic and
technological factors is propelling the global market for electric
vehicles to grow at an unprecedented rate. In order to reduce
emissions, consumer's demand as well as strict governmental
regulation aimed at reducing emissions has made people and
manufacturers adopt more sustainable modes of transport. The
improvement in battery technology has improved the performance,
range and charging efficiency of electric vehicles making them more
practical and attractive. Such developments and significant
investments by major automakers alongside startups are driving the
global uptake of EVs.
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Browse in-depth TOC on "Electric Vehicle
Market"
273 - Tables
109 - Figures
440 -
Pages
Electric Vehicle Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
USD 396.4
billion
|
Estimated Value by
2030
|
USD 620.3
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.7%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Component, Vehicle
Type, Vehicle Class, Propulsion, Vehicle Drive Type, E/E
Architecture, Top Speed, Charging Point Type, Vehicle Connectivity,
End Use, and Region
|
Geographies
Covered
|
Asia Pacific, Europe,
North America, and Middle East & Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rapid Investment in
Charging Infrastructure
|
Key Market
Drivers
|
Advancement in Battery
Technology
|
Rising Demand for Enhanced Performance and Fast Charging Will
Support the Market Growth.
800-volt architecture is built with a voltage that has a range,
not fixed battery voltage which is typically between 600V and 900V.
One can find electric vehicles with an 800V architecture on the
market, but only a handful of brands currently produce them. 800V
EVs, offering better mileage and faster charging, can command
higher prices and gain a competitive edge over 400V models by
enhancing the customer experience. 800V has advantages in
efficiency and also in the weight of the system. The investment in
new components and setup of supply chain causes high initial costs
but there will be a decrease in price to low price range as more
manufacturers adopt it. The 800V system improves taking by less
current which makes cables thinner, small electric equipment thus
lower car weights and thermal energy losses. This structure
improves battery endurance and electric power delivery helping fast
charging through increased DC voltages. Consequently, the
effectiveness cost will be increased as 800V technology prevalence
increases which makes it attractive for electric vehicle (EV)
makers who want to have improved performance together with
effectiveness.
The commercial use of electric vehicles is expected to show
significant growth during the forecast period.
The electric vehicle revolution is not only transforming
personal mobility but is also rapidly altering the merchant
shipping landscape. Companies are increasingly turning to EVs in
order to cut costs, meet sustainability goals and comply with
stringent environmental regulations. This shift is reflected in
many industries, including logistics, public transport, utilities
and retail. Fuel costs for EVs are significantly lower in
comparison to gasoline-or diesel-powered vehicles. Fewer moving
parts and no oil changes also mean less maintenance is required,
dropping the ultimate cost of using them. The adoption of EVs has
become increasingly attractive to businesses so as to meet
corporate sustainability goals because fewer resources will be
consumed under stringent environmental regulations since this is an
important global course that will deal with climatic changes. The
transportation and distribution industry is first in the transition
to modern logistics systems. Electric cargo vehicles and trucks are
heavily being invested in by prominent companies like Amazon (US),
Go2 Delivery (US), UPS (US) and DHL (Germany) to enhance their fleet's efficiency
and sustainability. In following 2024 year, Canoo Inc., a
cutting-edge advanced mobility firm announced that Go2 Delivery had
signed contract for purchase of five fully electric commercial
delivery vans with an option of additional purchase of 85 soon
after. Moreover, November 2023 marked
the launch of Amazon's fleet plan with wholly custom designed EVs
for the first time in India making
it easier for DSPs' last mile deliveries who require secure quality
at zero-emission vehicles.
Europe is expected to become
second largest growing market in size for electric vehicle during
the forecast period.
The market of electric vehicles in the European countries has
been growing recently due to factors such as enhancing
environmental consciousness, standard regulatory norms on emissions
and several attractive financial incentives offered by the European
governments. Along with Europe's
goal to center the transformation of transportation globally, the
use of electric vehicles has grown quickly, going for battery
electric vehicles (BEV) and plug-in hybrid electric vehicles
(PHEV). Present day leaders such as Norway, Germany, United
Kingdom, France, and
the Netherlands are among the
global leaders in advocating for change by providing targets on
when they will ban ICE vehicles, advocating for clean energy
solutions.
This has been further fuelled by the recent emerging issues that
has help spur the market in Europe. The availability of charging points
has significantly determined this aspect, with massive
contributions from the public and private entities to provide a
reach of good and quick charging stations. Advancements in
batteries have also formed a part of this equation with increased
ranges, shorter charging time and lower costs have also led
consumers towards EVs. Also, the growing number of low-emission
zones and urban restrictions for polluting vehicles across the
major European cities is forcing the trends towards
electromobility.
Large manufacturers are already rolling out electrification
strategies across the Old World. in the automotive industry, the
Volkswagen Group could be cited for example, as committing a lot of
capital on its ID. series are also part of this strategy and one of
Volkswagen's ambitious goals is the complete climate-neutral
company by 2050. According to some claims, the Mercedes-Benz brand
has drawn an ambition to sell over 50% of the world's electric cars
by 2030 with more practical investment in new electric models and
battery. Moreover, for electrification, the other significant
automakers like Renault,
Stellantis (Peugeot and Citroen), as well as Hyundai are also
engaging in this process to produce a variety of electric vehicles
(EVs) for use by different consumers in order also to facilitate
Europe's green transition.
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Electric Vehicle Market Dynamics:
Drivers:
- Advancement in Battery Technology
Restraints:
- Battery Longevity and Replacement Costs
Opportunities:
- Rapid Investment in Charging Infrastructure
Challenge:
- Lack of Standardization of Electric Vehicle Charging
Infrastructure
Key Market Players Electric Vehicle
Industry:
Prominent players in the Electric Vehicle Market include as BYD
(China), Tesla (US), Volkswagen AG
(Germany), Geely-Volvo
(China), and SAIC Motors
(China).
The break-down of primary participants is as mentioned
below:
- By Company Type: OEMs – 30%, Tier I – 60%, Tier II &
III – 10%,
- By Designation: CXOs – 35%, Managers– 50%, Executives–
15%
- By Region: North America– 20%, Europe – 20%, Asia Pacific– 50% and
Middle East & Africa – 10%
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Electric Vehicle Industry Recent Developments:
- In June 2024, BYD launched its
third electric vehicle, BYD SEAL, in Japan. The retail pricing for the
rear-wheel-drive version of the vehicle in the country is
5.28 million yen (USD 33,111.75).
- In June 2024, Volkswagen
announced an investment of up to USD 5
billion in the US electric vehicle maker Rivian as part of a
new, equally controlled joint venture to share electric vehicle
architecture and software.
- In April 2024, Tesla launched
Model 3 Performance, a high-performance version of Tesla's popular
electric sedan Model 3. It has 510 horsepower (up from 455), 296
miles of estimated driving range, an adaptive suspension system, a
dedicated Track driving mode, upgraded brakes, sport seats, and a
staggered wheel and tire setup.
Electric Vehicle Market Size - Key Benefits of Buying
the Report:
- The report will help market leaders/new entrants in this market
with information on the closest approximations of revenue numbers
for the overall electric vehicle market and its subsegments.
- This report will help stakeholders understand the competitive
landscape and gain more insights to better position their
businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the
market and provides them information on key market drivers,
restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Government incentives for
electrification, Lower operating costs, Advancement in Battery
Technology, Lower emissions), restraints (High upfront costs of
electric vehicles, High initial investments for installing EV fast
charging infrastructure, Battery Longevity and Replacement Costs),
opportunities (Rapid Investment in charging infrastructure,
Advancement in wireless EV charging technology for on-the-go
charging, Use of EVs for fleets and commercial applications), and
challenges (Longer Charging Time,Lack of standardization of EV
charging infrastructure)
- Product Development/Innovation: Detailed insights on
upcoming technologies, research & development activities, and
new product & service launches in the electric vehicle
market
- Market Development: Comprehensive information about
lucrative markets – the report analyses the electric vehicle market
across varied regions.
- Market Diversification: Exhaustive information about new
products & services, untapped geographies, recent developments,
and investments in the electric vehicle market
- Competitive Assessment: In-depth assessment of market
shares, growth strategies and service offerings of leading players
like BYD (China), Tesla (US),
Volkswagen AG (Germany),
Geely-Volvo (China), SAIC Motors
(China), and among others in the
electric vehicle market.
- Strategies: The report also helps stakeholders
understand the pulse of the electric commercial vehicle market and
provides them information on key market drivers, restraints,
challenges, and opportunities.
Related Reports:
EV Charging Station Market - Global Forecast to
2030
Wireless Charging Market - Global Forecast to
2030
EV Connector Market - Global Forecast to 2030
Electric Commercial Vehicle Market - Global
Forecast to 2030
Get access to the latest updates on Electric Vehicle
Companies and Electric Vehicle Industry Growth
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