Global New Energy Vehicles Market (2024 Edition): Market Size, Trends, Opportunities and Forecast by NEV Type (Electric Vehicles, BEVs, PHEVs, Fuel Cell Vehicles and Other NEV Types), End-User, Vehicle Type, Region, By Country: 2020-2030

Global New Energy Vehicles Market (2024 Edition): Market Size, Trends, Opportunities and Forecast by NEV Type (Electric Vehicles, BEVs, PHEVs, Fuel Cell Vehicles and Other NEV Types), End-User, Vehicle Type, Region, By Country: 2020-2030

Background

A report published by Azoth Analytics highlights different factors and opportunities prevailing in the “Global New Energy Vehicles Market (2024 Edition)”. According to the report, Global New Energy Vehicles Market registered sales of around 14.5 million units in 2023 is expected to grow at a CAGR of 35% during 2025-2030.

The report explores a multi-faceted opportunity landscape in terms of market segmentation By NEV Type (Electric Vehicles, BEVs, PHEVs, Fuel Cell Vehicles and Other NEV Types), By End-User (Individual Users, Commercial Users, Government and Public Sector and Other End-Users) and by Vehicle Type (Passenger Vehicles and Commercial Vehicles)

Market Overview

New energy vehicles (NEVs) represent a significant shift in the automotive industry, moving away from traditional internal combustion engines (ICEs) to more sustainable, innovative alternatives like battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles (FCVs). This transformation is driven by increasing environmental concerns, the urgent need to reduce greenhouse gas emissions, and the depletion of fossil fuel resources. NEVs also include a range of technologies such as advanced battery systems, electric motors, and power control systems.

The NEV market has witnessed substantial growth, propelled by various factors including government policies, technological advancements, and changing consumer preferences. Governments worldwide are implementing stringent emissions regulations along with offering subsidies, tax rebates, and support for infrastructure development such as public charging stations. For instance, China’s aggressive policies towards NEVs, including substantial financial incentives and mandates for manufacturers, have positioned it as a global leader in this sector.

Improvements in battery technology, such as increased energy density and reduced costs of lithium-ion batteries, have extended the driving range of electric vehicles, making them more appealing to consumers. Innovations in electric drivetrains and enhancements in fuel cell technology have also played a crucial role. Technological innovation remains at the heart of the NEV market. Advancements in solid-state battery technology promise safer, more energy-dense options than current lithium-ion solutions, potentially revolutionizing the market. Autonomous driving technology is also converging with electric vehicle development, potentially increasing the efficiency and safety of NEVs. Vehicle-to-grid (V2G) technology, which allows energy to flow from the vehicle battery back to the power grid, is emerging as a potential game-changer. This technology not only helps in managing grid loads but also allows vehicle owners to generate revenue by providing energy back to the grid during peak demand times. Moreover, Infrastructure advancements across the globe also foster the demand for high-performance power solutions. SiC devices are increasingly utilized in the construction of smart grid technologies and charging stations for electric vehicles, which require robust and efficient power management systems. These applications benefit from SiC’s high endurance and performance under challenging conditions. Despite its many advantages, the widespread adoption of New Energy Vehicles faces several challenges. The primary hurdle is the high initial material and manufacturing costs associated with SiC technology. However, as production scales and processing technologies improve, these costs are expected to decrease, making SiC devices more competitive against traditional silicon-based devices.

Policies and Regulatory Initiatives

In Europe, stringent emissions standards and high fuel prices drive the adoption of NEVs. The European Union’s commitment to reducing carbon emissions by 2050 has resulted in supportive policies, including bans on the sale of new ICE vehicles in several countries by 2030.

In the United States, California leads with its Zero-Emission Vehicle (ZEV) program, which mandates a certain percentage of new vehicle sales to be zero-emission vehicles. Other states are following suit with similar initiatives, although the overall U.S. market has been slower to adopt NEVs compared to China and Europe.

China remains the largest market for NEVs, supported by its government's ambitious policies to lead in the global shift to electrification. China’s focus on becoming a hub for electric vehicle manufacturing has led to significant investments in research and development and manufacturing capabilities.

Segment Insights

By NEV Type, BEVs account for approximately 74% market share in 2023. Technological advancements are pivotal in propelling the BEV market forward. Significant improvements in battery technology have continuously enhanced the range and efficiency of BEVs, addressing one of the major barriers to consumer adoption. Modern BEVs now offer ranges that are competitive with traditional internal combustion engine vehicles, meeting the daily transportation needs of most consumers. Furthermore, the cost of lithium-ion batteries, a critical component of BEVs, has dropped significantly over the past decade, making BEVs more financially accessible to a broader audience.

Geographical Insights

Asia Pacific is the largest region in the Global New Energy Vehicles Market. The Asia Pacific region stands as a pivotal player in the global New Energy Vehicle (NEV) landscape, driven by rapidly growing economies, escalating environmental concerns, and aggressive policy interventions. This region, home to some of the world’s largest vehicle markets including China, Japan, and South Korea, is witnessing a transformative shift towards electric mobility. This shift is not only fueled by the need to combat severe air pollution problems prevalent in many Asian cities but also by the strategic economic ambitions of these countries to lead global automotive technology. Within Asia Pacific, China dominates the market both in terms of production and consumption. The country has emerged as the world’s largest market for electric vehicles, underpinned by comprehensive government policies that include subsidies, tax exemptions, and mandates for NEV production and sales quotas. Chinese policies have not only led to a domestic boom in NEV sales but have also positioned Chinese companies at the forefront of global NEV technology and manufacturing. Major Chinese cities have implemented restrictions on the use of traditional ICE vehicles, providing additional impetus to the NEV push. The Chinese government’s vision extends beyond mere market leadership; it aims to transform China into a standard-bearer for NEV innovation, leveraging its substantial investments in battery technology and manufacturing infrastructure.

Market Segmentation

By NEV Type:

• Electric Vehicles
• BEVs
• PHEVs
• Fuel Cell Vehicles
• Other NEV Types

By End-User:

• Individual Users
• Commercial Users
• Government and Public Sector
• Other End-Users

By Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles

By Geography

• Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
• Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
• Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)

Key Companies

The report assesses the competitive developments, strategies, mergers and acquisitions and new product development and market share portfolio of top 15 companies. Key companies in the Global New Energy Vehicles Market include:

• Tesla, Inc.
• BYD Co Ltd
• Volkswagen AG
• Nissan Motor Corporation
• BMW AG
• Toyota Motor Corporation
• Daimler AG (Mercedes-Benz)
• General Motors
• Volvo Cars
• SAIC Motor Corporation Limited
• Other Leading Companies

Reasons to buy this report:

• In-Depth Comparative Assessment of Top 20 Markets in the New Energy Vehicles Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
• Comprehensive Historical, Present, and Future Analytics of the New Energy Vehicles Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of New Energy Vehicles Market.
• Detailed Analysis of New Energy Vehicles Market By NEV Type, End-User, and Vehicle Type Across 20 Countries
• Beyond the Purchase: 90 Days of Support
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• Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies
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