Global Electric Vehicle Market Research Report Forecast to 2030
Market Overview
The market for electric vehicles has been expanding quickly over the past few years, and by 2030, it is anticipated to reach 33,691 thousand units, with a CAGR of 18.6% for the forecast period of 2022–2030.
Over the past few years, the global market for electric vehicles has shown significant development potential, and it is anticipated that this growth will continue over the projection period. Due to factors like rising gasoline prices, government initiatives, and the expansion of international electric car manufacturers into new emerging regions, the market for electric vehicles appears to be promising throughout the anticipated time. The high cost of electric vehicles and the underdeveloped aftermarket services are predicted to impede this market's growth. Because of the rising interest for electric vehicles in nations like China, Japan, South Korea, and India, the market in Asia-Pacific is supposed to develop the quickest.
Market Segmentation
Based on technology, vehicle type, and geographic region, the global market for electric vehicles has been divided. The worldwide electric vehicle market is divided into Plug-In Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs) based on technology (PHEVs). The worldwide electric vehicle market is divided into passenger automobiles and commercial vehicles based on the kind of vehicle. Additional divisions of the commercial vehicle market include buses, heavy trucks, and light & medium trucks. North America, Europe, Asia-Pacific, the Middle East & Africa, and South America are the several regions that are divided up.
Regional Analysis
Due to rising gasoline prices, government initiatives, and the growth of international electric vehicle manufacturers into new emerging markets, Asia-Pacific held 54.8% of the market share for electric vehicles in 2021. According to predictions, the region's market for electric vehicles will expand the quickest in Asia-Pacific.
In 2021, the European market for electric vehicles accounted for 33.9% of the global market. Green recovery funds offer incentives to the electric vehicle industry, and a more appealing EV model, greatly better availability, and vigorous marketing campaigns in the area have increased adoption. In terms of revenue generated, the market for electric vehicles in North America accounted for around 10.7% of the overall industry in 2021. Due to rising gasoline prices, government initiatives, and the growth of international electric vehicle manufacturers into new emerging markets, Asia-Pacific held 54.8% of the market share for electric vehicles in 2021. According to predictions, the region's market for electric vehicles will expand the quickest in Asia-Pacific.
In 2021, the European market for electric vehicles accounted for 33.9% of the global market. Green recovery funds offer incentives to the electric vehicle industry, and a more appealing EV model, greatly better availability, and vigorous marketing campaigns in the area have increased adoption. In terms of revenue generated, the market for electric vehicles in North America accounted for around 10.7% of the overall industry in 2021.
Major Players
The major players associated with Electric Vehicle Market include Daimler AG, Nissan Motor Corporation, Tesla, Inc., Toyota motor corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Hyundai Motor Company, Mitsubishi Motors Corporation, and BYD Motors Inc.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.Daimler AG
Nissan Motor Corporation
Tesla Inc.
Toyota motor corporation
Ford Motor Company
Volkswagen
BMW
General Motors
Hyundai Motor Company
Mitsubishi Motors Corporation
and BYD Motors Inc
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