Electric Vehicle (EV) Market, by Product (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Type (Passenger, Heavy Commercial, Two-Wheelers, E-Scooters & Bikes, Light Commercial), Power Source (Less than 100 kW, 100 kW to 250 kW, More than 250 kW), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Electric Vehicle (EV) Market size was estimated at USD 438.19 billion in 2023 and is projected to reach USD 1091.1 billion in 2030 at a CAGR of 13.92% during the forecast period 2023-2030.
Unlike its gasoline-powered alternative, an electric vehicle runs on electricity. These cars don't have internal combustion engines; instead, they run on electric motors, which need a steady source of power from batteries to function. These vehicles utilize a variety of batteries. Lithium ion, molten salt, zinc-air, and different nickel-based designs are some of them. The main purpose of the electric car was to replace traditional forms of transportation since they cause pollution.
It has become more well-known as a result of several technical developments. It surpasses traditional automobiles by offering better fuel economy, lower maintenance costs, easy home charging, a smoother ride, and less engine noise. Electric cars come in three varieties: battery-powered, hybrid, and plug-in hybrid. Additionally, although slightly more expensive than gasoline-powered counterparts, electric vehicles don't need regular engine oil changes.
Increased demand for fuel-efficient, high-performance, and low-emission cars, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the expansion of the electric vehicle market.
On the other hand, it is anticipated that constraints such a lack of infrastructure for charging, high production costs, range anxiety, and serviceability would restrain the growth of the EV market.
The general automobile sector and therefore the electric vehicle industry have both been negatively impacted by the COVID-19 epidemic. The number of new electric vehicle registrations fell by 20% during FY21 compared to FY20. Additionally, in the midst of the epidemic, a variety of players attempted to come up with novel solutions to manage the situation, including the use of electric cars for medical supplies since they offer convenient, economical transportation with good mobility. For instance, Omega Seiki Mobility recently unveiled Rage+frost, a three-wheeled chilled load carrier that was created especially for the distribution of food, medicine, and vaccines in these trying times. This helped the market sustain during the pandemic.
The Electric Vehicles (EV) Market is expected to grow during the forecast period. This growth can be attributed to several factors. Firstly, they offer better fuel economy, lower maintenance costs, easy home charging, a smoother ride, and less engine noise. Moreover, increased demand for fuel-efficient, high-performance, and low-emission cars, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the expansion of the electric vehicle market. However, lack of infrastructure for charging, high production costs, range anxiety, and serviceability might hamper the growth of the market during the forecast period.
Europe to Dominate the Market