Allied Market Research, a leading market intelligence firm, has released a report projecting remarkable growth in the global electric vehicle (EV) market. Titled “Electric Vehicle Market by Type, Vehicle Type, Vehicle Class, Top Speed, and Vehicle Drive Type: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the report reveals that the EV market, valued at $163.01 billion in 2020, is expected to reach an impressive $823.75 billion by 2030, with a compound annual growth rate (CAGR) of 18.2% during the period from 2021 to 2030.
The Asia-Pacific region emerges as the dominant player in terms of market growth, followed closely by Europe, North America, and LAMEA. While Germany led the global electric vehicle market share in 2020, Norway is anticipated to experience significant growth in the EV market throughout the forecast period.
The electric vehicle industry holds immense potential to transform the global vehicular emissions landscape. Stricter vehicular emission norms and evolving vehicle architectures have fueled the widespread adoption of electric vehicles worldwide. Notably, the United States and the European Union have mandated standards, including CAFÉ standards, for automobile manufacturers to incorporate in their vehicles. Commercial and government fleet managers are increasingly turning to electric vehicles to stabilize their budgets amidst unpredictable fuel costs and reduce fleet emissions.
The rising trends of urbanization, congestion, and emissions have propelled the hybridization and electrification of vehicle powertrains. Furthermore, volatile oil and gas prices and the impending shortage of fossil fuels are driving the adoption of fuel-efficient vehicles. Countries in the BRIC group—Brazil, Russia, India, and China—have exhibited a growing interest in eco-friendly and sustainable technologies. China and India, in particular, boast tremendous market potential, supported by substantial government incentives for electric vehicle purchases. Many companies are expanding their market presence in the Asia-Pacific region to develop advanced electric vehicles.
The EV market is categorized into battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Battery electric vehicles accounted for the majority of the market share in 2020 and are projected to maintain their dominance due to their higher growth rate. In terms of vehicle types, passenger cars held the largest market share in 2020 and are expected to witness double-digit growth due to increased sales of electric passenger cars globally and supportive government initiatives. The commercial vehicles segment is also set to lead the market with its higher growth rate during the forecast period.
While factors such as increased demand for fuel-efficient, high-performance, and low-emission vehicles, along with stringent government regulations, contribute to the growth of the electric vehicle market, challenges such as the lack of charging infrastructure, high manufacturing costs, range anxiety, and serviceability may impede its progress. However, technological advancements, proactive government initiatives, and the development of self-driving electric vehicle technology present ample opportunities for key players in the industry.
- Key Findings of the Study:
- Passenger cars will dominate the market among different vehicle types during the forecast period.
- The mid-priced electric vehicles segment will lead the market in terms of vehicle class.
- Top speeds ranging from 100 to 125 MPH are expected to experience lucrative growth rates.
- All-wheel drive vehicles will lead the market in terms of vehicle drive type. Europe is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period.
The key players analyzed in this EV market report are : Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motors, Hero Electric, Hyundai Motor Company, Karma Automotive, Kia Corporation, Lucid Group, Inc., Mahindra Electric Mobility Limited, NIO, Nissan Motors Co., Ltd., Okinawa Autotech Pvt. Ltd., Rivain, Tata Motors, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, WM Motor, and Xiaopeng Motors.
