The Global Electric Vehicle Market size is estimated to be USD 176.62 billion in 2019 and is predicted to reach USD 1559.84 billion by 2030 with a CAGR of 21.9% from 2020-2030. Electric Vehicle consists of traction motors or electric motors for the working of vehicle. The electric vehicle may be powered by collectors system such as charging stations or either have inbuilt generators or solar panels to covert the fuel into electricity. These vehicles come into existence during 19th century but due to the battery storage limitations it did not gain much popularity. Now-a-days, increase inclination towards renewable energy sources has also increased the demand of electric vehicles.
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There have been tremendous growth in the technology over the period of time which has also led to the technological advancement and drastically evolving infrastructure are expected to accelerate the electric vehicle market. Moreover, increasing demand of renewable energy to reduce the pollution is further expected to drive the market growth.
The other factors include increased demand of high performance and fuel efficient vehicle coupled with favorable government policies are further expected to support the market growth. However, high manufacturing cost of electric vehicle and stringent guidelines are expected to hamper the market growth. On the other hand, increased use of renewable energy at charging stations and increase in automotive industry is further expected to create lucrative opportunities in the electric vehicle market in the near future.
Market Segmentations and Scope of the Study:
The global electric vehicle market share is analyzed on the basis of type, vehicle type, charging station and geography. On the basis of type, the market is segmented into Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle. On the basis of vehicle type, the market is divided into Two-wheeler, Passenger Car, and Commercial Vehicle. On the basis of charging station, the market is fragmented into normal and super. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is anticipated to hold the major market share over the forecast period owing to the increased demand of fuel efficient and high performance vehicle coupled with technological advancement are further expected to promote the growth of electric vehicle market.
Asia Pacific is expected to grow rapidly with gradual increase in market size due to the increased adoption of electric vehicle coupled with changing government regulations and increased use of renewable source of energy. Further, increased public awareness with increasing pollution and constantly growing automotive industry is further expected to support the market growth.
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The electric vehicle market is highly competitive and consists of various market players which contribute the specific market share. Some of the major market players include BMW Group, Tesla, Toyota Motor Corporation, Nissan Motor Corporation, General Motors, Volkswagen AG, Energica Motor Company S.P.A., Daimler AG, Ford Motor Company, and BYD Company Motors among others.
Over the period of time, there have been various developments taken place in the past and is further expected to takes place in the near future which further drives the market growth. For instance, in September 2019, Ford Motor Co would launch eight electric vehicles in Europe this year. Ford’s launches include electric variants of the Kuga and Puma SUVs and the Mondeo sedan. The automaker also plans to launch nine other electric vehicles by 2024 in Europe, including a new Mustang-inspired electric sports utility vehicle next year.