CHICAGO, Aug. 19, 2024 /PRNewswire/ -- Electric Vehicle (EV) Market is projected to grow from USD 396.4 billion in 2024 to USD 620.3 billion by 2030 at a CAGR of 7.7%, according to a new report by MarketsandMarkets. A combination of environmental, economic and technological factors is propelling the global market for electric vehicles to grow at an unprecedented rate. In order to reduce emissions, consumer's demand as well as strict governmental regulation aimed at reducing emissions has made people and manufacturers adopt more sustainable modes of transport. The improvement in battery technology has improved the performance, range and charging efficiency of electric vehicles making them more practical and attractive. Such developments and significant investments by major automakers alongside startups are driving the global uptake of EVs.
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Browse in-depth TOC on "Electric Vehicle Market"
273 - Tables
109 - Figures
440 - Pages
Electric Vehicle Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 396.4 billion |
Estimated Value by 2030 | USD 620.3 billion |
Growth Rate | Poised to grow at a CAGR of 7.7% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Component, Vehicle Type, Vehicle Class, Propulsion, Vehicle Drive Type, E/E Architecture, Top Speed, Charging Point Type, Vehicle Connectivity, End Use, and Region |
Geographies Covered | Asia Pacific, Europe, North America, and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rapid Investment in Charging Infrastructure |
Key Market Drivers | Advancement in Battery Technology |
Rising Demand for Enhanced Performance and Fast Charging Will Support the Market Growth.
800-volt architecture is built with a voltage that has a range, not fixed battery voltage which is typically between 600V and 900V. One can find electric vehicles with an 800V architecture on the market, but only a handful of brands currently produce them. 800V EVs, offering better mileage and faster charging, can command higher prices and gain a competitive edge over 400V models by enhancing the customer experience. 800V has advantages in efficiency and also in the weight of the system. The investment in new components and setup of supply chain causes high initial costs but there will be a decrease in price to low price range as more manufacturers adopt it. The 800V system improves taking by less current which makes cables thinner, small electric equipment thus lower car weights and thermal energy losses. This structure improves battery endurance and electric power delivery helping fast charging through increased DC voltages. Consequently, the effectiveness cost will be increased as 800V technology prevalence increases which makes it attractive for electric vehicle (EV) makers who want to have improved performance together with effectiveness.
The commercial use of electric vehicles is expected to show significant growth during the forecast period.
The electric vehicle revolution is not only transforming personal mobility but is also rapidly altering the merchant shipping landscape. Companies are increasingly turning to EVs in order to cut costs, meet sustainability goals and comply with stringent environmental regulations. This shift is reflected in many industries, including logistics, public transport, utilities and retail. Fuel costs for EVs are significantly lower in comparison to gasoline-or diesel-powered vehicles. Fewer moving parts and no oil changes also mean less maintenance is required, dropping the ultimate cost of using them. The adoption of EVs has become increasingly attractive to businesses so as to meet corporate sustainability goals because fewer resources will be consumed under stringent environmental regulations since this is an important global course that will deal with climatic changes. The transportation and distribution industry is first in the transition to modern logistics systems. Electric cargo vehicles and trucks are heavily being invested in by prominent companies like Amazon (US), Go2 Delivery (US), UPS (US) and DHL (Germany) to enhance their fleet's efficiency and sustainability. In following 2024 year, Canoo Inc., a cutting-edge advanced mobility firm announced that Go2 Delivery had signed contract for purchase of five fully electric commercial delivery vans with an option of additional purchase of 85 soon after. Moreover, November 2023 marked the launch of Amazon's fleet plan with wholly custom designed EVs for the first time in India making it easier for DSPs' last mile deliveries who require secure quality at zero-emission vehicles.
Europe is expected to become second largest growing market in size for electric vehicle during the forecast period.
The market of electric vehicles in the European countries has been growing recently due to factors such as enhancing environmental consciousness, standard regulatory norms on emissions and several attractive financial incentives offered by the European governments. Along with Europe's goal to center the transformation of transportation globally, the use of electric vehicles has grown quickly, going for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Present day leaders such as Norway, Germany, United Kingdom, France, and the Netherlands are among the global leaders in advocating for change by providing targets on when they will ban ICE vehicles, advocating for clean energy solutions.
This has been further fuelled by the recent emerging issues that has help spur the market in Europe. The availability of charging points has significantly determined this aspect, with massive contributions from the public and private entities to provide a reach of good and quick charging stations. Advancements in batteries have also formed a part of this equation with increased ranges, shorter charging time and lower costs have also led consumers towards EVs. Also, the growing number of low-emission zones and urban restrictions for polluting vehicles across the major European cities is forcing the trends towards electromobility.
Large manufacturers are already rolling out electrification strategies across the Old World. in the automotive industry, the Volkswagen Group could be cited for example, as committing a lot of capital on its ID. series are also part of this strategy and one of Volkswagen's ambitious goals is the complete climate-neutral company by 2050. According to some claims, the Mercedes-Benz brand has drawn an ambition to sell over 50% of the world's electric cars by 2030 with more practical investment in new electric models and battery. Moreover, for electrification, the other significant automakers like Renault, Stellantis (Peugeot and Citroen), as well as Hyundai are also engaging in this process to produce a variety of electric vehicles (EVs) for use by different consumers in order also to facilitate Europe's green transition.
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Electric Vehicle Market Dynamics:
Drivers:
- Advancement in Battery Technology
Restraints:
- Battery Longevity and Replacement Costs
Opportunities:
- Rapid Investment in Charging Infrastructure
Challenge:
- Lack of Standardization of Electric Vehicle Charging Infrastructure
Key Market Players Electric Vehicle Industry:
Prominent players in the Electric Vehicle Market include as BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), and SAIC Motors (China).
The break-down of primary participants is as mentioned below:
- By Company Type: OEMs - 30%, Tier I - 60%, Tier II & III - 10%,
- By Designation: CXOs - 35%, Managers- 50%, Executives- 15%
- By Region: North America- 20%, Europe - 20%, Asia Pacific- 50% and Middle East & Africa - 10%
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Electric Vehicle Industry Recent Developments:
- In June 2024, BYD launched its third electric vehicle, BYD SEAL, in Japan. The retail pricing for the rear-wheel-drive version of the vehicle in the country is 5.28 million yen (USD 33,111.75).
- In June 2024, Volkswagen announced an investment of up to USD 5 billion in the US electric vehicle maker Rivian as part of a new, equally controlled joint venture to share electric vehicle architecture and software.
- In April 2024, Tesla launched Model 3 Performance, a high-performance version of Tesla's popular electric sedan Model 3. It has 510 horsepower (up from 455), 296 miles of estimated driving range, an adaptive suspension system, a dedicated Track driving mode, upgraded brakes, sport seats, and a staggered wheel and tire setup.
Electric Vehicle Market Size - Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric vehicle market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Government incentives for electrification, Lower operating costs, Advancement in Battery Technology, Lower emissions), restraints (High upfront costs of electric vehicles, High initial investments for installing EV fast charging infrastructure, Battery Longevity and Replacement Costs), opportunities (Rapid Investment in charging infrastructure, Advancement in wireless EV charging technology for on-the-go charging, Use of EVs for fleets and commercial applications), and challenges (Longer Charging Time,Lack of standardization of EV charging infrastructure)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric vehicle market
- Market Development: Comprehensive information about lucrative markets - the report analyses the electric vehicle market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric vehicle market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), SAIC Motors (China), and among others in the electric vehicle market.
- Strategies: The report also helps stakeholders understand the pulse of the electric commercial vehicle market and provides them information on key market drivers, restraints, challenges, and opportunities.
Related Reports:
EV Charging Station Market - Global Forecast to 2030
Wireless Charging Market - Global Forecast to 2030
EV Connector Market - Global Forecast to 2030
Electric Commercial Vehicle Market - Global Forecast to 2030
Get access to the latest updates on Electric Vehicle Companies and Electric Vehicle Industry Growth
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