According to a market research study published by Contrive Datum Insights, Asia-Pacific was the biggest market for electric cars in the world in 2021, and it is expected to be the most profitable region for the rest of the forecast period.
Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) — The Global Electric Vehicle Market Was Estimated At USD 170 Billion In 2022 And Is Expected To Reach Over USD 1103.17 Billion By 2030, Poised To Grow At A CAGR Of 23.1% During The Forecast Period 2023 To 2030. The market for electric cars is expected to have exploded around the world by the end of 2030. The government’s increasing push for electric cars is a big reason for this growth. The market has grown because more people are becoming aware of how traditional vehicle emissions hurt the environment. It’s very important for the growth of the environment that more people use electric cars for public transportation around the world.
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Recent Developments:
- In April 2021, the key player Toyota introduced the new Mirai and LS models with advanced driving assessment technology in the city of Japan.
- In April 2021, in Chongqing, the key player BYD introduced four new electric vehicle models equipped with Blade batteries. New vehicle models Qin plus EV, E2 2021 Tang EV, and Song plus EV were equipped with an advanced battery safety feature.
- In April 2021, the key player Volkswagen criticised the 7-seater ID.6 X and EV ID.6 Crozz produced in China in collaboration with SAIC and FAW. Additionally, these vehicles may only be sold in China. In addition, it has two battery configurations, 77 kWh and 58 kWh, and four powertrain configurations.
Segment Overview
Propulsion Type Insights
In 2021, battery electric vehicles (BEV) made up more than 66% of all revenue and ruled the world market. Most of the growth of BEVs can be attributed to the potential benefits they offer, such as the ability to control greenhouse gas (GHG) emissions, worries about energy security, and local pollution. This is because more people care about the environment and because battery electric vehicles are better in many ways.
Vehicle Type Insights
Depending on the type of vehicle, the electric vehicles market is split into heavy commercial vehicles, passenger vehicles, light commercial vehicles, e-scooters and bikes, two-wheelers, and two-wheelers. In 2021, the market for electric vehicles made the most money from sales of passenger vehicles. This is because the governments of these countries help electric passenger vehicles a lot.
End-Use Insights
Based on how the cars will be used, the electric vehicle market is divided into three parts: private, commercial, and industrial. The segment for commercial use is likely to have the highest CAGR growth rate over the next few years. This group is growing quickly because fuel prices are going up and governments are making it harder for people to leave. People are also getting rid of their own delivery vehicles and electric cars more and more.
Regional Outlook:
Asia-Pacific was the biggest market for electric cars in the world in 2021, and it is expected to be the most profitable region for the rest of the forecast period. China is the world’s largest market for electric cars. Almost half, or 45%, of all electric car sales take place there. Other countries like Japan, Korea, and India are also good markets because their governments invest a lot of money in electric vehicle (EV) startup companies to make more EVs that can be sold all over the world. Mitsui & Co. invested USD 13.3 million in the Indian e-Vehicle startup SmartE in July of 2019. The investment would help SmartE grow in the long run by making the global EV market work better for both companies. In June 2019, Toyota Motor Corporation also spent $2 billion on developing electric cars in Indonesia.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 23.1% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 1103.17 Billion |
| By Propulsion Type | Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles, Others |
| By Vehicle Type | Passenger Cars, Commercial Vehicles, Two-Wheelers, E-Scooters & Bikes, Light Commercial Vehicles, Others |
| By V2G | V2B or V2H, V2G, V2V, V2X, Others |
| By Companies | 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, Xiaopeng Motors |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers:
To get people to buy electric cars, governments spend a lot of money on subsidies and other incentives. Governments all over the world are doing things that will make more people want to buy electric cars in the next ten years. There are rules about electric cars in developing countries, and all countries have rules about how much fuel a car can use. Also, they give companies that make electric cars and people who buy them tax breaks and grants. As a result, the market is growing because of this.
Restraint:
If there aren’t any international standards, it could be hard to connect charging stations, which could slow the growth of the market. Different charging standards in different parts of the world make it harder for electric vehicle charging stations to work together. Standardizing charging points would make it easier to put electric cars in public places and increase the demand for electric cars all over the world. So, because there aren’t enough standards, it’s hard for the market to grow.
Opportunity:
The price of batteries for electric cars has gone down over the past ten years. Because technology has gotten better and more batteries for electric cars have been made. Since batteries are one of the most expensive parts of a car, this has made electric cars cheaper.
Key Segments Covered:
Top Market Players:
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, Xiaopeng Motors, and others.
By Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
- E-Scooters & Bikes
- Light Commercial Vehicles
- Others
By Vehicle Class
- Mid-priced
- Luxury
By Top Speed
- Less Than 100 MPH
- 100 to 125 MPH
- More Than 125 MPH
By Vehicle Drive
- Front-Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
By EV Charging Point Type
- Normal Charging
- Super Charging
By V2G
- V2B or V2H
- V2G
- V2V
- V2X
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Autonomous Vehicle Market – The Global Autonomous Vehicle Market Was Estimated USD 94.43 Billion In 2022 And Is Projected To Hit Around USD 1808.44 Billion By 2030, Poised To Grow At A CAGR Of 38.8% From 2023 To 2030. In 2020, the size of the market in Asia-Pacific was USD 0.72 billion.
- Electric Vehicles Adhesive Market – The global Electric Vehicles Adhesives Market size was valued at approx. USD 0.4 billion in 2022 and is projected to grow at a CAGR of 43.9% during the forecast period 2022 to 2030. Asia Pacific held the largest volume share of 52.2% in 2019.
- Electric Motors For Electric Vehicle Market – The Global Electric Motors for Electric Vehicle Market size was valued at USD 205.68 Billion in 2022 and is projected to reach USD 1365.88 Billion by 2030, growing at a CAGR of 26.7% from 2022 to 2030. Electrification of transportation systems in Europe and North America is also set to accelerate after 2020, driven by electric buses.
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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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