Electric Vehicle Market worth 32,225 thousand units by 2029 by Type, Vehicle Type, Vehicle Class, Top Speed, and Vehicle Drive Type
Pune, 05, Dec, 2022: According to the Electric Vehicle Market study published by Maximize Market Research, the market is expected to grow from 6697 thousand units in 2021 to 32,225 thousand units in 2029, at a CAGR of 21.7 percent over the forecast period from 2022 to 2029. In the past, the major markets for EVs were China, France, and Norway, however by 2029, North America is expected to be the largest market. Though some continue to doubt that the electric revolution will replace most gas-powered automobiles, EVs are becoming more popular and numerous by the day, as the reasons to become an EV driver grow.
Electric Vehicle Market Scope and Research Methodology
The research report highly depends on both primary and secondary data sources. The research process involves the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. All conceivable elements influencing the markets included in this research study have been considered, examined in depth, validated through primary research, and evaluated to provide the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast.
This data is combined and added with detailed inputs and analysis, and presented in the report. Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive market engineering and calculations for market statistics; market size estimations; market forecasts; market breakdown; and data triangulation. The bottom-up technique is widely employed in the whole market engineering process, along with multiple data triangulation methodologies, to perform market estimation and forecasting for the overall market segments and sub-segments covered in this research.
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Electric Vehicle Market Overview
A vehicle that is driven by one or more electric motors is known as an electric vehicle (EV). It may run on a battery by itself, a collecting system, or extravehicular electrical sources (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). After ten years of rapid growth, there were 10 million electric vehicles in global sales in 2020, a 43% increase over 2019 and a 1% stock share. Battery electric vehicles (BEVs) made up two-thirds of the stock and new electric car registrations in 2020. With 4.5 million electric cars, China had the biggest fleet. Europe experienced the strongest annual growth, with 3.2 million electric vehicles in 2020. 3 million new electric vehicles were registered in 2020. For the first time, Europe dominated the market with 1.4 million additional registrations. With 1.2 million registrations, China came in second, while the United States saw 295 000 new electric vehicles.
Electric Vehicle Market Dynamics
As a consequence of scientific advancements and the mass production of EV batteries in massive quantities, the cost of EV batteries has reduced during the past ten years. This has caused the price of electric vehicles to decrease because EV batteries are one of the costliest parts of the automobile. At roughly USD 1,100 per kWh in 2010, an EV battery cost. The cost was as low as USD 120 per kWh in 2021, down from roughly USD 137 per kWh in 2020. These batteries might be purchased for as little as $100 per kWh in China. This is because these batteries are cheaper to make, cathode materials are less expensive, there is more output, etc. This is brought about by cheaper cathode material prices, more output, and reduced manufacturing costs for these batteries, among other factors. By 2030, it is expected that EV battery costs would drop to about USD 60 per kWh, making EVs much more affordable than conventional ICE vehicles.
Electric Vehicle Market Regional Insights
The Asia Pacific held the largest market share in 2021. The Asia Pacific electric vehicle market is dominated by China, Japan, and South Korea. China, which is the world’s top EV producer and customer, controls the majority of the regional EV market. Their government has implemented policies that include giving EV purchasers incentives, mandating that all automakers build EVs depending on the volume of vehicles produced, generously funding the construction of EV charging stations in major cities, and adopting rules against extremely polluting automobiles. Additionally, the EV markets in Japan and South Korea have been growing. By installing EV charging stations, creating pollution rules, setting deadlines for transitioning from ICE automobiles to full or hybrid EVs, and other measures, their governments have contributed to the rise in EV demand.
Electric Vehicle Market Segmentation
- Battery Cells & Packs
- On-Board Charge
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By vehicle Class:
By Drive Type:
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
By EV charging Type:
- Normal Charging
- Super Charging
By Vehicle Connectivity:
- V2B or V2H
- Commercial Fleets
Electric Vehicle Market Key Competitors:
- Li Auto
- Lion Electric
- Hyzon Motors
- SAIC Motors
- Faraday Future
- Lordstown Motors.
Key questions answered in the Electric Vehicle Market are:
- What is Electric Vehicle?
- What is the growth rate of Electric Vehicle Market over the forecast period?
- What is the nature of competition in Electric Vehicle industry in developed economies and developing economies?
- Who are the key players in the Electric Vehicle Market?
- Who are the market leaders in Electric Vehicle in Europe
- Who are the market leaders in Electric Vehicle in USA and Canada
- Who are the market leaders in Electric vehicles in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Electric Vehicle Market?
- Who held the largest market share in Electric Vehicle Market?
- What are the factors for the growth of the Asia-Pacific region in the Electric Vehicle Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Component, Vehicle Type, vehicle class, Vehicle drive, EV charging Type Point, Vehicle Connectivity, End-use, Propulsion, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
US Electric Vehicle Market– The US Electric Vehicle Market size was valued at USD 17.54 Bn. in 2021 and the total revenue is expected to grow at 37.1 % through 2022 to 2029, US Electric Vehicle Market is reaching nearly USD 219.05 Bn. by 2029. The US Electric Vehicle Market is expected to be driven by including rising demand and rapid development.
China Electric Vehicle Market–The China Electric Vehicle Market volume of 2.5 Units in 2021. China’s Electric Vehicle Market size is estimated to grow at a CAGR of 17.1% over the forecast period. The China Electric Vehicle Market is expected to be driven by increasing manufacturing companies, growing charging infrastructure, and government initiatives.
India Electric Vehicle Motor Market–The India Electric Vehicle Motor Market is expected to grow at a CAGR of 7.5% during the forecast period and is expected to reach US$ 232.69 Bn by 2029. The India Electric Vehicle Motor Market is expected to be driven by the demand for electric vehicle motors market in India.
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