Electric Vehicle Market : Accelerating Growth from $163.01 Billion in 2020 to $823.75 Billion by 2030 | CAGR of 18.2%

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 21, 2024 /EINPresswire.com/ -- Allied Market Research has recently released a report entitled, "Electric Vehicle Market Share, Size, Competitive Landscape and Trend Analysis Report, by Type, Vehicle Type, Vehicle Class, Top Speed and Vehicle Drive Type : Global Opportunity Analysis and Industry Forecast, 2021-2030."

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 (𝐄𝐕) 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬, 𝟐𝟎𝟑𝟎:

The global electric vehicle market size was valued at $163.01 billion in 2020, and is projected to reach $823.75 billion by 2030, registering a CAGR of 18.2% from 2021 to 2030.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐋𝐢𝐦𝐢𝐭𝐚𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 :

The global electric vehicle market is experiencing huge growth because of several factors, inclusive of an increase in cost of the fuel, a surge in demand for more fuel-saving vehicles, low-emission, and better-appearing vehicles, and highly restrictive government rules concerning vehicle emissions. On the other hand, high production costs, a lack of charging infrastructure, range anxiety, and serviceability restrict market growth. Moreover, technological advancements, the development of self-driving EV technology, and government initiatives are predicted to offer new opportunities for industry players in the future.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2404

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐄𝐕 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 :

𝐈𝐧 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟏, Hyundai Motor Company revealed SEVEN, the sport utility electric vehicle (SUEV) concept at Automobility LA, which is built upon Hyundai Motor Group’s Electric-Global Modular Platform (E-GMP) with premium lounge-experience that provides greater freedom & comfort for passengers.

𝐈𝐧 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟏, General Motors announced expanding of GM’s technology platforms to provide EV technology beyond its own portfolio & applications to meet the broad range of commercial customers & organizations.

𝐈𝐧 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟏, Mitsubishi Fuso Truck, a subsidiary of Daimler AG, signed an agreement with Bus Corporation MFTBC, to deliver 20 units of the all-electric eCanter truck to Australia Post fleet. The eCanter trucks will run in major cities across Australia to support parcel deliveries.

𝐈𝐧 𝐀𝐩𝐫𝐢𝐥 𝟐𝟎𝟐𝟎, BYD Company Limited and Toyota Motor Corporation formed a joint venture to conduct R&D of battery electric vehicles (BEVs). The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐜𝐚𝐫 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐞𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

On the basis of vehicle type, the passenger car segment held the predominant market share in 2020, accounting for nearly two-thirds of the global electric vehicle market revenue, and is and is predicted to maintain its dominance at throughout the projection period. This is because of the evolution of vehicle production that has been inspired with the aid of various manufacturers. On the other hand, the commercial vehicle segment would cite the fastest CAGR of 19.3% from 2021 to 2030. This is due to the increasing need for zero-carbon vehicles.

𝐓𝐡𝐞 𝐁𝐄𝐕 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐢𝐦𝐞𝐟𝐫𝐚𝐦𝐞

Based on type, the BEV segment held the major market share in 2020, garnering more than three-fourths of the global electric vehicle market revenue. The segment would also display the fastest CAGR of 19.0% from 2021 to 2030. Because of its benefits, including a shift in perception towards electric vehicle (EV) adoption. The report also analyzes other segments, including PHEV and FCEV.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-vehicle-market/purchase-options

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐠𝐚𝐫𝐧𝐞𝐫𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝟐𝟎𝟐𝟎

Based on region, the Asia-Pacific region held the predominant share in 2020, holding nearly half of the global electric vehicle market revenue, and is likely to dominate the market by 2031. Due to the growth in the range of vehicles at the roads, there is a continuous increase in demand for vehicles. However, the Europe region is projected to witness the fastest CAGR of 20.6% from 2021 to 2030.Due to the increasing concern about the environment and stringent emission standards established by European governments and environment agencies.

Norway stands out as one of Europe's most rapidly expanding electric vehicle (EV) markets. The country's profound commitment to environmentally friendly practices and the escalating concerns surrounding fuel prices have emerged as the primary drivers propelling the growth of the EV sector. To illustrate, a CleanTechnica report from October 2021 revealed that plug-in EVs had captured a remarkable market share of 89.3%, marking a significant increase from the 79.1% figure recorded in 2020.

Additionally, data from the Norwegian Road Foundation (OFV) highlighted an impressive 25% surge in overall new car sales in Norway in 2021, reaching a record-breaking 176,276 cars. An impressive 65% of these newly registered vehicles were entirely electric, signifying substantial growth from the 54% recorded in 2020. Further amplifying this transition towards EVs, Norway's parliament has established an ambitious non-binding target: by 2025, all cars sold in the country should be zero emissions vehicles. This lofty objective is playing a pivotal role in propelling the electric vehicle market's continued expansion in Norway.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Xiaopeng Motors
BMW AG
Ampere Vehicles
Energica Motor Company S.p.A.
BYD Company Limited
Rivain
Chevrolet Motor Company
Daimler AG
Hyundai Motor Company
Toyota Motor Corporation
Ford Motor Company
Tesla, Inc
General Motors
Mahindra Electric Mobility Limited
Hero Electric
Karma Automotive
Volkswagen AG
Okinawa Autotech Pvt. Ltd.
Kia Corporation
NIO
Nissan Motors Co., Ltd.
Tata Motors
WM Motor
Lucid Group, Inc.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2404

This report provides a comprehensive evaluation of the industry's leading players in the global electric vehicle market. They have implemented key business initiatives consisting of strategic growth, new product launches, alliances, and collaborations to enlarge their geographical areas and enhance their position in the market. The report assists the stakeholders in understanding the market dynamics, segment performance, product portfolio growth in the market, and the contribution made by leading market players to market growth.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Europe Electric Vehicle Market
https://www.alliedmarketresearch.com/europe-electric-vehicle-market-A09376

Latin America and Caribbean Automotive Tire Market
https://www.alliedmarketresearch.com/latin-america-and-caribbean-automotive-tire-market-A10400

Online Car Buying Market
https://www.alliedmarketresearch.com/online-car-buying-market-A10067

Commercial Telematics Market
https://www.alliedmarketresearch.com/commercial-telematics-market

Automotive Tire Market
https://www.alliedmarketresearch.com/automotive-tire-market

Asia-Pacific Automotive Performance Tuning and Engine Remapping Services Market
https://www.alliedmarketresearch.com/asia-pacific-automotive-performance-tuning-and-engine-remapping-services-market-A53426

Tire Bead Wire Market
https://www.alliedmarketresearch.com/tire-bead-wire-market

Autonomous Mobile Robot Market
https://www.alliedmarketresearch.com/autonomous-mobile-robot-market-A16218

ATV and UTV Market
https://www.alliedmarketresearch.com/atv-and-utv-market

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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