The Power of EV-olution: Electric Vehicle Market Charges into the Future
SkyQuest’s Electric Vehicle market report is an excellent analysis for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 11, 2023 (GLOBE NEWSWIRE) — The E-Vehicle market is anticipated to achieve a value of USD 942.54 billion by 2030, with a CAGR of 19.10% over the forecast period (2022-2030), driven by government incentives and regulations, declining battery prices, increasing charging infrastructure, growing environmental concerns, and consumer demand. The market is expected to experience significant growth in North America and Asia Pacific. The falling battery prices have made electric vehicles more affordable, with an average price drop of 89% for lithium-ion batteries in the last decade, according to SkyQuest.
The availability of charging infrastructure is a crucial factor in adopting electric vehicles, as per SkyQuest’s latest global research findings. In China, the world’s largest electric vehicle market, the government aims to have 1.3 million public charging points by 2025, up from around 600,000 in 2020, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance.
Browse in-depth TOC on “Electric Vehicle Market”
- Pages – 211
- Tables – 143
- Figures – 69
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Electric vehicles are essential today due to their potential to reduce greenhouse gas emissions and improve air quality. As transportation accounts for a significant portion of global emissions, the widespread adoption of electric vehicles can help mitigate the impacts of climate change. Additionally, electric vehicles can reduce dependence on fossil fuels and provide energy security, improving public health by reducing air pollution in urban areas.
Prominent Players in the Electric Vehicle Market
- Tesla Inc.
- General Motors
- Volkswagen Group
- Toyota Motor Corporation
- BMW Group
- Nissan Motor Co. Ltd.
- Ford Motor Company
- Hyundai Motor Group
- Daimler AG
- Honda Motor Co. Ltd.
- Geely Automobile Holdings Ltd.
- SAIC Motor Corporation Limited
- BYD Auto Co. Ltd.
- Renault-Nissan-Mitsubishi Alliance
- Stellantis N.V.
- Tata Motors Limited
- Kia Motors Corporation
- Mitsubishi Motors Corporation
- Volvo Car Group
- Mahindra & Mahindra Limited
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Passenger Car Segment to Drive Higher Sales as it is used across various aircraft types, including commercial, military, and general aviation
A recent analysis revealed that the Passenger Car segment played a significant role in the rapid growth of the Electric Vehicle market in 2021, and this trend is expected to continue until 2030. Government incentives, falling battery prices, increasing charging infrastructure, and growing consumer awareness of electric vehicles are driving this growth. According to the International Energy Agency’s survey, over 80% of electric vehicle owners in Europe and North America have electric passenger cars.
According to research analysis, North America is expected to become a major player in the Electric Vehicle market from 2022 to 2030. SkyQuest has predicted a Compound Annual Growth Rate (CAGR) of 22.82% during the forecast period, fueled by the presence of major manufacturers and government initiatives, increasing awareness about environmental concerns, and favorable regulations to promote the adoption of electric vehicles. Furthermore, several states in the United States, such as New York and New Jersey, have announced plans to phase out the sale of new gasoline-powered cars and trucks by 2035, contributing to the region’s expansion in the Electric Vehicle market.
Battery Electric Vehicles (BEVs) Segment to Exhibit Strong Growth Due to Demand for Lightweight and Advanced Wheels and Brakes Systems
In 2021, the Battery Electric Vehicles (BEVs) segment took the lead in the Electric Vehicle market and is expected to maintain its dominance from 2022 to 2030 due to improving technology, falling battery costs, and increasing government incentives and regulations.
According to a survey conducted by McKinsey & Company, 81% of respondents considering purchasing an electric vehicle were interested in battery electric vehicles. In comparison, only 19% were interested in plug-in hybrid electric vehicles. A report by SkyQuest predicts that battery-electric vehicles will account for 58% of all passenger electric vehicle sales by 2040.
The Asia Pacific region has also emerged as a major player in the Electric Vehicle market and is expected to remain a key force until 2030. SkyQuest forecasts a significant growth rate of 24.97% during the forecast period, which can be attributed to the region’s growing demand for air travel, a burgeoning middle-class population, and the growth of the aerospace and defense industries.
A comprehensive analysis of the major players in the Electric Vehicle market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Electric Vehicle Market
- Mahindra and Mahindra Limited (M&M) has officially merged Mahindra Electric Mobility Limited (MEML) into its parent company. The M&M Board had previously decided that MEML would merge into M&M from April 1, 2021, to synergize electric vehicle development, manufacturing, and sales operations. The merger process has been ongoing and received final approval from NCLT on January 13, 2023. M&M’s Last Mile Mobility (LMM) division will now be responsible for the company’s mix of petrol, CNG, diesel, and electric last mile mobility 3- and 4-wheelers.
- Nissan introduced its all-new Sakura electric mini-vehicle in Japan, set to be available in the market this summer. The Sakura, named after the iconic Japanese cherry blossom, offers an affordable price point, expanding consumer options in the EV market. With its agile handling and 4.8-meter turning radius, the Sakura takes the mini-vehicle class to the next level, making it perfect for daily driving such as commuting and shopping. The Sakura has a spacious interior, ample driving range, and features ProPILOT Park*1, an automated parking system designed to enhance the driving experience.
Key Questions Answered in Electric Vehicle Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global UTV (Utility Task Vehicles) Market
Asia Pacific Electric Vehicle Market
North America Electric Vehicle Market
Global Autonomous Outdoor Vehicles Market
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