The global “Electric Vehicles Market: Opportunity Analysis and Future Assessment 2022-2030” issued by Reports and Insights provides authentic and first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry experts and stakeholders across the entire chain. The research examines current market trends, macroeconomic factors, regional analysis in-depth, as well as market attractiveness by segment. The global Electric Vehicles market in 2022 is estimated for more than US$ 178.9 Bn and expected to reach a value of US$ 1,889.5 Bn by 2030 with a significant CAGR of 34.4%. The market research provides SWOT analysis of competitors comprising extraneous environment assessment and PEST study. In addition, the market analysis offers business approaches for handling with COVID-19 impact on the market.
The global electric vehicles market is estimated to reach at a value of US$ 178.9 Bn by the end of 2020 and expected to reach at a value of US$ 1,889.5 Bn by 2028 with a significant CAGR of 34.4%
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Electric Vehicles Introduction
The term ‘Electric vehicles (EVs)’ has been around for years but it has emerged and advanced significantly this decade. Basically, an electric vehicle (EV) can be perceived as a vehicle that functions on an electric motor, quite the replacement of an internal-combustion engine that begets energy by ablazing a mix of gases and fuel. On that account, an electric vehicle is observed as the most probable substitute for present-generation automobiles, in the interest of addressing the concern of surging pollution, depleting natural resources, global warming, and many more.
Despite the fact that the idea of electric vehicles has been around for a while, it has called for a great amount of attention in the recent decade amidst an escalating carbon footprint and other harmful environmental repercussions of fuel-based vehicles.
Electric vehicles are also categorized into three types: Battery Electric Vehicle (BEV), Plugin Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle (HEV). A battery electric vehicle (BEV) operates completely utilizing an electric motor and battery and requires an external source of electricity to recharge its battery.
On other hand, the Plug-in hybrids (PHEVs) consists of an electric motor and battery that can be plugged into the power grid to charge the battery but comprises of additional support of internal combustion engine which can serve its utility when the vehicle’s battery needs to be recharged or to replace the electric motor of the vehicle.
Furthermore, the third kind of electric vehicle is Hybrid Electric Vehicles (HEVs) have two supportive drive systems: an electric motor with a battery and a gasoline engine with a fuel tank. Both the electric motor and the engine can turn the transmission simultaneously. Noticeably, HEVs are not possible to be recharged from the electricity grid as all their energy stimulates from regenerative braking as well as from gasoline.
Electric Vehicles Market Dynamics
The concept of electric vehicles has developed and made massive progress in the past decade, though the idea of it has been around for a very long time, owing to the enormously rising levels of pollution and global warming as well as many other harmful environmental issues across the world in recent times.
Electric vehicles are primarily designed in a certain way to tackle environmental problems and resolve them, and thus it is considered the best replacement for the conventional ways to transit. Attributing to which, the global markets are expected to accept and embrace the advanced electric vehicles with open arms in the years to come, thereby boosting the growth of the global electric vehicles market in the forthcoming future.
In addition, electric vehicles along with all their extraordinary potential are capable of outperforming traditional vehicles, offering reduced carbon emissions as well as maintenance, elevated fuel economy, more convenience in charging, smooth drive, as well as decreased sound from the engine. Such factors further gain traction in the global markets, thus the global electric vehicles market is projected to rise higher over the forecast period.
Apart from that, the global market is also witnessing high demand for high-performance as well as fuel-efficient vehicles, worldwide, coupled with the soaring stringent regulations and policies from several regulatory bodies and governments for low-emission vehicles with regard to increasing environmental issues.
Attributable to such factors, electric vehicles are anticipated to gain tremendous momentum in the given timeframe, thus positively fueling the growth of the global electric vehicles market in the near future.
However, electric vehicles remain more expensive relative to gasoline-fueled vehicles over their useful life, which may act as a restraining factor for the growth of the electric vehicles market in some emerging and developing countries. In addition to that, factors such as decreased fuel economy and utility and massive manufacturing expense are estimated to hold the growth of the global electric vehicle market to the bounds.
Nonetheless, the immense technological advancements and dynamic government initiatives still augment the growth of the electric vehicle market during the forecast period.
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Electric Vehicles Market Segmentation
The global Electric Vehicles market is segmented on the basis of vehicle type, propulsion type, components, charging station type, vehicle class, power output, and regions. On the basis of the vehicle type, the Electric Vehicles market is segmented into Passenger Car, Commercial Vehicle, Two wheeler. On the basis of propulsion type, the market is segmented into Battery electric vehicle (BEV), Fuel cell electric vehicle (FCEV), Plug-in hybrid electric vehicle (PHEV), and Hybrid electric vehicle (HEV). Further, the electric vehicle market is segmented on the basis of components into Battery Cells & Packs, On-Board Charge, Infotainment, and Electric Motor. On the basis of charging station type, the electric vehicles market is segmented into Normal charging, and Supercharging. Further, the market is bifurcated on the basis of vehicles class into Mid-Priced and Luxury. Furthermore, the electric vehicle market is divided on the basis of power output into Less than 100 KW, 100-250 KW, and Above 250 KW.
The research report classifies the global electric vehicles market based on vehicle type, propulsion type, components, charging station type, vehicle class, power output, and regions.
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Two wheeler
By Propulsion type
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Components (qualitative)
- Battery Cells & Packs
- On-Board Charge
- Electric Motor
By Charging Station Type
- Normal charging
- Super charging
By Vehicle Class
By Power Output
- Less than 100 KW
- 100-250 KW
- Above 250 KW
- North America
- Latin America
- Asia Pacific
- Middle East
Electric Vehicles Market Key Players
The global Electric Vehicles market is dominated by Tesla, BYD, BMW, Volkswagen, and Nissan, among others.
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