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Electric Vehicle Market Size, Share, and Analysis, By Vehicle Type (Passenger Vehicles, Heavy Commercial Vehicles, Two-Wheelers, E-Scooters & Bikes, Light Commercial Vehicles), By Propulsion Type (Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles), By Power Output (Less than 100 kW, 100 kW to 250 kW, More than 250 kW), By End Use (Private Use, Commercial Use, Industrial Use), By Charging Point Type (Super Charging, Normal Charging) and Regional Forecasts, 2022-2032
Electric Vehicle Market size was USD 168.83 billion in 2021 and projected to grow from USD 260.3 billion in 2023 to USD 1881.2 billion by 2032, exhibiting a CAGR of 24.5% during the forecast period.
An electric vehicle (EV) utilizes one or more electric motors for propulsion and can be powered by a collector system or powered autonomously by a battery. An EV is a machine that operates on an electronic motor which provide rise to power by burning a combination of fuels and gases. Several developments in technology like cloud-connected charging devices and fast charging are strengthening the electric vehicle market. The increasing demand for electronic car production is expected to boost the market growth.
Electric Vehicle Market is expected to reach USD 1881.2 billion, growing at a CAGR of 24.5% during forecast period due to the increasing prices of fuel and appealing incentives being offered by the government for purchase of EV is resulting in the growth of the market. Increasing environmental issues is leading the governments and environmental agencies to set stringent emission norms to reduce the pollution caused due to vehicle emissions. Various incentives and policies set by governments help in reducing the selling prices, free charging infrastructure of EVs at multiple charging stations etc. which is expected to boost the growth of the Electric Vehicle Market.
Electric Vehicle Market is classified based on the Vehicle Type into Passenger Vehicles, Heavy Commercial Vehicles, Two-Wheelers, E-Scooters & Bikes, Light Commercial Vehicles. Passenger Vehicles segment is expected to dominate the market in the forecast period owing to the increasing adoption of electric passenger vehicles for the transportation by several countries which led to the growth of the market. The increasing government support for passenger EV vehicles is expected to boost the growth of the market in the forecast period.
Electric Vehicle Market is classified based on the Power Output into Less than 100 kW, 100 kW to 250 kW, More than 250 kW. The 100 kW to 250 kW segment is expected to boost the market growth during the forecast period. This growth is noted due to the increasing acceptance and usage of electric buses and trucks for freight service and public transportation. Power output between 100 kW to 250 kW is majorly used in EVs, for passenger and light commercial transportation like vans, pickup trucks etc. These factors are expected to boost the growth of the market during the forecast period.
Low Cost of EVs is Expected to Boost the Growth of the Market
The price of battery packs for a sizeable portion of the production costs of EV has reduced. This would encourage people to look for electric vehicles than the internal combustion engines. The price of new cars increased, and the cost of EVs fell which also had a major growth impact on the electric vehicle market. The reduced manufacturing cost of the batteries related to the EV vehicles and the increased production has resulted in creating a major growth opportunity for Electric Vehicle Market.
Growing Initiatives by Government is Expected to Boost the Growth of the Market
Governments are investing on creating an opportunity for the customers by introducing various incentives to attract people in purchasing electric vehicles. Governments worldwide are focusing on reducing the environmental pollution emitted by the vehicles like CO2, NOx etc. by promoting the usage of fuel efficient, high performance electric vehicles which is expected to boost the growth of the market. The demand for fuel-efficient vehicles is increasing due to the increasing price of fuels like petrol and diesel. The set up of various public charging stations is also expected to boost the growth of the Electric Vehicle market.
Inefficient Charging Infrastructure May Restrain the Growth of the Market
The electric vehicles charging points are present at many areas but due to the increasing electric vehicles number, the public electric vehicle charging stations are becoming less available which is expected to restrain the market growth.
Electric Vehicle Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific dominated the market in 2021 and is expected to boost the growth of the market owing to the presence of key manufacturers of EV battery in the countries of this region like China, Japan etc. The increasing government initiatives and high investments resulted in the growth of the market. Due to the economic expansion the electric vehicles adoption has increased. The rising air pollution is also expected to boost the growth of the market.
The COVID-19 had resulted in the downfall of economy worldwide. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. This resulted in the closing of many production facilities. Covid-19 had resulted in downfall of the Electric Vehicle Market as there was complete shutdown of the market. After the pandemic, the market is expected to rise due to government support for vehicle electrification. But Covd-19 had negative impact on the growth of the market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 24.5% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Vehicle Type |
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Propulsion Type |
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Power Output |
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End Use |
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Charging Point Type |
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By Region |
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Electric Vehicle Market size was estimated at USD 168.83 billion in 2021 and is expected to reach USD 1881.2 billion in 2032.
An electric vehicle (EV) utilizes one or more electric motors for propulsion and can be powered by a collector system or powered autonomously by a battery. An EV is a machine that operates on an electronic motor which provide rise to power by burning a combination of fuels and gases.
Passenger Vehicles and 100 kW to 250 kW segment accounted for the largest Electric Vehicle market share.
Key players: General Motors, Mahindra Electric Mobility Limited, Chevrolet Motor Company, Hyundai Motor Company, BMW AG, BYD Company Limited, Benling India Energy and Technology Pvt Ltd, Mercedes, Ford Motor Company, Lucid Group, Inc., Hero Electric, Karma Automotive, Kia Corporation, Energica Motor Company S.p.A. and Other Prominent Players are the key players in the Electric Vehicle Market.
Low Cost of EVs and Growing Initiatives by Government are the factors driving the electric vehicle market.
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