Market Overview:

The Global Electric Vehicle Market Was Estimated At USD 170 Billion In 2022 And Is Expected To Reach Over USD 896.4 Billion By 2030, Poised To Grow At A CAGR Of 23.1% During The Forecast Period 2023 To 2030.

An electric vehicle (EV) is a way to get around that is powered by one or more electric motors. It can be powered by a system that collects electricity from outside the vehicle, or it can be powered by a battery inside the vehicle (sometimes charged by solar panels or conversion of fuel into electricity by using fuel cells or a generator). Electric trucks and other industrial electric vehicles are being used more and more around the world.

An electric vehicle is different from its counterpart in that it runs on electricity instead of fuel. These vehicles don't have an internal combustion engine. Instead, they have an electric motor that gets its power from batteries. Different kinds of batteries are used in these cars. Some of these are lithium ion, molten salt, zinc-air, and different designs based on nickel. Traditional ways of getting around pollute the environment, so the electric vehicle was made to replace them. It has become more popular because technology has gotten better. It does better than regular cars because it gets better gas mileage, puts out less carbon dioxide, is easier to maintain, can be charged at home, drives more smoothly, and makes less noise from the engine. Batteries, hybrids, and plug-in hybrids are the three types of electric vehicles. Also, electric cars don't need their oil changed, but they are a little more expensive than gasoline cars.

COVID-19 Impact:

The COVID-19 pandemic has hurt the automotive industry as a whole and, by extension, the electric vehicle industry as well. Society of Electric Vehicle Manufacturers (SMEV) data shows that the number of new electric vehicle (EV) registrations dropped by 20% in FY21 compared to FY20. This was true for all types of EVs.

During a pandemic, many different groups are also trying to come up with new ways to deal with the situation. One example is using electric vehicles to transport medical supplies because they are cheap and easy to maneuver. For example, Omega Seiki Mobility just came out with Rage+frost, a refrigerated load carrier on three wheels that is made for delivering vaccines, drugs, and food in hard times.

Market Dynamics:

Market Trends:

• Increasing Investment in Electric Cars is a Prominent Trend

The electric vehicle market is thought to be growing because more money is being put into electric transportation. Companies like Daimler AG, Ford Motor Company, and Groupe Renault are putting more money into their plans to make electric vehicles (EVs). For example, Ford Company said it would spend $300 million at its plant in Romania in 2023 to make a new light commercial vehicle. Big companies like Daimler AG and Mercedes Benz are also putting a lot of money into making EVs. Because of this, the market is expected to grow steadily over the next few years.

Driving Factors:

• Reducing Cost of EV Batteries to Support Demand for Cost-Effective EVs

As technology has improved and more EV batteries have been made in large quantities, the price of EV batteries has been going down over the past ten years. Because EV batteries are one of the most expensive parts of the car, this has led to a drop in the price of electric cars. In 2010, it cost about USD 1,100 per kWh for an electric vehicle battery. But by 2020, the price had dropped to about USD 137 per kWh, and by 2021, it had gone as low as USD 120 per kWh. In China's electric vehicle industry, these batteries cost as little as $100 per kWh. This is because the costs of making these batteries are going down, the prices of cathode materials are going down, production is going up, etc. By 2030, the price of EV batteries is expected to drop to about USD 60 per kWh. This will cut the price of EVs by a lot, making them cheaper than traditional ICE vehicles.

• Favourable Government Subsidies and Policies to Promote Sales

To get more people to buy electric vehicles (EVs), governments are offering good incentives and policies. It gives consumers a lot of benefits, like lower prices, no or low registration fees, and the ability to charge their EVs for free at a number of charging stations. Also, many governments around the world exempt road taxes, import taxes, and purchase taxes because they get money from different sources. These subsidies have also pushed car companies to make more electric vehicles (EVs). The government has also put money into building infrastructure and coming up with good policies. For example, the U.S. government plans to spend USD 287 billion over the next five years to improve roads. The government will also build charging stations for electric vehicles (EVs) all over the United States to help with the growth of EVs in the country.

Restraints/Challenges:

• High Manufacturing Cost to Hinder Market Growth

EVs are better than cars that run on gasoline or diesel, but they cost more than gasoline-powered cars. Since these vehicles are not mass-produced, economies of scale have not yet been reached. In addition, the lack of charging stations for EVs has been a negative factor that has slowed the growth of the market. In the same way, manufacturers need a lot of money and assets, which may also slow the growth of the market. But because more EV batteries are being made on a large scale and technology is getting better, the price of batteries is likely to go down in the coming years.

• Insufficient EV charging infrastructure

In many countries around the world, there aren't many places to charge an EV. This makes it harder for people to charge their electric cars in public, which makes them less popular. Even though many countries are in the process of putting in EV charging infrastructure, most countries haven't been able to put in the number of EV charging stations they need, with the exception of a few states. With a well-developed EV charging network around the world, more people are likely to want to buy electric vehicles. Most countries haven't made these charging networks yet. The Netherlands has the most EV chargers per 100 Km than any other country. The Netherlands has the most charging stations, with about 19 to 20 per 100 km. China comes in second, with 3–4 charging stations for every 100 km. The UK has about 3 charging stations for every 100 km, but the number is growing quickly because the country wants to stop selling ICE vehicles by 2030. Germany, the United Arab Emirates, Japan, Singapore, South Korea, Sweden, France, the United States, and Russia have all made it easier for people to switch to electric vehicles by setting up a lot of charging stations.

• Insufficient Standardization of EV Charging Infrastructure

Electric vehicle charging stations need to be standardized because of things like different charging loads. Some EV charging stations might only work with certain voltages. AC charging stations, for example, have a voltage of 120V AC for level 1 charging stations and 208/240V AC for level 2 charging stations. DC charging stations, on the other hand, have a voltage of 480V AC for fast charging. Governments need to standardize charging infrastructure in order to create a good environment for EVs and boost their sales. Lack of standardization between countries could make it hard to put in charging stations and slow the growth of the market for charging stations for electric vehicles. Different charging standards are used in different parts of the world. This makes it hard to make EV charging stations all the same. Charging stations are moving toward using a common socket or multiple types of sockets, but there is still a long way to go before all charging points are the same. Standardizing charging points would make it easier to charge EVs in public and speed up the growth of the EV market around the world.

• Lack of Awareness

People don't know enough about how electric vehicles can help them and what they can be used for. This happens a lot in economies that aren't as well off, where electric cars are still a new technology. Also, in developed economies, people aren't aware that electric vehicles exist, so they don't know about this technology. So, lack of awareness is a big problem that is slowing the growth of the market.

Opportunities:

• Government Initiatives Pertaining EVs

Countries all over the world have made plans to cut emissions from vehicles by 2030–2050. They have started to promote the growth and sales of electric vehicles (EVs) and the infrastructure needed to charge them. For example, the US government put $5 billion into the electric vehicle industry in 2017 to support charging stations and other infrastructure for electric vehicles. Several governments are making it easier for people to buy EVs by offering incentives like low or no registration fees and exemptions from import taxes, sales taxes, and road taxes.

Norway and Germany are putting a lot of money into getting people to buy EVs. So, the high incentives and subsidies in Europe have led to a high rate of growth in the sales of electric cars. This has caused the demand for EV charging parts and tools, like charging cables, connectors, adapters, and portable chargers, to grow. As part of a partnership between the US energy and transportation departments, a new plan for a national fast-charging network is expected to be made, which could include direct current fast charging of up to 350 kW. CO2 emission rules have made more people want to buy electric cars. Governments are spending a lot of money on incentives and subsidies to get people to buy electric vehicles (EVs). Governments around the world are taking these steps, which should help increase demand for EVs over the next 10 years. China, Canada, and the US all have rules for electric vehicles (EVs), and all countries have rules for how much gas a car can get per gallon. They also give manufacturers and buyers of EVs incentives and tax breaks. Norway plans to do the same thing and finish it by the year 2025. The Netherlands, Israel, Ireland, Iceland, and Denmark all want to use EVs by 2030. Both China and Japan want to stop selling ICE vehicles by 2035.

• Increasing Demand in Automotive and Transportation

Electric cars are in high demand in the transportation and auto industries. Most people in the auto and transportation industries prefer electric vehicles because they run on batteries instead of fuel, which is getting more and more expensive every day. Along with this, it's also very easy to charge electric cars. So, the growth of the market is being fueled by the growing demand for electric vehicles in the auto and transportation industries.

Strategic Development:

• In November 2021 - BMW will show off its new i4 electric car, which will have a range of 300 to 367 miles. The car can reach 100 kilometers per hour in just four seconds. It has an automatic transmission and can be linked to other cars.
• In April 2021 - Toyota, a major player, showed off its new Mirai and LS models in the city of Japan. Both of these cars had advanced driving assessment technology.
• In April 2021 - In Chongqing, the key player BYD showed off four new models of electric cars with batteries made by Blade. A new battery safety feature was added to the Qin plus EV, E2 2021 Tang EV, and Song plus EV models of new cars.
• In April 2021 - The big player Volkswagen said bad things about the 7-seater ID.6 X and the electric ID.6 Crozz, which were made in China by SAIC and FAW. Also, these cars may only be for sale in China. It also has four different powertrain configurations and two different battery configurations (77 kWh and 58 kWh).
• In March 2019 - Tesla, Inc. said that it was buying Maxwell Technologies, Inc. The acquisition was made so that Tesla's batteries would be better and the company's overall costs would go down. This would give Tesla a competitive edge on the market.
• Nissan Motor Company has sold more than 180,000 LEAFs, which is the most important launch milestone for the LEAF so far. The Ariya, an electric crossover coupe, is the newest car made by this company.
• In April 2021 - BYD released four new models of electric cars with Blade batteries in the city of Chongqing. The new car models are the Qin Plus EV, the E2 2021, the Tang EV, and the Song Plus EV, all of which come with advanced safety features for the battery. These new products with advanced safety features for batteries will bring in more customers, which will help the market grow.
• In April 2021 - Volkswagen, FAW, and SAIC all showed off 7-seater EVs called ID.6 Crozz and ID.6 X in China. There are two types of batteries for the cars: 58 kWh and 77 kWh. This would meet the needs of a lot of people and help the market grow even more.

Key Vendors:

Top market players are

• Ampere Vehicles

Ampere Electric Vehicles is a private company that has been in business for 15 years. At the moment, the company focuses on Automotive and Motorcycle Manufacturers. It has its main office in Bengaluru, Karnataka.

• Benling India Energy and Technology Pvt Ltd

With a state-of-the-art technology unit set up in China, Benling is one of the biggest companies in Asia that makes electric two-wheelers. Its large infrastructure facilities unit was started in China 15 years ago. It has all the latest machines and facilities.

• BMW AG

Bayerische Motoren Werke AG (BMW) is a car company based in Germany that makes cars and motorcycles for sale all over the world. The Company's main areas of business are Automobiles, Motorcycles, and Financial Services.

• BYD Company Limited

BYD does research, development, production, and sales of cars, secondary rechargeable batteries, and other things.

• Chevrolet Motor Company

Chevrolet is a brand of American cars made by General Motors. Chev or Chevy are other names for Chevrolet. It is the most popular car brand made by General Motors. It sells everyday cars all over the world.

• Daimler AG

Daimler AG (also called "Daimler") designs, makes, distributes, and sells a wide range of cars, mostly cars, trucks, vans, and buses. It also offers financial services and other services related to the car businesses it owns.

• Energica Motor Company S.p.A.

The Italian company Energica Motor Company makes powerful electric motorcycles.

• Ford Motor Company

Cars are made and sold by Ford Motor Company Limited. The company sells cars, trucks, SUVs, vans, parts, and accessories for vehicles. It also helps people get loans.

• General Motors

Cars are made and sold by Ford Motor Company Limited. The company sells cars, trucks, SUVs, vans, parts, and accessories for vehicles. It also helps people get loans.

• Hero Electric

HERO Electric is a pioneer and market leader in the Indian Electric Two-Wheeler Industry. Its wide range of Electric Two-Wheelers offer an eco-friendly and cost-effective way to get around.

• Hyundai Motor Company

Hyundai Motor Company owns all of the shares of Hyundai Motor India Limited (HMIL) (HMC). HMIL was the first company in India to offer smart mobility solutions, and it has been the country's top car exporter ever since it began.

Segmentation Analysis:

The market is segmented on the basis of vehicle type, propulsion type, power source, V2G and region.

By Vehicle Type:

The market is split into commercial vehicles and passenger cars based on the type of vehicle.

In 2020, the passenger car segment had more than 90% of the market. This was because sales of passenger cars in Asia-Pacific were going up. Electric vehicles are used a lot in Asia-Pacific because there are a lot of original equipment manufacturers and other automakers in the area. During the forecast period, this segment's growth will be helped by these things. Also, the commercial vehicle segment is expected to grow in the coming years because EV batteries are getting better and better, which means that commercial vehicles can carry more.

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Propulsion Type:

This market is split into HEV, PHEV, and BEV based on the type.

In 2020, the HEV segment had more than 65% of the market's revenue. The HEV has both a gas engine and an electric motor, so it can be driven both on gas and on electricity. This is especially useful in places where there isn't enough charging infrastructure. People are paying more attention to the demand for battery electric vehicles as private companies and governments plan to set up a network of charging stations around the world to support the use of green energy. The PHEV market is also growing at a steady rate. People are likely to buy more of these cars in the coming years because their prices are going down.

• BEV
• PHEV
• HEV

By Power Source:

Depending on the type, During the forecast period, the 100 kW to 250 kW market segment is expected to grow at the fastest rate. Most of the fast growth of the segment can be attributed to the increasing use of electric buses and trucks, mostly for freight service and public transportation. Most EVs, including passenger and light commercial vehicles like pickup trucks, vans, and utility carriers, are thought to have a power output between 100 kW and 250 kW.

As the government raises fuel prices and takes steps to reduce emissions from trucks and buses, more and more of these EVs are being bought. So, the electric vehicle market is growing because of the things we've talked about so far. There are HEVs, PHEVs, and BEVs in the market.

In 2020, the HEV segment had more than 65% of the market's revenue. The HEV has both a gas engine and an electric motor, so it can be driven both on gas and on electricity. This is especially useful in places where there isn't enough charging infrastructure. People are paying more attention to the demand for battery electric vehicles as private companies and governments plan to set up a network of charging stations around the world to support the use of green energy. The PHEV market is also growing at a steady rate. People are likely to buy more of these cars in the coming years because their prices are going down.

• Less than 100 kW
• 100 kW to 250 kW
• More than 250 kW

By V2G:

In 2022, V2X had the largest share of the market. V2Xs are becoming more popular as people worry more about pollution and more cars become connected. There will be more chances for V2X in the EV sector as 5G technology gets better and as progress is made on self-driving cars. Different governments in different countries have also worked on different V2X-related projects. As an example, the US government just started a number of programs to improve V2X technology by the year 2022. Because of this, it is expected that the V2X category will grow a lot over the next few years.

• V2B or V2H
• V2G
• V2V
• V2X

Regional Insights:

Asia-Pacific was the biggest market for electric cars in the world in 2021, and it is expected to be the most profitable region for the rest of the forecast period. China is the world's largest market for electric cars. Almost half, or 45%, of all electric car sales take place there. Other countries like Japan, Korea, and India are also good markets because their governments invest a lot of money in electric vehicle (EV) startup companies to make more EVs that can be sold all over the world. Mitsui & Co. invested USD 13.3 million in the Indian e-Vehicle startup SmartE in July of 2019. The investment would help SmartE grow in the long run by making the global EV market work better for both companies. In June 2019, Toyota Motor Corporation also spent $2 billion on developing electric cars in Indonesia.

In Asia and the Pacific, the market for electric vehicles is growing thanks to government subsidies and strict rules in both developing and developed countries. The Chinese Ministry of Transport gives grants and other incentives to help build bus fleets with low pollution, which is good for the market. COVID-19 happened, but Chinese bus makers still sold 61,000 more new energy buses in 2020.

Europe and North America are two places where the market for electric cars is growing quickly. This is happening because more and more people in the U.S., Norway, France, and Germany want electric cars. With a CAGR of almost 40%, Germany and Norway are the top two markets in Europe. Also, policymakers, automakers, and companies that run charging networks have formed a non-profit group called Veloz to promote electric cars in North America. The group wanted to encourage new ideas, investments, marketing, and the growth of the electric vehicle market. Electrify America, an American company that makes electric cars, said it would invest USD 2 billion in Zero Emission Vehicle (ZEV) infrastructure across the U.S. from 2017 to 2027, with USD 800 million going to California, which has one of the biggest ZEV markets in the world.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report looks at the key organizations and companies in the global market and compares them based on their product offerings, business overviews, geographic presence, business strategies, segment market share.
• The report also has a detailed analysis of what's going on with the companies right now, including product development, new ideas, joint ventures, strategic alliances, and other things.
• The report gives information about market trends and highlights the most important changes in the Electric Vehicles Market.
• In addition to the things listed above, the report also talks about a number of other things that have helped the advanced market grow in recent years.