Electric Vehicle Market trends, share, industry size, growth, demand, opportunities and forecast by 2030
The universal Electric Vehicle Market report provides fundamental information about the industry, including definition, classification, application, industry chain structure, overview, and international market analysis. By collaborating with project managers, the DBMR team offers clients strategic insights into product development, key areas of growth, application modeling, technology use, acquisition strategies, exploration of niche growth opportunities, and new markets. This market research report also identifies the leading competitors and provides insights into the strategic industry analysis of the key factors influencing the Electric Vehicle Market industry. Market drivers and restraints are explained in the reliable Electric Vehicle Market report using SWOT analysis.
The Electric Vehicle Market research
report considers key market dynamics of the sector. Additionally, this market
report comprises crucial aspects of the market, including industry research,
market sizing & forecast, competitive intelligence, market entry strategy,
pricing trends, sustainability trends, customer insights, technology evolution,
innovation trends, and distribution channel assessment. This market survey
offers key information about the industry, important facts and figures, expert
opinions, and the latest developments worldwide. The Electric Vehicle Market
report can be relied upon for sure when contemplating key business decisions.
Data Bridge Market Research analyses
that the electric vehicle market which was USD 3,37,263.41 million in 2022, is
expected to reach USD 14,84,355.71 million by 2030, growing at a CAGR of 20.35%
during the forecast period of 2023 to 2030.
Market Definition
The electric vehicle operates on
electricity. Electric Vehicles work with the help of an electric motor. It
requires a constant supply of energy from the batteries. There are different
types of batteries used in electric vehicles. These include zinc-air,
lithium-ion, molten salt, and nickel-based. The primary reason for
manufacturing electric vehicles was to remove environmental pollution. It has
gained momentum, due to various technological advancements. It is better than
conventional vehicles as electric vehicles provide higher fuel economy, low
maintenance, the convenience of charging, and smoother drive.
Explore Further Details about This
Research Electric Vehicle Market Report
https://www.databridgemarketresearch.com/reports/global-electric-vehicle-market
Global
Electric Vehicle Market Dynamics
Drivers
- Rising environmental consciousness
There is rapid increasing sales of
electric vehicles globally, owing to its various advantages such as high fuel
economy, low maintenance, convenient charging, and smooth driving. A large
number of consumers are rapidly preferring passenger and commercial electric
vehicles (EVs) due to the rising environmental consciousness among them, as
electric vehicles are environmentally friendly. The rising environmental
consciousness globally is significantly contributing to the market’s growth.
- Reducing the cost of EV batteries to support demand for
cost-effective EVs
The decreasing cost of EV batteries
during the past years has led to the production of EV batteries on a mass scale
in large volumes due to various technological advancements. This has apparently
led to a reduction in the cost of electric vehicles, due to the reduction in
the cost of EV batteries and electric vehicles people are widely opting for
electric vehicles. Earlier EV batteries were one of the most expensive parts of
the electric vehicle. Therefore, the reduction in the cost of EV batteries is
driving the market’s growth.
Opportunities
- Increasing demand in automotive and
transportation
There is high demand for electric
vehicles in the automotive and transportation sectors. Electric vehicles are
majorly preferred in the automotive and transportation sector as they work on
batteries and conventional vehicles work on fuel and the prices of fuels are
increasing day by day. Along with this charging electric vehicles is also very
convenient. Therefore, the increasing demand for electric vehicles in
automotive and transportation is further fuelling the market’s growth.
- Government initiatives pertaining to electric vehicles
Various countries in the world have
set targets to reduce vehicle emissions. For this, they are promoting the
development and sales of electric vehicles. The government of the US invested
USD 5 billion in 2017 in the electric vehicle sector to promote the
infrastructure of electric vehicles such as charging stations. Governments of
various countries are providing incentives such as low or zero registration
fees and relaxation from import taxes, and purchase taxes. Thus, government
initiatives in various countries are propelling the market’s growth.
Some of the major players operating
in the electric vehicle market are:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG. (Germany)
- Kia India Private Ltd. (South Korea)
- Renault Group (France)
- Peugeot Motor Company plc (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler Truck AG. (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- Toyota Motor Sales, U.S.A., Inc. (Japan)
- Nissan Motor Co., Ltd. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
- Stellantis NV (Netherlands)
Focusing points in the Electric Vehicle Market report
- Key trends in the Electric Vehicle
Market place
- Major players and brands
- Drivers and restrains of the Electric Vehicle Market
- Strategies of key players and product offerings
- In-depth market segmentation
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