REDDING,
Calif., May 14, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Electric Vehicles
(EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs,
Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, HEV),
End Use (Private, Commercial, Industrial), Power Output, Charging
Standard, and Geography- Forecast to 2031, the electric
vehicle market is expected to reach $6,916.43 billion by
2031, at a CAGR of 28.0% from 2024–2031. By volume, this
market is projected to reach 446.54 million units by 2031,
at a CAGR of 20.5% from 2024–2031.
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The growth of the global electric vehicle market is driven by
factors such as supportive government policies and regulations,
increasing investments in EV development by leading automotive
OEMs, rising environmental concerns, decreasing battery prices, and
the increasing consumer demand for electric vehicles. The growing
adoption of autonomous electric vehicles and the increasing focus
on electric mobility in emerging economies are expected to generate
growth opportunities for the stakeholders in this market.
However, the high purchasing costs of electric vehicles and the
lack of charging infrastructure in developing countries are
expected to obstruct the growth of this market to some extent. The
range anxiety among consumers and the low cold weather performance
of electric vehicles are major challenges for market growth.
Additionally, shared mobility, smart EV charging stations, wireless
EV charging, and solar-powered EV charging stations are prominent
trends in the global electric vehicles market.
The global electric vehicle market is segmented by type, power
output, propulsion type, end use, and geography. The study also
evaluates industry competitors and analyses the country and
regional-level markets.
Based on vehicle type, in 2024, the passenger vehicles segment
is expected to account for the largest share of 76.2% of
the electric vehicle market. However, the light commercial
segment is expected to grow at the highest CAGR during the forecast
period. The growth of this segment is attributed to the growing
awareness regarding the role of electric vehicles in reducing
emissions, the increase in demand for electric vehicles to reduce
fleet emissions, and stringent government rules and regulations
towards vehicle emissions.
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Based on power output, in 2024, the less than 100 kW segment is
expected to account for the largest share of 67% of the
electric vehicle market. The large share of this segment is
attributed to the increasing adoption of electric scooters and
mopeds, increasing investments by government authorities in the
development of EV charging infrastructure, and favorable policies,
incentives, and subsidies introduced by several state
governments.
Based on propulsion type, in 2024, the battery electric vehicle
segment is expected to account for the largest share of the global
electric vehicle market. The large share of this segment is
attributed to stringent emission standards, rising demand for
increased fuel efficiency, growing demand for zero-emission
vehicles, and increasing adoption of battery electric vehicles as
private vehicles, autonomous delivery vehicles, industrial
vehicles, and public transport.
Based on end use, in, the private use segment is expected to
account for the largest share of 64% of the electric
vehicles market. The growth of the segment is attributed to the
growing awareness regarding the hazards associated with greenhouse
gas emissions and environmental pollution, stringent emission
norms, and demand for premium EVs among consumers. Also, supportive
government incentives to promote the sales and manufacturing of
EVs, tax rebates, and the decline in battery costs are further
driving the adoption of EVs among consumers for private use.
However, the commercial use segment is expected to grow at the
highest CAGR during the forecast period. The growth of this segment
is attributed to the increase in fuel prices and stringent emission
norms set by governments, the growing adoption of autonomous
delivery vehicles, and the increasing adoption of electric buses
and trucks.
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Geographically, in 2024, Asia-Pacific is expected to account for the
largest share of 59.6% of the electric
vehicles market. The Asia-Pacific electric vehicles market is
estimated to be worth USD 733.44
billion in 2024. In recent years, the electric vehicles
(EV) market has grown rapidly in the Asia
Pacific region. China,
Japan, and South Korea are providing subsidies and tax
incentives and implementing regulations to support the development
and adoption of EVs and reduce greenhouse gas emissions and air
pollution.
The electric vehicle market in China has experienced significant growth and
has emerged as one of the largest and most dynamic markets
worldwide. China has implemented
various policies and incentives to support the development and sale
of electric vehicles. These include generous subsidies for EV
manufacturers and consumers, tax exemptions, favorable license
plate policies in major cities, and the establishment of a vast
network of charging infrastructure across the country. These
initiatives are playing a crucial role in boosting the sales of
electric vehicles in China. The
global increase in EV sales in 2021 was primarily led by
China, accounting for half of the
growth. More vehicles were sold in China in 2021 (3.3 million) than in the world
in 2020. The first quarter of 2022 showed similar trends, with
sales in China more than doubled
compared with the first quarter of 2021 (accounting for most of the
global growth), a 60% increase in the
United States and a 25% increase in Europe. The Chinese electric vehicle market
has witnessed rapid growth in recent years.
The Europe electric vehicle
market is expected to become the fastest growing region in the
global electric vehicle market by 2031. The high growth of the
electric vehicles market in the European region is majorly
attributed to the consistent developments in making stringent
emission regulations by the European Union and increasing focus on
reducing the number of conventional cars
The key players operating in the global electric vehicle market
are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda
Motor Co., Ltd. (Japan), General
Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.),
Zero Electric Vehicles Inc. (U.S.), and Faraday & Future Inc.
(U.S.).
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Scope of the Report
Global Electric Vehicle Market Assessment—By Vehicle
Type
- Passenger Vehicles
- Two-wheelers
- E-scooters & Bikes
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Electric Vehicle Market Assessment—By Power
Output
- Less Than 100 kW
- 100 kW To 250 kW
- More Than 250 kW
Global Electric Vehicle Market Assessment—By Propulsion
Type
- Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Battery Electric Vehicles
Global Electric Vehicle Market Assessment—By End Use
- Private Use
- Commercial Use
- Shared Mobility
- Micromobility
- Public Transport
- Industrial Use
Electric Vehicle Market Assessment, By Geography
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Thailand
- Rest of Asia-Pacific
- Europe
- Germany
- France
- U.K.
- Norway
- Sweden
- Netherlands
- Italy
- Spain
- Switzerland
- Denmark
- Rest Of Europe
- North America
- Latin America
- Middle East & Africa
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Wireless Electric Vehicle Charging Systems Market by Type
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