According to a market report, published by Sheer Analytics and Insights, The global electric vehicle market was valued at $190.3 billion in 2021 and it is expected to reach $2300.9 billion at a CAGR of 23% between 2022 and 2032. Governments throughout the world are investing more money to build EV charging stations and hydrogen fueling stations, and incentives for consumers will make it possible for OEMs to grow their geographic reach and revenue streams. Additionally, the need for affordable, low-emission vehicles is expected to drive consistent growth in the EV market throughout Asia-Pacific, while government initiatives and the expanding high-performance Passenger vehicle category are driving rapid growth in the North American and European markets. However, a lack of hydrogen fueling stations and EV charging stations, high startup costs, and performance limitations may eventually slow the growth of the worldwide electric vehicle market. Moreover, Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past ten years. As EV batteries are one of the most expensive parts of the car, this has resulted in a fall in the price of EVs.
Norway and Germany are making large investments to support the EV market's sales. Thus, a strong growth rate in the sale of electric vehicles is seen in Europe as a result of the large incentives and subsidies. Due to this, the need for accessories and tools used in EV charging, such as charging cables, connectors, adapters, and portable chargers, has increased. Governments are also providing alluring incentives and policies to promote the sales of EVs. It offers users several advantages, including lower selling prices, no registration fees or minimal registration fees, and free EV infrastructure at numerous charging points. Additionally, several governments around the world exempt purchase tax, import tax, and road tax based on various subsidies. Additionally, these subsidies have encouraged automakers to increase their EV output. The government has also created beneficial policies and invested in building infrastructure.
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Furthermore, the sale of electric vehicles has surged exponentially in recent years, along with their better range, expanded model selection, and improved performance. Electric passenger vehicles are becoming increasingly common. Making ecologically friendly decisions and averting climate change is crucial given the acceleration of global warming. EVs are one such environmentally responsible option. At the Conference of the Parties 26 Summit, India vowed to work toward the aspirational goal of having at least 30% of private vehicles be electric by 2030.
China sold 3.3 million electric vehicles in 2021, more than trebling the number sold in 2020. Europe sold 2.3 million electric vehicles in 2021, a significant increase from the 1.4 million sold in 2020. In 2021, 630 000 electric vehicles were sold in the United States, doubling their market share to 4.5%. Electric car sales increased more than twice as much in emerging nations, although they are still relatively small.
Over the past ten years, the price of electric vehicle batteries has plummeted as a result of scientific advancements and massive battery production. This has led to a decrease in the price of electric vehicles because batteries are one of the most expensive parts of the car. Additionally, although slightly more expensive than their gasoline-powered counterparts, electric vehicles don't need regular engine oil changes. Hence, these rising factors would create more growth opportunities for the electric vehicles market globally over the forecast period.
On the other hand, some factors might hinder the market growth too. For instance, it is anticipated that constraints such as a lack of infrastructure for charging, high production costs, range anxiety, and serviceability will restrain the growth of the EV industry. Additionally, there aren't many areas in the world with electric vehicle charging stations. Because of this, there is fewer public electric vehicle charging stations, which harms the adoption. Additionally, the high cost of EVs limits demands for EV market share, which results in a decline in subsidies in China and the US.
Some new developments in the global electric vehicle market:
- On 10th November, 2022, in India, Skoda is anticipated to introduce an electric vehicle shortly. With the introduction of the plug-in hybrid EV Octavia RS iV, which is presently scheduled for a mid-2023 debut, that will change.
- On 11th November, 2022, in an effort to establish it as the new norm in North America, Tesla stated that it is opening up its electric vehicle charge connector. Tesla's action here is intriguing. The manufacturer has already begun to accept non-Tesla electric vehicles equipped with CCS at its own Supercharger locations across North America.
- On 10th November, 2022, the E-GMP dedicated BEV platform for the Hyundai Motor Group's upcoming line of electric vehicles has been made public. The E-GMP platform includes all chassis parts, including the battery, motor, and electric power system. Thanks to the system's smart battery pack and bidirectional charging connector, the high-voltage battery can power a variety of electrical devices.
According to the study, key players dominating the global electric vehicle market are BMW (Germany), BYD Company (China), Ford Motor Company (U.S), Geely (China), Groupe Renault (France), General Motors (U.S), Hyundai (South Korea), Honda Motor (Japan), Lucid Motors (U.S), Mitsubishi Group (Japan), Mahindra and Mahindra (India), Mercedes Benz Group (Germany), Porsche SE (Germany), Rivian (U.S), SAIC (U.S), Stellantis (Netherlands), Suzuki (Japan), Tata Group (India), Tesla (U.S), Wanxiang Group Corp (China), among others.
The Global Electric Vehicle Market Has Been Segmented Into:
The Global Electric Vehicle Market – by Technology Type:
- Hybrid Vehicle
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
- Others
The Global Electric Vehicle Market – by Vehicle Type:
- Passenger Car
- Commercial Car
- Two Wheelers
- Other Vehicles
The Global Electric Vehicle Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/electric-vehicle-market-21
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