The Electric Vehicle Market Significance and Expected Growth

2022-11-22 13:22:12

By : JSB Market Research

In : BLOG

In the forecast period of 2022 to 2030, the global electric vehicle (EV) market 2030 may grow to USD 1103.17 billion from USD 170 billion as figured in 2021. Thus, the expected CAGR is 23.1%. In the United States, EV sales in 2019 increased by 80%. The electric vehicle market value in the Asia Pacific region in 2021 was USD 121.7 billion. As for Europe, by 2040 estimation for greenhouse gas reduction is 40%, and by 2050, it is net zero. By 2030, the hybrid electric vehicle segment may go up to USD 301.67 billion. This is a huge jump from the stats seen in 2021 of a value of USD 77,581.7 million.

Now let us look for the revenue share and statistics by segments:

In 2021, the EV market for commercial vehicles had a value of USD 47,351.9 million.
In 2021, the passenger car electric vehicle market had a value of USD 127,394 million, with a projection for 2030 set at USD 598,735 million.
The projection for the luxury EV market by 2030 is of value USD 441,273 million from USD 104,380 million in 2021.
In 2021, the largest revenue shareholder of 66% was battery electric vehicles (BEV) by propulsion type.
From 2022 to 2030, the EV segment for plug-in hybrid may see revenue of USD 385,617 million.

The growth of the EV market is happening mostly because of large investments and funding from the market players. For instance, Mercedes-Benz that with EVs, it will 2025 also launch 25 new plug-in hybrid EVs. And Ford had in mind an investment of $11.5 billion for electric vehicles till 2022. In its recent statement, Ford also assured that it has increased spending on electrified and driverless vehicles to enhance the sale of vehicles during the lockdowns.

Wireless Charging Market for Electric Vehicles

The wireless charging market for electric vehicles is studied by the power supply range, vehicle type, geography, and charging system. The relevant EV wireless charging market research report will offer an analysis of the revenue forecasts, trends and challenges, economic, and business considerations, technological inputs as well as advancements. Some of the major companies involved are:

IPT Technology GmbH
HEVO INC.
WITRICITY CORP.
Toyota Motor Corp.
MOJO MOBILITY INC.
ZTE CORP.
TOSHIBA CORP.
TGOOD GLOBAL LTD.
CONTINENTAL AG
InductEV
PLUGLESS POWER INC.

Market Dynamics and Growth Factors

Here is all about the market dynamics in the current scenario and what constitutes the growth in EV market:

The drivers for the EV market are government spending, subsidies, and incentives to encourage people in buying electric cars.
But the common restraint is the lack of standardization because of a smaller number of charging station connections.
The opportunity is however seen in the reduction in the cost of EV batteries because of technological breakthroughs.
A challenge stands looming because of insufficient charging infrastructure, which is lowering uptake.
If we talk about growth factors, then tax rebates in various countries, access to carpool lanes, and steady movement to battery-powered engines from combustion engines are a few to mention.
Europe, the U.S., and China for the last few decades have shown a good amount of growth in the sale of electric vehicles and may remain the key contributors to the EV market growth.
Focused efforts by a few governments to inculcate the electric vehicle concept in public transportation are helping the common man to adapt to the logic of combustion-free transport. For instance, the UK government yearns to save by the year 2025, 7,400 tonnes of carbon dioxide emissions by launching 200 electric buses and by 2025 electrifying all of its buses.

What the Future Holds for the Electric Vehicle Market?

In automatic driving EVs, the market leaders are Daimler Vera, Volvo, and Tesla and with upgraded technology for self-driving vehicles, the demand for EVs will further increase. Thus, market opportunities are going to see an uprise 5-6 times in the coming years because the EVs will also equip users with value-added features, making them friendlier and easy for people. EV manufacturers such as General Motors, Volkswagen Group, and others are also keen on PHEVs and investing in multi-platform technology. PHEVs compared to BEVs will see the highest growth in low carbon emissions and CAGR shortly.

The EV market for passenger vehicles, heavy commercial vehicles, two-wheelers, light commercial vehicles, and e-scooters and bikes looks bright with domination by passenger vehicles in recent times. But gradually, the light commercial vehicles segment will also have a decent CAGR down the line. As for end-use insights, the EV market sees a share in commercial use, private use, and industrial use, and the leading segment to see growth is the commercial use one because of government initiatives and privatization models.

To Conclude

The global electric vehicles market will see a lot of growth in every measure. It will be interesting to witness how the EV manufacturers and the government work together to ensure strong growth in different EV segments.