Electric Vehicle (EV) Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Electric Vehicle (EV) Market size was estimated at USD 438.19 billion in 2023 and is projected to reach USD 1091.1 billion in 2030 at a CAGR of 13.92% during the forecast period 2023-2030.

Unlike its gasoline-powered alternative, an electric vehicle runs on electricity. These cars don't have internal combustion engines; instead, they run on electric motors, which need a steady source of power from batteries to function. These vehicles utilize a variety of batteries. Lithium ion, molten salt, zinc-air, and different nickel-based designs are some of them. The main purpose of the electric car was to replace traditional forms of transportation since they cause pollution.

It has become more well-known as a result of several technical developments. It surpasses traditional automobiles by offering better fuel economy, lower maintenance costs, easy home charging, a smoother ride, and less engine noise. Electric cars come in three varieties: battery-powered, hybrid, and plug-in hybrid. Additionally, although slightly more expensive than gasoline-powered counterparts, electric vehicles don't need regular engine oil changes.

Increased demand for fuel-efficient, high-performance, and low-emission cars, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the expansion of the electric vehicle market.

On the other hand, it is anticipated that constraints such a lack of infrastructure for charging, high production costs, range anxiety, and serviceability would restrain the growth of the EV market.

The general automobile sector and therefore the electric vehicle industry have both been negatively impacted by the COVID-19 epidemic. The number of new electric vehicle registrations fell by 20% during FY21 compared to FY20. Additionally, in the midst of the epidemic, a variety of players attempted to come up with novel solutions to manage the situation, including the use of electric cars for medical supplies since they offer convenient, economical transportation with good mobility. For instance, Omega Seiki Mobility recently unveiled Rage+frost, a three-wheeled chilled load carrier that was created especially for the distribution of food, medicine, and vaccines in these trying times. This helped the market sustain during the pandemic.

Delvens Industry Expert's Standpoint

The Electric Vehicles (EV) Market is expected to grow during the forecast period. This growth can be attributed to several factors. Firstly, they offer better fuel economy, lower maintenance costs, easy home charging, a smoother ride, and less engine noise. Moreover, increased demand for fuel-efficient, high-performance, and low-emission cars, strict government pollution restrictions, falling prices for electric vehicle batteries, and rising gasoline prices all contribute to the expansion of the electric vehicle market. However, lack of infrastructure for charging, high production costs, range anxiety, and serviceability might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on product, the market is segmented into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV). The Plug in Hybrid Electric Vehicles dominated the market in this segment due to the growing environmental consciousness and increased support from government. Moreover, the combination of electric and IC engine power warrants the carrier to travel long distances.
   
• Based on vehicle type, the market is segmented into Passenger, Heavy Commercial, Two-Wheelers, E-Scooters & Bikes, Light Commercial. Passenger cars dominated the market in this segment. This is due to the increasing demand for electric cars from consumers who are looking for more fuel-efficient and environmentally friendly vehicles.
   
• Based on power source, the market is segmented into Less than 100 kW, 100 kW to 250 kW, More than 250 kW. 100 kW to 250 kW dominated the market in this segment. The rapidly expanding usage of electric buses and trucks, particularly for freight service and public transit, is largely to blame for the segment's rapid expansion. EVs are generally thought to have power output between 100 kW to 250 kW, which includes passenger and light commercial vehicles including pickup trucks, vans, and utility carriers.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest market share during the forecast period because of the high acceptance of electric vehicles, increased government support, and high disposable incomes of consumers within the region.

Regional Analysis

Europe to Dominate the Market

• Europe is estimated to account for the largest market share during the forecast period because of rising demand of electric vehicles and increase environmental initiatives in the region.

• Moreover, presence of major key players and rising disposable income of the population is expected to drive the growth of the market further during the forecast period.

Competitive Landscape

• AB Volvo
• AUDI AG.
• BMW AG
• BYD Company Ltd.
• Continental AG
• Daimler Truck AG.
• Ford Motor Company
• General Motors
• Honda Motor Co., Ltd.
• Hyundai Motor Company
• Kia India Private Ltd.
• Nissan Motor Co., Ltd.
• Peugeot Motor Company plc
• Renault Group
• SAIC Motor Corporation Limited
• Stellantis NV 
• Tesla
• Toyota Motors
• Volkswagen AG

Recent Developments

• In August 2022, A Memorandum of Understanding (MoU) was signed by General Motors Middle East (GM MEO) and Al Wegdaniya Transport to investigate leasing options for electric vehicles (EVs). The MoU strengthens the shared commitment to electrify all modes of transportation.
   
• In July 2022, Ford has made a number of announcements on the procurement of raw materials and battery capacity that will assist in achieving its planned annual run rates of 600,000 electric cars by the end of 2023 and more than 2 million by the end of 2026.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Electric Vehicle (EV) Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope