Electric Vehicle Market, by Vehicle (Passenger Cars, Commercial Vehicles, and Two-wheelers), by Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), by Charging Station (Normal and Super) and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Electric Vehicles are work on electricity deployed through charging stations or can be charged by self-charging devices like turbochargers and regenerative braking systems. Electric vehicle gains the popularity due to its features like less emission, high performance and fuel efficient. The regenerative braking system used in these vehicles is helpful for generating electricity through movement of vehicle. The increasing demand for electric vehicles will expand automotive sector as these vehicles are used for variety applications like Airborne EVs, Seaborne EVs, On and off-road EVs and others.  Some of the major advantages of EVs over petrol/diesel vehicles are cheaper to run, less maintenance and environment friendly. Electric Vehicles Market accounted 169.8 million USD in 2020 and is predicted to reach 1060.2 million USD by 2030 with a CAGR of 20.10% during the forecast period.

Market Segmentation:

On the basis of vehicle, electric vehicle market is majorly segmented into passenger cars, commercial vehicle, and two-wheelers. Based on type, the market is divided into battery electric vehicle, hybrid electric vehicle, and plug-in electric vehicle. On the basis of charging station the market is classified into normal and super. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

The major driving factors of the electric vehicle market are high performance, less fuel emission, and growing prices of conventional fuel. In addition, stringent government rules for environment protection and technological advancements in electric vehicles like adaptive cruise control, blind spot warning, and forward auto braking will propel the growth of market. High manufacturing cost of EVs and limited driving range are the restraining factors which hampers the market growth. Technological advancements in batteries used in EVs, increased performance in terms of maintenance, and improvements in built charging will create opportunities for the electric vehicle market to grow in upcoming years. Major challenge is the cost of material used as the batteries used in EVs are very expensive and also the limited storage capacity so that the driving range becomes limited. Hence battery manufacturers will have more focus on overcoming these challenges and performance improvement.

Geographic Analysis:

Asia Pacific is the fastest growing electric vehicle market amongst all the regions. The growth is owing to the government initiatives for lower emissions and encouraging the automotive sector for production of electric vehicles in the countries like China and India. China is the largest manufacturer of electric vehicles across the globe. North America also has significant growth as U.S. government has taken many steps to decrease usage of vehicles running on conventional fuel through corporate average fuel economy program. In Europe, electric vehicle market shows the rapid growth as there is increasing demand for plug in electric vehicles as the sales goes up by 70% from last year.

Competitive Scenario:

Some of the major key players in electric vehicle market are Toyota Motor Corporation, Tesla, Inc., General Motors, Nissan Motor Co. Ltd., Daimler AG, Smith Electric Vehicles, BYD Auto Co. Ltd., Volkswagen AG, Mitsubishi Motors Corporation, Audi AG, BMW AG, Chevrolet, Hyundai Motors, Ford Motor Company, Volvo Cars.

Electric Vehicle Market Report Scope