According to the new market research report “Electric Vehicle Market size is projected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a CAGR of 21.7%. Factors such as growing demand for zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting EVs and the growth of the Electric Vehicle Market.
Browse in-depth TOC on the “Electric Vehicle Market”
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Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero-emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero-emission vehicles to reduce the increasing pollution. To attract and encourage people to buy EVs, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero-emission vehicles etc.
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The Asia Pacific is expected to be the largest market in the forecast.
This report maps the EV market in the Asia Pacific region for China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, and Vietnam. The region is home to some of the fastest-developing economies, such as China and India. The governments of these emerging economies have recognized the growth potential of the Electric Vehicle Market and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. China for instance is investing significantly in the production of both electric passenger as well as commercial vehicles, with export plans. OEMs such as BYD plan to open plants in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. The country supports EV usage by offering a subsidy for buying EVs. The country is also encouraging manufacturers to develop better EV technology. Various EV charging stations are set up across the country due to the subsidy for setting up EV infrastructure. The country has promoted the development and use of EV buses and trucks. In 2020, a low-cost EV passenger car, Wulin Hongguang Mini EV, was developed in China, costing less than USD 5,000. The vehicle sold majorly in the domestic market, but its gross sales were the second-highest of the total EV sales for 2020 and 2021. There was a major growth in the Chinese EV market due to the growing demand for mini EVs in 2021, speeding up the country’s plans to have 20% of all vehicles sold as electric by 2025. According to various official estimates, the EV market share is expected to be around 30-35% of the total vehicle market by 2025.
Japan is also developing its EV infrastructure along with various OEMs in the region, developing BEVs, PHEVs, and FCEVs for the market. It showcased all FCEV use during the Tokyo Olympics. South Korea plans to speed up the EV demand in the country. OEMs such as Hyundai and Kia are undertaking efforts to introduce high-performance EVs in the market. Various top European and American OEMs also cater to the Asian EV market on an increasing scale. These factors are expected to drive the Electric Vehicle Market in the Asia Pacific region. Thailand, Indonesia, Malaysia, and Vietnam have also started working to reduce their vehicle emissions and shift to the use of EVs.
MEA is expected to be the fastest-growing market during the forecast.
The Middle East and African region have started giving importance to the Electric Vehicle Market in the recent past. The governments of countries like UAE, Egypt, South Africa, and Cyprus have been working on growing their EV adoption and EV charging stations across the region. These countries have provided incentives for EV buyers. Companies like Tesla, Geely, Toyota, Volkswagen and Nissan have been leading the market in this region. A large part of the EVs sold in this region are bought from China and Europe. Due to the low power prices in these regions, the fuel cost for EVs comes down drastically, but the vehicle ownership costs make up for much of the difference. There is an advantage for use of EVs in the middle east: the urban areas are much closer together and an 80% charge on a decent EV can get you around wherever you need to go within the states. The rising disposable income of people in this region along with the need for emission reduction has led to an increase in EV demand over the last few years. UAE for instance plans to add over 42,000 EVs in the country by 2030. The country also plans to be among the world leaders to develop charging stations in the region. The country plans to give free EV charging till 2025 to promote the EV market.
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The Passenger cars segment is expected to be the largest segment in the forecast period.
Passenger cars account for the largest share of the Electric Vehicle Market. The demand for passenger cars has increased due to the increase in demand for zero-emission vehicles along with government incentives, regulations, and subsidiaries. The electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The major factors driving the market are the availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates. Major EV manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc., are strong players in the market. These companies have a strong market for their EVs around the world. In 2021, the bestselling passenger electric cars were Tesla Model 3, SAIC Hongguang Mini EV, Tesla Model Y, Volkswagen ID.4, BYD Qin Plus PHEV, Li Xiang One PHEV, BYD Han EV, BYD Song Pro Plus PHEV, Changan Benni EV, Volkswagen ID.3, Renault Zoe, GAC Aion S, Chery eQ, Kia Niro EV, Nissan Leaf, GW Black Cat, Toyota RAV4, Hyundai Kona EV, Xpeng P7, and SAIC Roewe Clever EV.
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