(EV) Electric Vehicle Market was at US$ 170 Billion in 2021 and is growing to approx US$ 1105 Billion by 2030, with a CAGR growth of 23% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, January 11, 2023 /EINPresswire.com/ -- According to the study, The Global (EV) Electric Vehicle Market was estimated at USD 170 Billion in 2021 and is anticipated to reach around USD 1105 Billion by 2030, growing at a CAGR of roughly 23% between 2022 and 2030.

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(EV) Electric Vehicle Market: Overview

Low-emission technology used in electric vehicles aids in reducing greenhouse gas emissions and addressing other environmental problems. To reduce greenhouse gas emissions, several developing economies are choosing sustainable alternatives.

The demand for electric vehicles has increased due to growing worries about the pollution produced by conventional internal combustion (IC) engines, which has positively impacted the electric vehicle market.

(EV) Electric Vehicle Market: Growth Drivers

The sale of electric vehicles is projected to increase in the future due to a significant number of government programs, including tax rebates, grants, and other non-financial perks like access to carpool lanes and subsidies. For instance, German automakers increased their cash incentives for electric cars in November 2019 to delay the switch from internal combustion to battery-powered engines to prevent hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations including the United States, China, and several European nations; this, in turn, will help the industry expand.

However, several key obstacles that impede market expansion include a lack of charging infrastructure, variances in charging load, and a lack of standardization. Several regions, including China, Europe, the United States, Japan, Korea, and others, have varied standards for charging electric vehicles. To address this issue, certain electric vehicle manufacturers, like Tesla Inc., are concentrating on a worldwide standardization of the charging infrastructure. Nevertheless, it is projected that increasing the use of electric vehicles in the public and commercial sectors will propel the market. For instance, the UK government approved 200 electric buses in 2020, intending to make all buses electric by 2025, which may reduce CO2 emissions by roughly 7,400 tonnes annually.

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Key Insights:

A) As per the analysis shared by our research analyst, the (EV) Electric Vehicle market is estimated to grow annually at a CAGR of around 23% over the forecast period (2022-2030).
B) In terms of revenue, the (EV) Electric Vehicle market size was valued at around USD 170 Billion in 2021 and is projected to reach USD 1105 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on product segmentation, the BEV segment was estimated to hold the maximum market share in 2021.
D) Based on vehicle type segmentation, the commercial vehicle segment was the leading revenue-generating category in 2021.
E) Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

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Regional Landscape

China, Japan, and South Korea are the Electric Vehicle market leaders for electric vehicles in the Asia Pacific region. China, the world’s largest producer and consumer of electric vehicles has a monopoly on the EV market in the area. Their government has taken action, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for installing EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles.

The EV market has also been expanding in Japan and South Korea. Their governments installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and took other measures to assist the growth of EV demand.

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Key Players

BMW
BAIC Group
BMW
Nissan-Renault-Mitsubishi
GAC Motors
BYD
Great Wall Motors
Jaguar
Hyundai Group
Toyota
Mercedes
SAIC Motors
Stellantis
Tesla
Volkswagen Group

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The (EV) Electric Vehicle Market is segmented as follows:

By Product

BEV
PHEV

By Vehicle Type

Private Vehicles
Commercial Vehicles

By Vehicle Drive Type

FWD
RWD
AWD

By Vehicle Top Speed

<125 mph
>125 mph

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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