Electric Vehicles Market expected to witness a whopping CAGR of over 25% between 2021 and 2031

Electric vehicles market is there to grow on a stellar note in the next decade – Persistence Market Research

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New York, May 03, 2022 (GLOBE NEWSWIRE) -- Electric Vehicles market is projected to be worth 35K thousand units by the year 2031. It is, in fact, expected to witness a whopping CAGR of over 25% between 2021 and 2031. This could be reasoned with an ever-increasing demand for lower emission/zero emission vehicles.

Also, governments across the globe are excessively investing in electric vehicles through tax rebates and subsidies. What’s more interesting is the fact that economies all over are setting up targets regarding reduction of emissions as per their upper limits.

Governments are also helping in development of charging stations along with hydrogen fueling stations and making way for incentives to the purchasers. At the same time, developing economies are a bit slow in setting up the charging stations as the installation cost is on the higher side.

Persistence Market Research has seen through the future of the automotive industry through electric vehicles in its report entitled “Electric Vehicles Market”.

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EV batteries’ cost to hit the Rock-Bottom?

With technological upgradations witnessing a substantiation, EV batteries are being manufactured in bulk. This mass production has, in turn, led to drastic reduction in price of EV batteries. This scenario is expected to continue even in the forecast period.

For instance, an EV battery did cost over US$ 1L per kWh as of the year 2010, but by the year 2020, the price fell by close to US$ 130 per kWh. Another reason is that of reduction in cost of cathode material. Persistence Market Research predicts that an EV battery may cost as low as US$ 55-60 per kWh by the year 2031.

Improper Standardization: A Roadblock

EV charging stations are not universally compatible. IN other words, AC charging stations do make way for 120V ac with respect to level 1 charging stations and 208-240V ac with regards to level 2 charging stations. It also needs to be noted that DC charging stations make a beeline to fast charging with 480V ac. Unless and until the governments standardize the charging infrastructure for developing appropriate ecosystem, this roadblock is bound to hamper the sales of EVs.

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Also, different standards are used by different governments to enable fast charging. For instance – Korea, US, and Europe make use of CCS, Japan does use CHAdeMO, and China has GB/T. The government of India uses both – CCS and CHAdeMO as there is a lack of standardization herein.

On the top of that, makers like Tesla utilize high-performance superchargers that no other EV can use. Persistence market Research has made every effort to throw light on these aspects in its report mentioned above

The Ongoing Trend

Rear-wheel Drive electric vehicles are in great demand in Europe and the Asia-Pacific due to simpler vehicle control. North America is a pioneer herein. The examples include BMW i3, Tesla Model 3 Standard Version, Porsche Tycan, and Volkswagen ID4. The latest model doing the rounds in Europe and the Asia-Pacific is the Wuling Hongguang Mini EV. It entered the market in the year 2020. Persistence Market Research has mentioned the facts and figures on this count.

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How is the Electric Vehicles Market Segregated?

Electric Vehicles market, as segregated by Persistence Market Research, by component, spans on-board charge, battery cells & packs, motor, reducer, fuel stack, power control unit, battery management system, fuel processor, power conditioner, air compressor, and humidifier.

Based on type of vehicle, it’s commercial vehicles and passenger cars. On the basis of top speed, it’s >125 MPH and <125 MPH. By type of vehicle drive, it’s all wheel drive, rear wheel drive, and front-wheel drive. Based on EV charging point, it’s super charging and normal charging. V2G-wise, it’s V2X, V2V, V2G, and V2B or V2H. Propulsion-wise, it’s FCEV, PHEV, and BEV.

What does EV market say about Geographies?

North America, Europe, and the Asia-Pacific – all three are exploring the electric vehicles to the best of their capacities. In the Asia-Pacific, it’s South Korea, Japan, and China leading from the front. India is also coming up with new vehicle scrappage policy wherein scrapping of old vehicles is feasible, post which low emission ones could be the replacement. Persistence Market Research has left no stone unturned in designing the caricature of electric vehicles market geography-wise.

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The Competitors’ Desk

Persistence Market Research has listed the players as follows:

  • Nissan Motor Corporation
  • BMW AG
  • Honda Motor Co., Ltd.
  • Mitsubishi Motors Corporation
  • Toyota Motor Corporation
  • Volkswagen AG
  • Tesla Motors, Inc.
  • Groupe Renault
  • Ford Motor Company
  • Daimler AG
  • General Motors Company
  • Groupe PSA

On the developments’ front, Persistence Market Research has mentioned that Toyota, in April 2021, came up with the novel Mirai and LS models in Japan with advanced driving assist technology. It has also mentioned that BYD, around the same time, came up with new models – E2 2021, Song Plus EV, Qin Plus EV, and Tang EV with several advanced battery safety features.

On the whole, electric vehicles market is there to grow on a stellar note in the next decade – Persistence Market Research

Want to Know More?

Persistence Market Research, a research and consulting firm, has published a market research report on the motorcycle market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, product, technology, and region.

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Rajendra Singh

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