EVs Market Projected to Reach USD 957.06 Billion, at a 24.50% CAGR by 2030 – Report by Market Research Future (MRFR)

Electric Vehicle Market Research Report Information By Technology (Battery, Hybrid, and Plug-In Hybrid Electric Vehicle), By Vehicle Class (Mid-Priced, and Luxury Class), By Vehicle Type (Passenger cars, Two-wheelers, and Commercial vehicles), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.


New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Vehicle (EVs) Market Research Report Information By Technology, By Vehicle Class, By Vehicle Type, And By Region - Market Forecast Till 2030.”, By 2030, the market for electric vehicles is expected to rise from USD 206.42 billion in 2022 to USD 957.06 billion, with a cumulative annual growth rate (CAGR) of 24.50%. (2022 - 2030)

Electric Vehicle (EVs) Market Research Insights:

The expansion of the electric car is thought to be fueled by the rising investment in the electric transportation sector. Players on the market including Ford Motor Company, Daimler AG, and Groupe Renault are heavily committing to their ambitions to manufacture electric vehicles. For instance, the Ford Corporation announced its intention to spend USD 300 million at its Romanian manufacturing facility to develop a new light commercial vehicle in 2023. Important businesses like Daimler AG and Mercedes Benz make significant investments in making EVs. Hence, the market will continue to increase over time.

EVs Industry Key Players

  • Tesla Inc.
  • Hyundai Motor
  • Mitsubishi Motors
  • Toyota Motor
  • Ford Motor
  • Volkswagen
  • BMW
  • General Motors
  • Daimler AG
  • Among others.

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Also, governments and environmental organizations all over the world are passing strict emission limits and rules to lower car emissions in response to the rising environmental concerns. Strict emission objectives for the reduction of nitrogen oxides (NOx) and carbon dioxide (CO2) in the air are major regulatory actions. Vehicles release significant amounts of greenhouse gasses, therefore US federal and state governments are stepping up their efforts to make transportation greener. As an illustration, the US Environmental Protection Agency (EPA) declared that it was developing new regulations to cut nitrogen oxide (NOx) emissions and other pollutants from heavy-duty trucks.

Governments are also promoting EV sales with alluring incentives and regulations. Customers receive a variety of benefits from it, including lower selling costs, no registration fees or minimal registration fees, and free EV infrastructure at several charging stations. Thus, during the course of the projected period, such government measures have increased the CAGR of the global Electric Vehicle (EVs) Market.

Electric Vehicle (EVs) Market Report Scope:

Report Metrics Details
Market Size 2030 USD 957.06 billion
CAGR during 2022-2030 24.50% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Vehicle Class, Operating Platforms, and Region
Key Market Opportunities Government initiatives about electric vehicle
Key Market Dynamics Increasing investment in electric vehicle Reducing the cost of electric vehicle batteries


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Electric Vehicle (EVs) Market:

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On the other hand, a number of nations throughout the world exclude import taxes, purchase taxes, and road taxes. The manufacturing of EVs has increased because of these incentives for the car industry. The government has also created beneficial policies and made investments in building infrastructure. For instance, during the next five years, the US government aims to spend USD 287 billion on highway improvements. To encourage the rise of these cars in the nation and the expansion of the Electric Vehicle (EVs) Market income, the government will also be building EV charging stations around the US.

Electric Vehicle (EVs) Market Segmentation

The battery, hybrid, and plug-in hybrid electric vehicles are included in the market segmentation for electric vehicles based on technology. In 2021, the hybrid sector had the largest market share, which boosted sales of electric vehicles. The fuel-based and electric driving options are both available with a hybrid electric car, especially in areas with a lack of suitable charging infrastructure. As corporate organizations and governments prepare to roll out a network of charging infrastructure throughout the world to encourage the use of green energy, the proliferation of battery electric vehicles is coming to light. The category with the quickest rate of growth is plug-in hybrid electric cars, whose falling prices are expected to increase demand during the projection period.

Mid-priced and premium classes are included in the market segmentation for electric vehicles depending on vehicle type. The mid-priced category led the market in 2021 and is anticipated to increase at the fastest rate from 2022 to 2030. Due to their affordability, mid-priced electric cars are becoming more and more popular. Yet, the luxury class is the one that is expanding the fastest since rising disposable income across many countries is helping the market expand.

The passenger car, two-wheeler, and commercial vehicle segments of the Electric Vehicle (EVs) Market statistics have been separated. Throughout the projection period, 2022–2030, the commercial vehicles sector, which led the market in 2021, is expected to increase at a higher rate.


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Electric Vehicle (EVs) Market Regional Analysis

From 2022 to 2030, the Electric Vehicle (EVs) Market in Asia-Pacific is anticipated to see the highest CAGR growth. This is a result of emerging countries' rising demand for passenger automobiles. In addition, the India Electric Vehicle (EVs) Market had the highest rate of growth in the Asia-Pacific region, while China's electric vehicle industry had the greatest market share.

Due to regional government efforts to cut carbon emissions, Europe has the second-largest market share for electric cars, and the quick uptake of fuel-efficient vehicles has been the sector's main driver of development. The U.K., Germany, and France are significant nations that have contributed to the expansion of the region. The biggest market share was held by the electric car market in Germany.

Electric Vehicle (EVs) Market Competitive Analysis

Leading industry companies are investing a lot of money in R&D to enhance their product lines, which will spur further expansion of the electric car market. With significant industry developments including contracts, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to enhance their global presence. In order to thrive and survive in a climate where competition is fierce and the market is expanding, competitors in the electric car business must offer products that are affordable. Leading industry companies are investing a lot of money in R&D to enhance their product lines, which will spur further expansion of the electric car market. With significant industry developments including contracts, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to enhance their global presence. In order to thrive and survive in a climate where competition is fierce and the market is expanding, competitors in the electric car business must offer products that are affordable.


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Manufacturing locally to cut operating costs is one of the main business techniques manufacturers use in the electric vehicle industry to serve consumers and increase the market sector. The environmental impact of the electric car sector has increased recently. Major companies in the electric car industries, including Nissan Motor, Tesla Inc., Toyota Motor, and others, are seeking to increase market demand by funding R&D initiatives.

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