Electric vehicle market to reach 39,208 thousand units by 2030

ChicagoAnd April 21, 2022 /PRNewswire/ – According to a new market research report electric car market By component, vehicle type, vehicle class, propulsion (BEV, PHEV, FCEV), vehicle driving type (FWD, RWD, AWD), vehicle top speed (<125 mph, >125 mph), charging point type, vehicle connection, end use, region – Global Outlook 2030″, The electric vehicle market size, published by MarketsandMarkets™, is expected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a compound annual growth rate of 21.7%. Factors such as the growing demand for a zero-to-emissions transition, and governments’ support for low-emission vehicles through subsidies and tax cuts, have led to automakers’ adoption of electric vehicles and the growth of the electric vehicle market.

Browse in depth the table of contents electric car market

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Growing concerns about increased pollution from the auto industry is the main reason why government agencies are promoting zero-emissions vehicles over petrol or diesel vehicles. People have realized the need to promote zero-emission vehicles to reduce the increasing pollution. To attract and encourage people to buy electric cars, government bodies in various countries offer profitable plans and incentives that include massive discounts, lower vehicle purchase taxes, lower road taxes for zero-emissions vehicles, etc.

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Asia Pacific Expected to be the largest market in the forecast.

This report maps the electric vehicle market in India Asia Pacific District ChinaAnd JapanAnd South KoreaAnd IndiaAnd ThailandAnd IndonesiaAnd MalaysiaAnd Vietnam. The region is home to some of the fastest growing economies, such as China And India. The governments of these emerging economies have realized the growth potential of the electric vehicle market and, therefore, have taken various initiatives to attract major OEMs to manufacture electric vehicles in the local markets. China For example, it is investing heavily in the production of both electric passenger vehicles as well as commercial vehicles, with export plans. Original equipment manufacturers such as BYD plan to open factories in other parts of the world to manufacture electric buses and electric trucks to meet regional demand. The state supports the use of electric vehicles by providing subsidies for the purchase of electric vehicles. The country is also encouraging manufacturers to develop better technology for electric vehicles. Many electric vehicle charging stations are being set up across the country due to the subsidy of establishing electric vehicle infrastructure. The state promoted the development and use of electric buses and trucks. In 2020, a low-cost electric passenger car, Wulin Hongguang Mini EV, was developed in Chinaat a cost of less than 5000 USD. The car was largely sold in the domestic market, but its total sales were the second highest of the total sales of electric cars for 2020 and 2021. There was significant growth in the Chinese electric car market due to the increasing demand for small electric cars in 2021, which accelerated it The country plans to sell 20% of all cars as an electric car by 2025. According to various official estimates, the electric car market share is expected to be about 30-35% of the total car market by 2025.

Japan It is also developing electric vehicle infrastructure along with several original equipment manufacturers in the region, developing BEVs, PHEVs and FCEVs for the market. All FCEV uses exhibited during the Tokyo Olympics. South Korea It plans to accelerate the demand for electric vehicles in the country. Original equipment manufacturers such as Hyundai and Kia are making efforts to bring high-performance electric vehicles to the market. Many major European and American OEMs cater to the Asian electric vehicle market on an increasing scale. These factors are expected to drive the electric vehicle market in the Middle East Asia Pacific District. ThailandAnd IndonesiaAnd MalaysiaAnd Vietnam They also started working to reduce their vehicle emissions and switch to electric vehicles.

Middle East Airlines is expected to be the fastest growing market during the forecast period.

The The Middle East The African region has begun to give importance to the electric vehicle market in the recent past. Governments of countries such as the Emirates, EgyptAnd South AfricaAnd Cyprus It is working to increase the adoption of electric vehicles and electric vehicle charging stations across the region. These states have provided incentives for electric car buyers. Companies such as Tesla, Geely, Toyota, Volkswagen and Nissan were market leaders in this region. A large part of the electric cars sold in this region are purchased from China And Europe. Due to lower energy prices in these areas, the fuel cost of electric vehicles drops significantly, but vehicle ownership costs greatly make up for this difference. There is an advantage to using electric vehicles in the Middle East: urban areas are very close to each other and an 80% charge on a suitable electric vehicle can get you anywhere you want to go within the states. The rising disposable income of people in this region along with the need to reduce emissions has increased the demand for electric vehicles since the past few years. The UAE, for example, plans to add more than 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 introduce free charging of electric vehicles until 2025 to promote the electric vehicle market.

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The passenger car segment is expected to be the largest segment in the forecast period.

Passenger cars represent the largest share of the electric vehicle market. The demand for passenger cars has increased due to the increased demand for zero-emission vehicles along with government incentives and regulations and subsidiaries. Electric passenger car is the largest segment in the electric vehicle market and is expected to experience significant growth during the forecast period. The main factors driving the market are the availability of a wide range of models, developed technology, increased customer awareness, availability of subsidies and tax cuts. Major electric vehicle manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai and GWM, Mercedes Benz, Volvo, General Motors, etc. are strong players in the market. These companies have a strong market for their electric vehicles around the world. In 2021, the best-selling electric passenger 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, SAIC Roewe Clever EV.

The electric car market It is dominated by well-known players such as Tesla (US) and Volkswagen AG (Germany), SAIC Motors (China), BYD (China) and Stellantis (Holland).

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