Global Electric Vehicle Market Size, Share, Growth Analysis, By Type, By Vehicle Type, By Vehicle Class, By Top Speed, By Vehicle Drive Type - Industry Forecast 2023-2030

Electric Vehicle Market was valued at USD 153.7 Billion in 2021, and it is expected to grow from USD 193.55 Billion in 2022 and expected to reach a value of 693.7 by 2030, at a CAGR of 17.30 % over the forecast period (2022-2028).

The global electric vehicle (EV) market has witnessed substantial growth, driven by increasing environmental awareness and government incentives. EVs offer reduced emissions and lower operating costs. Major automakers invest in EV technology, enhancing battery efficiency and charging infrastructure. However, challenges such as range limitations and charging accessibility persist. As innovation continues, the EV market is expected to expand, transforming the automotive industry and contributing to sustainable transportation systems worldwide.

Top-down and bottom-up approaches were used to estimate and validate the size of electric vehicle and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Drivers

Escalating prices can be attributed to the surging desire for non-renewable petrol, which is anticipated to exhaust in the coming decades. Variations in gasoline demand and supply induce price fluctuations. Despite global efforts to curtail gasoline costs, they have surged over time. Given that most nations depend on petrol imports, its consumption impacts economic trade balance. In light of finite petroleum reserves and increasing prices, automakers are exploring alternative fuel options for their vehicles.

Restraints

In comparison to conventional petrol, CNG, or LPG fuel stations, the initial investment required for establishing a rapid charging infrastructure for electric vehicles (EVs) is considerably higher. This financial barrier has hindered the widespread adoption of EVs by governments globally over the past decade. However, the advancement of technology is expected to mitigate this limitation, leading to cost reductions. The significant expenses stem from elevated equipment costs and the necessity for specialized fast chargers, as well as the construction of transformers to connect the charging system with the grid. These factors have impeded the rapid expansion of charging networks worldwide, which has gained momentum recently due to concerns regarding vehicle emissions.

Market Trends

To promote the domestic electric car industry, the Indian government has provided tax incentives and subsidies to both manufacturers and users of electric vehicles (EVs). As part of the phased manufacturing plan (PMP), the government has imposed a 15% customs duty on components essential for EV production, along with a 10% tariff on imported lithium-ion cells. These proposed adjustments to the PMP duties are anticipated to take effect from April 2021 onwards.