The global Electric Vehicle Market size is projected to grow from 8,151 thousand units in 2022 to 39,208 thousand units by 2030, at a CAGR of 21.7%.

Factors such as growing demand for low-emission commuting and governments supporting long-range, zero-emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. The rapidly growing sales volume of EVs in Asia Pacific, Europe and North America has propelled the growth of the global EV market.

Top 10 Players:

Tesla, BYD Group, BMW, Volkswagen, Nissan Motors, Toyota, Ford, Volvo, Daimler, Hyundai, Honda, Continental.

Other Players:

General Motors, Rivian, Faraday Future, Fisker, Alcraft Motor Company, Byton, Kia Motors, BAIC Motor, Chery, SAIC Motor, JAC, Zotye, Geely.

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In the EV market, by vehicle type, the Passenger cars segment is projected to dominate the market, while Commercial vehicles will be the fastest-growing segment during the forecast period. The high adoption rate and rising demand for clean personal mobility are expected to drive the EV passenger car segment. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. Growing demand for low-emission vehicles is expected to boost the growth of the EV passenger car and commercial vehicle markets. Other off-road vehicles are also expected to benefit from the development of electric vehicle technology.

The European EV market is projected to grow at a high rate. Germany is projected to be the largest EV market in Europe. The German market is projected to grow due to increasing investments by the government to develop EV charging and hydrogen infrastructure and the fast adoption of EV and Fuel cell buses in public transportation. France, the Netherlands, Norway, Sweden and UK also have a considerable market for electric vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. Many top OEMs in the region have been catering to the growing market.

Asia Pacific is projected to account for the largest share of the EV market during the forecast period. The Asia Pacific EV market is led by countries like China, Japan and South Korea. China is the world’s largest EV producer and the user has dominance in the EV industry in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EVs per the number of vehicles manufactured, large support for the installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing extensive EV charging networks, making strict emission norms, setting up deadlines for shifting to full or hybrid EVs from ICE vehicles etc. India is also working on increasing its EV adoption in the market. The new vehicle scrappage policy in which old vehicles can be scrapped for changing to low emission ones and other upcoming policies will help the country become the region’s fastest-growing market for EVs in the coming years.

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With the development of alternative fuel vehicle technology and the increasing adoption of EVs across various major and developing countries, the global electric vehicle market will witness exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure networks to propel the growth of zero-emission vehicles to reduce carbon emissions caused by conventional ICE vehicles. As of December 2021, the global EV market is dominated by Passenger cars while commercial will grow at a faster rate. The low-priced segment is more in demand while the Mid-priced and Luxury segments will grow faster in demand. Newer technologies to reduce the EV battery price and increase vehicle range along with other key technologies like faster charging, wireless on-the-go charging, connected cars, autonomous cars etc. have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a need for growth of EV charging infrastructure for making EV charging easier with more innovation in the technology. Countries around the world are promoting EV chargers for increasing demand for EVs.

Recent Developments:

• In February 2022, MG Motors showcased its upcoming EV, the MG 4, which is expected to launch in India later in 2022. The EV will come with a 61.1 kWh battery pack and is expected to run around 400 km.
• In January 2022, Volkswagen announced the development of its ID.5 model based on the Skoda Enayaq iV model. The vehicle is expected to have a range of around 300 miles on 1 charge.
• In December 2021, BYD launched its new second-generation e6 EV for the Indian market. The deliveries for this model were started by February 2022. This MPV comes with a 71.7 kWh battery pack and a range of around 250+ miles per charge.
• In November 2021, BMW launched its new i4 electric sedan with a range of approximately 300-367 miles. The vehicle can reach 100 km/hour in just four seconds. It comes with automatic transmission and connected vehicle features.
• In June 2021, Opel/Vauxhall, a subsidiary of Stellantis, launched its Mokka EV, which comes with a max range of 209 miles and a 50kWh battery. The car is FWD and comes with connected vehicle features.
• In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.
• In April 2021, Volkswagen unveiled the 7-seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. The vehicles will be sold only in China. It comes in two battery versions, 58 kWh and 77 kWh and comes in four powertrain configurations.
• In March 2021, Volvo showcased its new C40 Recharge model. The vehicle is designed as a pure electric car and has most features similar to its XC60 model.
• In December 2020, Nissan announced the 2021 Leaf model in the US. The vehicle comes with a choice of battery between 40 kWh and 62 kWh. The mileage ranges between 149 miles and 226 miles per charge.

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