CHICAGO, April 21, 2022 /PRNewswire/ — According to new market research report “Electric vehicle market by component, vehicle type, vehicle class, propulsion (BEV, PHEV, FCEV), vehicle drive type (FWD, RWD, AWD), maximum vehicle speed (125 mph), type of charging point, vehicle connectivity, end Use, Region – Global forecast 2030″, published by MarketsandMarkets™, the electric vehicle market size is expected to grow from 8,151,000 units in 2022 to 39,208,000 units by 2030, at a CAGR of 21.7%. Factors such as the growing demand for emission-free rides and governments supporting low-emission vehicles through subsidies and tax rebates have led automakers to embrace electric vehicles and the growth of the electric vehicle market.
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Growing concerns about increasing pollution from the automotive industry are the main reason government agencies are promoting zero-emission vehicles over gasoline or diesel vehicles. People have recognized the need to promote zero-emission vehicles to reduce rising pollution. To attract and encourage people to buy electric vehicles, government agencies in different countries are introducing lucrative programs and incentives that include terrific rebates, reduced vehicle acquisition taxes, reduced road taxes for zero-emission 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 the Asia Pacific region for China, Japan, South Korea, India, Thailand, Indonesia, Malaysiaand Vietnam. The region is home to some of the fastest growing economies, such as China and India. Governments in these emerging economies have recognized the growth potential of the electric vehicle market and, therefore, have taken different initiatives to incentivize major OEMs to manufacture electric vehicles in domestic markets. China for example, invests significantly in the production of electric passenger and utility vehicles, with export projects. OEMs 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 country supports the use of EVs by offering a subsidy for the purchase of EVs. The country is also encouraging manufacturers to develop better EV technology. Various electric vehicle charging stations are being installed across the country through the Electric Vehicle Infrastructure Establishment Grant. The country has 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 Chinacosts less than $5,000. The vehicle sold primarily in the domestic market, but its gross sales were the second highest of total EV sales for 2020 and 2021. There has been significant growth in the Chinese EV market due to growing demand of mini EVs in 2021, accelerating the country plans to have 20% of all vehicles sold as electric by 2025. According to various official estimates, the market share of electric vehicles is expected to represent around 30-35% of the total market for vehicles by 2025.
Japan is also developing its electric vehicle infrastructure with various OEMs in the region, developing BEVs, PHEVs and FCEVs for the market. He showcased all the use of FCEV during the Tokyo Olympics. South Korea plans to accelerate the demand for electric vehicles in the country. OEMs such as Hyundai and Kia are striving to introduce high-performance electric vehicles to the market. Various major European and American OEMs are also serving the Asian electric vehicle market on an increasing scale. These factors are expected to drive the electric vehicle market in the Asia Pacific Region. Thailand, Indonesia, Malaysiaand Vietnam have also started working to reduce emissions from their vehicles and switch to the use of electric vehicles.
MEA is expected to be the fastest growing market during the forecast.
the Middle East and the African region have started giving importance to the electric vehicle market in the recent past. Governments of countries like the United Arab Emirates, Egypt, South Africaand Cyprus worked on increasing the adoption of their electric vehicles and charging stations across the region. These countries provided incentives to EV buyers. Companies like Tesla, Geely, Toyota, Volkswagen and Nissan dominate the market in this region. A large proportion of electric vehicles sold in this region are purchased from China and Europe. Due to low electricity prices in these regions, the cost of fuel for electric vehicles drops significantly, but vehicle ownership costs make up much of the difference. There is an advantage to using electric vehicles in the Middle East: urban areas are much closer together and an 80% charge on a decent electric vehicle can get you anywhere you need to go in the States. The increase in the disposable income of the inhabitants of this region as well as the need to reduce emissions has led to an increase in the demand for electric vehicles for the past few years. The United Arab Emirates, for example, plans to add more than 42,000 electric vehicles in the country by 2030. The country also plans to be among the world leaders in developing charging stations in the region. The country plans to offer free electric vehicle charging 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 account for the largest share of the electric vehicle market. The demand for passenger cars has increased due to the increase in demand for zero-emission vehicles as well as government incentives, regulations and subsidiaries. The electric passenger car is the largest segment of the electric vehicle market and is expected to witness significant growth over the forecast period. The major factors driving the market are the availability of a wide range of models, advanced technology, increased customer awareness, and the availability of subsidies and tax breaks. Major electric vehicle manufacturers such as Tesla, Volkswagen AG, SAIC Motors, BYD, Stellantis, BMW, Nissan, Toyota, Honda, Hyundai, GWM, Mercedes Benz, Volvo, GM, etc., are significant players in the market. These companies have a strong market for their electric vehicles around the world. In 2021, the top-selling passenger electric 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 and SAIC Roewe Clever EV.
the Electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC engines (China), BYD (China) and Stellantis (Netherlands).
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