Electric Vehicle Market

The electric vehicle market is going to be about USD 369.4 billion by 2024 and USD 620.3 billion by 2030, with a CAGR of about 7.7% in the passenger car segment. Electric vehicles are entering into a golden age as the global push toward sustainability and low carbon emissions gains momentum. Significant advances in battery technology, the range and prices of electric vehicles have improved substantially; hence, more people are buying these cars. Furthermore, the place where several big automakers devote their resources to in research and development for the purpose of electrification is producing better EVs in terms of functionality and performance. The number of fast charging stations is on the rise, which is minimizing range anxiety and resulting in higher adoption rates of EVs for daily requirements. Moreover, rising consumer demand for sustainable and eco-friendly means of commuting, alongside increased focus on carbon footprint reduction, is fuelling this revolution in electric mobility. Thus, it is evident that both public and private sectors have realized the benefits of cleaner energy transition as collaborations and partnerships provide an enabling environment for speedy growth of global EV market.

Climate change worries are changing transport patterns in cleaner directions as consumers and policymakers become increasingly conscious of the need to protect the environment. For instance, many governments have put in place incentives for electric vehicles through tax exemptions, subsidies, or rebates. For example, numerous governments have introduced electric car incentives such as tax exemptions, subsidies or rebates. Moreover, range and cost of EVs have Improved considerably due to technological improvements in the battery, which makes EVs more competitive with traditional internal combustion vehicles. Few other heavily responsible factors for the growth of this market are investment in charging infrastructure and commitment of several major automakers to electrification. All these together develop a strong ecosystem to support the mass uptake of EVs across countries.

To know about the assumptions considered for the study download the pdf brochure

The key players identified in the global electric vehicle market include BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), SAIC Motors (China), and others, Companies have adopted the strategies of product development, deals, and many more to make the position in the market. Tesla is a major player in electric vehicles focusing on high-performance electric cars, battery storage and solar technology. In fact, it designs, develops, manufactures and sells these items directly to customers via their own shops and internet platforms thereby avoiding dealerships altogether. BYD, one of the largest Chinese technology companies with a global reach, deals in much more than just gadgets. They make up the market share in three major directions: electronics, automobiles, and new energy solutions, among them being solar power. This certainly puts them right at the top among the world's largest electric vehicle manufacturers. BYD Auto a subsidiary of BYD is majorly involved in EV battery and electric charging businesses. It manufactures automobiles, buses, electric bikes, electric cars, forklifts, rechargeable batteries, and trucks. The Chinese market is where it functions as the biggest manufacturer and supplier of electric and hybrid automobiles. Nevertheless, BYD is a genuinely international firm involved in more than 70 nations; nevertheless, its domestic market remains China where it sold up to 1.6 million battery powered can during 2023. For example, some of its most popular cars include Song, Han, and Tang. In February 2024; BYD declared that its partnership with Sfakianakis Group would enable them to launch their passenger cars into the Greek market.

Tesla has built a charging infrastructure to support their growing EV customer base. In 2023, it cemented its leadership with the manufacturing and sale of nearly 2 million EVs globally, with the Model Y now holding the title of being the best-selling vehicle of any type. In April of 2024, Tesla updated the Model 3 Performance version topping out at 163 miles per hour in rear-drive passenger-car form.

Volkswagen AG boasts more than 114 production plants in almost 30 countries within its portfolio, making and selling a huge variety of vehicles, from cars, commercial ones, and motorcycles to engines and machinery. Some of the automotive manufacturers that are part of the Volkswagen concern are Audi, Porsche, Bentley, and Ducati. Volkswagen AG takes care of the whole service offer regarding financing, insurance, and fleet management through its subsidiaries and so can be able to be a one-stop shop for car buyers. Volkswagen realizes the actual shift towards electric mobility. They expand the production capacity by developing cars for the future, such as electric vehicles of all brands. Having committed to the phase-out of traditional gasoline-powered cars by 2035, Volkswagen is well-positioned to become an important player in shaping the future of electric mobility. Volkswagen, on the other hand, just announced in June 2024 that it will place up to USD 5 billion through a new joint holding venture for equal sharing of EV architecture and software with the electric vehicle maker Rivian, based in the United States.

Geely-Volvo, officially known as the Zhejiang Geely Holding Group Co., Ltd., is one of the biggest automotive companies, highly respected and considered a game changer in the electric vehicle (EV) market. Geely Cars acquired Volvo in 2010, which combined Geely's forward-looking dynamism with Volvo's great tradition in safety and innovation. This brought about the ability for Geely and Volvo to share synergies in combining the best of both companies toward developing leading EV technology and sustainable mobility solutions. It has hence pledged to a full electrification approach, even looking at becoming an all-electric car brand by 2030. Geely is also sharpening its edge through strategic partnerships with battery suppliers and tech firms. According to reports, this electric car is going to be launched in South Korea by early 2025. Probably among the very first models that will be launched in the South Korean region will be the Zeekr 001, an electric vehicle capable of traveling up to 620 km on a single charge.

SAIC Motor is a Chinese state brand and a major force in the electric vehicle market. On top of that, SAIC Motors is a full-scale automaker: it does everything from research and development to manufacture and sale of passenger cars to commercial vehicles. Aware of the push for environmental change, they are investing heavily in New Energy Vehicles (NEVs) and Intelligent Connected Vehicles (ICVs). This was demonstrated by their sale of nearly 100,000 NEVs in May 2023 alone. They have also set ambitious targets to boost NEV sales by 2025, with a focus on promoting their own local brands. This will involve marketing the IM brand as a luxury electric and intelligent vehicle choice while simultaneously promoting Rising Auto and Roewe as household names for Chinese consumers who are looking to make their first entry into the crowded country's EV market on a budget.

Related Reports:

Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), E/E Architecture, Top Speed, Charging Point Type, Vehicle Connectivity, End Use, & Region - Global Forecast 2030

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]