As per our research report, the Global Electric Vehicles Market size is estimated to be growing at a CAGR of 19% from 2023 to 2030.
The pandemic had a negative on the EV industry. Due to the closure of the automotive, semiconductor, and electronic industries during the pandemic, there was a decline in demand for electric vehicles in the market. This was mainly attributed to production delays, as supply chain disruptions and travel restrictions during the pandemic, limited the procurement of electric vehicle components, which led to a slowdown in electric vehicle production.
Further, decreased consumer activity due to social distancing norms increased the usage of affordable traveling options such as cycles during the pandemic. Moreover, the shift in budget allocation by consumers for necessity items was another reason for the decline in the sales of electric vehicles across geographical borders. However, the healthcare sector demanded battery-operated vehicles such as battery-operated ambulances. However, the production and demand were minimal.
Moreover, a shift in government support also affected the EV industry, as the government shifted its priority towards the healthcare sector. Moreover, private cars and transportation service providers, witnessed a significant increase during the second phase of the pandemic, as these service providers reduced waiting time and enabled customers to book cars as per their requirements.
Post-pandemic witnessed a significant revival in the EV industry, with the increased use of AI and energy-saving technologies to charge vehicles. Moreover, trends in electric scooters and cycles witnessed an increase in developing countries, due to their affordability, speed, compact structure, and performance. Furthermore, consumers increased their demand for hybrid vehicles as they provided features of both an electric vehicle and a normal vehicle, thus helping in running the car on fuel when the battery is low.
The restraints to this market include high initial investment costs and limited charging infrastructure.
Based on market segmentation by vehicle type, battery electric vehicle holds the highest share in the market at about 20%. Battery electric vehicles are operated on batteries and do not have an internal combustion engine, hence helping in the reduction of carbon footprint. Moreover, BEVs emit zero tailpipe and therefore are an eco-friendly driving option for consumers. Further, the hybrid electric vehicles segment is the fastest-growing segment during the forecast period. HEVs run on both batteries and motors. The electric motor helps to reduce carbon dioxide emissions and assists the vehicle in fuel efficiency.
Based on market segmentation by range, medium range (151-300 miles) holds the highest share of about 22% in the market. Medium-range EVs are widely used for driving long distances or for road trips. These are usually in the form of passenger vehicles and provide increased fuel efficiency to their consumers. Furthermore, small range (up to 150 miles) is the fastest-growing segment during the forecast period, as they consume less fuel and help to commute to shorter distances. Small-sized cars, and short-range battery-operated vehicles, are some examples of small-range EVs in the market.
Based on market segmentation by component, battery pack & and high voltage component holds the highest share in the market at about 21%. The battery is the main component of an EV, as it helps the EV in storing the power for future use. Moreover, high-voltage components are equipment that helps EVs in managing electricity flow. These include AC, generators, DC-DC converters, and others. Further, the electric motor segment is the fastest-growing segment during the forecast period. This is the main component of an EV, as it converts electrical energy into kinetic energy for the functioning of the vehicle. Furthermore, rising consumer demand for energy-efficient and lightweight EV motors has induced manufacturers to produce compact EV motors with increased performance and efficiency.
Based on market segmentation by region, Europe holds the highest share of the market at about 29%. Being the home of well-established car manufacturers and continuous government support in the form of tax breaks and subsidies, the demand for electric vehicles has witnessed an increase in the region. Furthermore, Asia-Pacific is the fastest-growing segment during the forecast period. Rising noise pollution and increased government support for new technological innovations in the automotive industry, have contributed to the growth of electric vehicles in the region.
Companies playing a leading role in the Global Electric Vehicles market profiled in this report are – Tesla, BMW, Hyundai, Toyota Motor Corp, Nissan, General Motors, Ford Motor Company, Volkswagen, Lucid Motors, Kia Motors, Tata Motors EV, and Mahindra Electric
Plug-in Hybrid Electric Vehicle
Battery Electric Vehicle
Hybrid Electric Vehicle
Others
Short Range (up to 150 miles)
Medium Range (151-300 miles)
Long Range (Above 300 miles)
Battery Pack & High Voltage Component
Low Voltage Electric Component
Wheel & Suspension
Electric Motor
Body & Chassis
Others
North America
Europe
Asia Pacific
Middle East & Africa
South America
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