What is the market for electric vehicles? How big is the EV market Globally? Challenges & Opportunities Analysis
Increasing demand for environmentally safe alternatives, government subsidies, and high recharge capacities are vital factors causing global market growth.
Governments are providing alluring stimulus and policies to inspire sales of EVs. Consumers have multiple benefits due to reduced selling prices, low or zero registration fees, and the free charging infrastructure of EVs at various charging stations.
The global electric vehicle market size & share was estimated to be valued at 7,723 thousand units in 2021 and is expected to cross 38,087 Thousand Units by 2030, growing at a CAGR of 21.3% during the forecast period, according to Polaris Market Research.
Several governments globally excused road, import, and purchase taxes depending on different subsidies. These subsidies have also energized automobile manufacturers to uplift their EV production. The government has also invested in infrastructure construction and prepared policies that are favorable.
Based on the vehicle type, the passenger car segment dominates the global market due to escalating demand and sales for passenger cars in the Asia Pacific. The acquisition rates in the Asia Pacific are soaring because of EV maker’s authentic equipment manufacturers and other automakers in the region.
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The commercial segment is anticipated to encounter growth shortly because of ever-increasing innovations in the batteries of EVs to enhance the load capacity of commercial transports. To reduce greenhouse gas emissions in the atmosphere, governments of several countries have administered stringent emission regulations. In Europe, the European Union has devised a code to lessen the CO2 emissions of medium and light commercial carriers by 15% before 2025.
The petroleum ministry of India dictated all automotive manufacturers commence manufacturing BS-VI transports post-1 April 2020. The resolution was projected to lessen air pollution in the country. The strict measures taken by several regulatory bodies to prevent air pollution are anticipated to boost the market in the near future.
Who is the leading players in the electric vehicle market?
Market participants such as SAIC Motors, BMW, BYD, GAC Motors, Mercedes, Great Wall Motors, BAIC Group, Hyundai Group, Jaguar, Nissan-Renault-Mitsubishi, Stellantis, Tesla, Toyota, and Volkswagen Group are some of the key players operating in the market. Few of these players have announced their strategic plans. It has been anticipated that the actual investments are likely to be more significant for the growing industry globally.
Recent Developments in the Market
For instance, in February 2022, MG motors displayed its forthcoming EV, the MG 4, which is expected to initiate in India later in 2022. The EV will consist of a 61.1 kWh battery pack and is anticipated to function around 400 km.
