Electric Vehicle (EV) Market research provides a new perspective into the components and workings of the Electric Vehicle (EV) Market on global as well as regional levels. The report serving as an invaluable source of guidance for readers covers an analysis overview of the industry chain of the global market and discusses key elements associated with it, The report focuses on the global status, future forecast, growth opportunity, key market, and key players.
Electric Vehicle (EV) Market size was estimated at USD 438.19 billion in 2023 and is projected to reach USD 1091.1 billion in 2030 at a CAGR of 13.92% during the forecast period 2023-2030.
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Unlike its gasoline-powered alternative, an electric vehicle runs on electricity. These cars don't have internal combustion engines; instead, they run on electric motors, which need a steady source of power from batteries to function. These vehicles utilize a variety of batteries. Lithium ion, molten salt, zinc-air, and different nickel-based designs are some of them. The main purpose of the electric car was to replace traditional forms of transportation since they cause pollution.
Top Key Players of Electric Vehicle (EV) Market:
- AB Volvo
- AUDI AG.
- BMW AG
- BYD Company Ltd.
- Continental AG
- Daimler Truck AG.
- Ford Motor Company
- General Motors
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Kia India Private Ltd.
- Nissan Motor Co., Ltd.
- Peugeot Motor Company plc
- Renault Group
- SAIC Motor Corporation Limited
- Stellantis NV
- Tesla
- Toyota Motors
- Volkswagen AG and More
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Electric Vehicle (EV) Market Segmentation:
By Product
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Type
- Passenger
- Heavy Commercial
- Two-Wheelers
- E-Scooters Bikes
- Light Commercial
By Power Source
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Recent Developments
- In August 2022, A Memorandum of Understanding (MoU) was signed by General Motors Middle East (GM MEO) and Al Wegdaniya Transport to investigate leasing options for electric vehicles (EVs). The MoU strengthens the shared commitment to electrify all modes of transportation.
- In July 2022, Ford has made a number of announcements on the procurement of raw materials and battery capacity that will assist in achieving its planned annual run rates of 600,000 electric cars by the end of 2023 and more than 2 million by the end of 2026.
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Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Electric Vehicle (EV) Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
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Battery Electric Bus (BEB) market size was estimated at USD 41.8 billion in 2023 and is projected to reach USD 332.8 billion in 2030 at a CAGR of 34.5% during the forecast period 2023-2030.
Electric Van market size was estimated at USD 6.4 billion in 2023 and is projected to reach USD 41.70 billion in 2030 at a CAGR of 26.40% during the forecast period 2023-2030.
Electric Vehicle (EV) Battery Market size is expected to reach USD 276.4 billion and is projected to reach a CAGR of 22.9% from 2023-2030.
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