Electric Vehicle Market Size, Growth, Forecast | Opportunities by 2030

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MarketsandMarkets Presents

Electric Vehicle Market Size, Growth, Forecast
Opportunities by 2030
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lectric-vehicle-market-209371461.html
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The report "Electric Vehicle Market by Vehicle
(Passenger Cars Commercial Vehicles, Vehicle
Class (Mid-priced Luxury), Propulsion (BEV,
PHEV FCEV), EV Sales (OEMs/Models) Charging
Station (Normal Super) Region - Global
Forecast to 2030" The global electric vehicle
market is projected to grow from 3 million units
in 2019 to reach 27 million units by 2030, at a
CAGR of 21.1 during the forecast period. Browse
46 market data Tables and 49 Figures spread
through 155 Pages and in-depth TOC on "Electric
Vehicle Market Get The PDF Brochure For This
Report _at_ https//www.marketsandmarkets.com/pdfdown
loadNew.asp?id209371461 The global electric
vehicle market is dominated by major players such
as Tesla (US), BYD (China), BMW (Germany),
Volkswagen (Germany), and Nissan (Japan).
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Asia Pacific is expected to lead the market
during the forecast period Asia Pacific is
expected to be the largest electric vehicle
market by 2030 due to the rising demand for
greener transportation along with several
initiatives by private organizations as well as
governments. The region is home to some of the
fastest developing economies of the world, such
as China and India. The governments of these
developing economies have recognized the growth
potential of the electric vehicle market, and
hence, have undertaken different initiatives to
attract major OEMs to manufacture electric
vehicles in domestic markets. For instance, in
March 2019, the Indian government announced the
second phase of FAME II, which includes setting
up 2,700 charging stations in metro cities. Also,
the Indian government plans to make it mandatory
for cab-hailing companies Ola and Uber to have
40 of their fleet as electric vehicles. China is
also investing heavily in the production of
commercial electric vehicles with plans for
export. OEMs such as BYD plan to open plants in
other parts of the world to manufacture electric
buses and electric trucks to meet regional
demand. In December 2017, Toyota announced plans
to launch 10 new EV models by 2020 in Japan. The
EV charging infrastructure in Japan is already at
an advanced stage thus, EV sales and electric
vehicle charging stations market are expected to
grow significantly in the near future. All these
factors will drive the electric vehicle market in
the Asia Pacific region. To speak to our analyst
for a discussion on the above findings,
click Speak to Analyst
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The mid-priced segment is expected to grow at the
highest CAGR The mid-priced segment is expected
to be the fastest growing market during the
forecast period. In Asia Pacific, China is one of
the leading countries for the mid-priced segment.
Companies such as BYD, Smart, and Great Wall
Motors are manufacturing vehicles that are
relatively less expensive. In July 2018, Great
Wall Motors announced a partnership with BMW
Group to produce electric MINI vehicles in China.
In December 2018, the company launched its new
flagship vehicle under its new ORA electric car
brand the ORA R1. The small urban car will cost
only USD 8,680 after incentives with a range of
almost 200 miles. Also, established automotive
manufacturers such as Hyundai, General Motors,
Honda, and Nissan are manufacturing mid-priced
EVs to acquire a greater market share. The
supercharging segment is expected to grow at the
highest CAGR Tesla pioneered the installation of
supercharging stations across the world. These
super-fast charging stations can charge an EV
battery in approximately 30 minutes. However,
superchargers are exclusive only to Tesla EVs and
do not function on other manufacturers models.
As of January 2019, Tesla had over 1,400
supercharging stations across the world. With the
mounting planned production of Tesla EVs that are
set to be launched over the next few years, the
supercharging segment is expected to grow in
tandem.
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Besides Tesla, ABB and Tritium have introduced
super-fast charging technologies, 350 kW Terra HP
and Veefil-PK, respectively. Additionally, JET
Charge have installed super-high charging power
stations in Australia. Innovations by global as
well as some key regional players are expected to
open new avenues for the growth of this segment
over the next few years. North America The US
is expected to lead the North American
market North America is estimated to be the
fastest growing market during the forecast
period. North America comprises developed
economies such as the US Canada and is home to
many leading players such as Tesla and Ford and
charging infrastructure companies such as
ChargePoint, Leviton, and Car Charging Group.
Infrastructural developments and
industrialization in developed economies have
opened new avenues, creating several
opportunities for OEMs. The implementation of new
technologies and the establishment of new
government regulations are driving the electric
vehicle market in this region. To request to
know about sample pages on the above findings,
click Request Sample
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