Electric Vehicle Market Size to Reach USD 1.9 billion, at a 29.5% CAGR By 2031 - Transparency Market Research Inc.
Increasing power stations and infrastructure investments are expected to drive demand for electric vehicles.
WILMINGTON, Del., Jan. 3, 2024 /PRNewswire/ -- The electric vehicles market was valued at US$ 147.8 billion in 2021. The market is expected to reach US$ 1.9 trillion by the end of 2031, expanding at a CAGR of 29.5%. Cleaner transportation options are becoming more popular as awareness of climate change grows. Governments are offering incentives worldwide to encourage electric vehicle adoption.
https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
Fast-charging stations will be installed in cities to enable electric vehicles to be recharged conveniently. Urban planning may change as electric vehicles are incorporated into urban transportation systems, including policies and infrastructure designed to accommodate electric vehicles.
Request Sample Copy of Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=75083
Electric Vehicle Market Report Scope:
Report Coverage
Details
Forecast Period
2022-2031
Base Year 2021
Size in 2021
US$ 147.8 Bn
Forecast (Value) in 2031
US$ 1.9 Trn
Growth Rate (CAGR) 29.5 %
No. of Pages 331
Segments covered By Vehicle Type, By Application, By Motor Type, By
Propulsion Technology
Key Findings of the Market Report
-- Since passenger vehicles are more reliable, safe, and comfortable, they
will dominate the global market in the coming years.
-- Based on motor type, AC motors are expected to dominate the market.
-- The development of last-mile delivery vehicles is likely to present
sales opportunities for electric vehicles in the near future.
-- Based on propulsion technology, battery electric vehicles (BEVs) will
create a demand for electric vehicles in the future.
-- With the rapid growth of electric vehicles in China and India, the Asia
Pacific region is one of the fastest growing regions for electric
vehicles.
Global Electric Vehicle Market: Growth Drivers
-- Electric vehicle production and technology investments by major
automakers have resulted in a wide range of models and increased
competition. With the advent of autonomous vehicles, electric vehicles
are becoming increasingly popular. Increasing battery energy density has
improved performance and increased driving range.
-- The development of new battery technologies has reduced production costs
for electric vehicles, making them more affordable. Consumers are
encouraged to purchase electric vehicles by governments by offering
incentives such as rebates, tax credits, and subsidies. To overcome
range anxiety and make EVs more widely adopted, governments may also
invest in the development of charging infrastructure.
-- A growing awareness of the environment is prompting consumers to choose
electric vehicles as a more sustainable and environmentally friendly
transportation option. With their stylish designs and features, electric
vehicles are appealing to a broader range of consumers. Oil prices can
fluctuate traditional fuel costs, making electric vehicles a stable and
affordable alternative.
-- Fast charging stations have become increasingly common in the past few
years, making electric vehicles more practical. The integration of smart
grids and innovative charging solutions makes electric vehicle charging
more convenient and efficient. Several companies are implementing green
initiatives, including electric vehicles, contributing to cleaner
transportation.
Ask Expert for the Research Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=75083
Global Electric Vehicle Market: Regional Landscape
-- Asia Pacific is experiencing a rapid increase in the demand for electric
vehicles (EVs). EV sales in China have grown significantly in the last
decade. Recent years have seen a rapid increase in the number of battery
electric vehicles (BEVs) in the Asia-Pacific region, followed by plug-in
hybrid electric vehicles (PHEVs).
-- Laws and regulations governing vehicle emissions have increased as a
result of the demand for performance-driven, fuel-efficient,
low-emission vehicles. Electric vehicles are becoming more affordable as
the prices of EV batteries decline, thereby increasing their popularity.
EVs will need a lot more charging infrastructure in the Asia Pacific
region, opening opportunities for investors and owners of real estate in
the EV public charging infrastructure market.
-- Indian authorities have introduced various incentives and initiatives to
encourage the adoption of electric vehicles. In addition to tax
incentives, subsidies, and incentives, the government also promotes
sustainable transportation and reduces pollution levels. As a result,
the EV market has grown rapidly.
Global Electric Vehicle Market: Key Players
With a majority of the market controlled by the largest players, the global market is fairly consolidated. Research and development efforts are being invested heavily by most of companies, especially in the development of advanced electric drive systems. The key strategies adopted by leading vehicle manufacturers are product portfolio expansion and mergers & acquisitions.
-- ABB Ltd.
-- Alcraft Motor Company
-- Baic Motor
-- BMW
-- BYD
-- Canoo
-- Chery
-- Continental AG
-- Daimler
-- Ford Motor Company
-- Geely
-- Others
Key Developments
-- In December 2023, Zeekr, unveiled fast-charging lithium iron phosphate
batteries. Announcing an electric vehicle battery, Zeekr joins the list
of manufacturers offering such a product in a competitive market. The
company is making strides to reduce the amount of external suppliers it
relies upon.
-- In December 2023, South Tyneside Council partnered with Connected Kerb,
to install up to 2,000 new charging points across the Borough, resulting
in the largest electric vehicle charger rollout in the North of England
ever.
Global Electric Vehicle Market: Segmentation
By Vehicle Type
-- Two Wheelers
-- Passenger Vehicles
-- Hatchbacks
-- Sedans
-- Utility Vehicles
-- Light Commercial Vehicles
-- Commercial Vehicles
-- Class 6 Trucks
-- Class 7 Trucks
-- Class 8 Trucks
-- Buses
By Application
-- Last-mile Delivery Vehicles
-- Powersports Applications
-- ATVs (All-Terrain Vehicles) and Quads
-- Golf Carts
-- Boats/Watersports
-- Snowmobiles
-- UTVs (Utility Terrain Vehicles)
-- Aerospace
-- AGVs
By Motor Type
-- DC Motor
-- AC Motor
By Propulsion Technology
-- Battery Electric Vehicle (BEV)
-- Plug-in Hybrid Electric Vehicle (PHEV)
By Region
-- North America
-- Europe
-- Asia Pacific
-- Middle East & Africa
-- Latin America
Contact us for Special Discount and Pricing: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=75083
More Trending Reports by Transparency Market Research -
Autonomous Trains Market- The global autonomous trains market size stood at US$ 6.1 Bn in 2021 and It is estimated to expand at a CAGR of 15.2% from 2022 to 2031 and reach US$ 25.0 Bn by the end of 2031
EV Chargers Market- The market was valued at US$ 12.0 Bn in 2021
It is estimated to advance at a CAGR of 19.4% from 2022 to 2031 and reach US$ 83.3 Bn by the end of 2031
Automotive Tire Market- The market was valued at US$ 134.8 Bn in 2021 and It is estimated to grow at a CAGR of 4.4% from 2022 to 2031 and reach US$ 209.2 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/electric-vehicle-market-size-to-reach-usd-1-9-billion-at-a-29-5-cagr-by-2031---transparency-market-research-inc-302025178.html
SOURCE Transparency Market Research
