Jan 12, 2023   SOURCE: BusinessWire

$601+ Billion Worldwide Electric Vehicle Industry to 2031 - Strict Government Regulations on Vehicle Emissions are Expected to Drive Growth - ResearchAndMarkets.com

The "Electric Vehicle Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global electric vehicle market.

The global electric vehicle market is expected to grow from $191.92 billion in 2021 to $245.08 billion in 2022 at a compound annual growth rate (CAGR) of 27.7%. The electric vehicle market is expected to grow to $601.15 billion in 2026 at a CAGR of 25.1%.

Companies Mentioned

  • Volkswagen
  • Ford Motor Company
  • Toyota Motor Corporation
  • General Motors Company
  • BYD Company motors
  • BMW Group
  • Nissan Motors Co. Ltd.
  • Tesla Inc.
  • Hyundai Motor Company
  • Daimler AG
  • Groupe Renault
  • SAIC Motor Corporation Limited
  • Honda Motor Co.
  • Kia Motors Corporation
  • TATA Motors Limited
  • Mahindra and Mahindra
  • Geely Automobile Holdings Limited
  • Chevrolet

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The electric vehicle market consists of sales of electric vehicles by entities (organizations, sole traders, and partnerships) that are used as environmentally friendly vehicles as they use little or no combustion fuels (petrol, diesel. or gas). An electric vehicle is a self-propelled vehicle that is powered by an electric motor and uses electrical charging to transport passengers and goods while reducing harmful air pollution from exhaust emissions.

The main types of electric vehicles are battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. A battery electric vehicle refers to a vehicle that operates solely on the use of a battery or battery pack that stores energy produced by the electric motor or through regenerative braking to assist in vehicle operation.

The different vehicle types include two-wheelers, passenger cars, and commercial vehicles, and involve several charging types, such as slow charging and fast charging. The power outputs are less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The end-users involved are private and commercial fleets.

Asia Pacific was the largest region in the electric vehicle market in 2021. The regions covered in the electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Strict government regulations on vehicle emissions are expected to propel the growth of the electric vehicle market going forward. The governments across various countries are taking some regulatory steps toward reducing harmful gas emissions from vehicles. Electric vehicles are eco-friendly vehicles that do not contribute to greenhouse gas emissions.

For instance, in December 2021, the Environmental Protection Agency (EPA) finalized greenhouse gas emissions standards for passenger cars and light trucks for model years 2023-2026. These regulations include the standards to achieve significant greenhouse gas emissions reductions. Therefore, strict government regulations on vehicle emissions will propel the growth of the electric vehicle market.

Technological advancements are the key trends gaining popularity in the electric vehicle market. Major companies operating in the electric vehicle market are focused on developing new technological solutions to strengthen their position.

For instance, in February 2022, QuantumScape, a US-based renewable energy company, is developing solid battery technology to extend the range of electric vehicles and allow them to recharge more quickly. QuantumScape conducted its tests, and the results showed that the solid-state batteries completed 400 consecutive 15-minute (4C) fast-charge cycles successfully from 10% to 80% capacity.

The countries covered in the electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

For more information about this report visit https://www.researchandmarkets.com/r/chz3r9