The Electric Vehicle Market is expected to reach USD 957.44 Billion by 2030. This represents a 24.53% CAGR over the forecast period (2022-2030). In 2021, the market was worth USD 208.97 million.
Electric Vehicles, a new technology that combines advanced features with modern design, are bringing rapid development to the automotive industry. As the government supports electric vehicle manufacturers, it offers subsidies and favorable policies to encourage them to reduce their emission rates. The EV market can be boosted by tax rebates and other non-financial incentives such as new car registration, carpool lane accessibility, increased vehicle range, active participation from OEMs, provision of charging infrastructure in regular areas, and so on.
The Market.us has released the most recent report. It highlights the market’s growth in EVs through advanced features such as the goal of tackling climate change, advanced motors, and lithium-ion battery technology.
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Electric Vehicle Market: Drivers
EV Market – The price of EV batteries has fallen in the last decade thanks to technological advances and large-scale production. This has caused a decline in the price of electric cars because EV batteries are some of the costliest components. A kWh of EV batteries cost around USD 1,100 in 2010. In 2010, an EV battery cost approximately USD 1,100/kWh. However, in 2020 the price dropped to USD137/Kilowatt hour and fell to USD 120/Kilowatt hour in 2021. These batteries are available in China starting at USD 100 per kilowatt-hour. These batteries are less expensive because they require lower manufacturing costs, have lower cathode material prices, and are easier to produce. EV batteries should drop to USD 60 per Kilowatt by 2030. This will make them much cheaper than conventional ICE vehicles.
Electric Vehicle Market: Restraints
There are few EV charging points in different countries. This reduces the availability of public EV chargers for electric cars and thus lowers adoption. Although a variety of countries are currently working to implement EV charging infrastructures, many countries have not been able or willing to install sufficient EV charging stations. With a global EV charging network, the demand will rise for EVs. These charging networks are not yet available in most countries. The Netherlands has one of the highest EV charger densities per 100 km. The Netherlands boasts the highest density, with around 19-20 charging stations per 100 km. China has around 3-4 charging points per 100 km. China is next. The UK has 3 charging stations per 100 km. However, the country is quickly expanding its network of charging stations in line with its 2030 plans to end ICE car sales. Germany, Russia, and the UAE have all increased their EV shift with many charging stations.
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Electric Vehicle Market Key Trends:
Electric Buses Are Increasingly Popular to Drive Market Demand
India’s government has taken multiple steps to encourage the manufacture and adoption of electric cars in India. This is to reduce carbon emissions and develop e-mobility due to rapid urbanization.
The National Electric Mobility Mission Plan and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME I and 2) helped to create initial interest and exposure in electric mobility. In FAME II, for instance, the government announced a USD 1.4 billion expenditure through 2022. This phase is focused on electrifying public and shared transport by subsidizing 7,090 electric buses, 500,000 electric three-wheelers, 550,000 electric passenger vehicles, and 1,000,000 electric two-wheelers.
The Indian government provided tax exemptions and subsidies for EV manufacturers and consumers to promote domestic electric vehicles. The government has placed a 15% customs tax on parts used to manufacture electric vehicles and a 10% duty on imported lithium-ion batteries. This is according to the phased manufacturing proposal. The PMP revised duty has been proposed starting in April 2021.
States have also developed policies to support powertrain electrification through stimulating demand, local manufacturing and research and development (R&D), and infrastructure development. Many states have already developed their policies for electric vehicles, including Andhra Pradesh and Kerala. Take, for example:
The Delhi Electric Vehicle Policy 2020 states that the government will have at least 50% of all stage carriage buses equipped with e-buses and aim to have 25% by 2024. The Delhi government announced plans to provide a subvention of interest up to 5% to purchase electric vehicles (EVs) for state purchases in March 2021. This initiative promotes the Delhi government’s EV policy, which offers financial incentives for all types of e-vehicles (two-wheelers and three-wheelers, as well as goods carriers and electric rickshaws).
The Delhi government announced in February 2021 a subsidy amounting to INR 30,000 to promote e-rickshaws for last-mile connectivity. The market has also benefited from the increased demand for e-rickshaws in Delhi.
Considering the developments mentioned above and instances, the market is expected to see an increase in demand over the forecast period.
Recent development:
Tata Motor Company, in January 2022, announced that it would mainstream EVs and aim to achieve 50,000 sales annually by FY 2023. The company reached out to vendors for an assurance production plan of 50,000 electric vehicles in fiscal 2023. It then increased the production capacity to 125,000-150,000 units per year in the next two years.
MG Motors presented its upcoming EV, MG 4, in February 2022. It is scheduled to be launched in India in 2022. It will be equipped with a 61.1 kWh lithium-ion battery and can travel approximately 400 km.
Tesla introduced two safety features to its car in May 2019. They are called emergency lane depart and lane departure. These prevent collisions and maintain the vehicle in its lane while in cuisine mode.
BYD’s second-generation e6 electric vehicle (EV) was launched in India in December 2021. Deliveries for this model began in February 2022. The MPV has a 71.7-kWh battery pack, approximately 250+ miles per single charge.
Scope of the Report
| Attribute | Details |
| Market Size in 2021 | USD 208.97 Million |
| Growth Rate | CAGR of 24.53% |
| Historical Years | 2016-2020 |
| Base Year | 2021 |
| Quantitative Units | USD In Mn |
| No. of Pages in Report | 200+ Pages |
| No. of Tables & Figures | 150+ |
| Format | PDF/Excel |
| Direct Order This Report | Available- To Purchase This Premium Report Click Here |
Key Market Players:
- Volkswagen
- Mitsubishi
- Renault
- Nissan
- BMW
- Tesla
- Volvo
- Mercedes-Benz
- Hyundai
- PSA
Type
- PHEV
- BEV
Application
- Home Use
- Commercial Use
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
Key questions:
- What are the main driving forces and opportunities for the Electric Vehicle Market?
- What are the major players in India’s Electric Vehicle (EV), Market?
- How big is the global electric vehicle market at the moment?
- What are market trends affecting the growth of the EV industry?
- Which regions will offer more opportunities for electric cars in the future?
- What is the market share for battery electric vehicles (BEVs)?
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