Global Electric Vehicle Market Size To Worth USD 1821.49 Billion by 2032 | CAGR of 17.7%
Category: Automotive & TransportationGlobal Electric Vehicle Market Worth USD 1,821.49 Billion By 2032.
According to a research report published by Spherical Insights & Consulting, the Global Electric Vehicle Market Size is to grow from USD 356.18 billion in 2022 to USD 1,821.49 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 17.7% during the projected period. Growing demand for low-emission traveling, as well as government incentives and tax breaks for long-range, emission-free vehicles, have pushed manufacturers to offer electric vehicles globally. As a result, there is a growing market demand for electric vehicles. Countries all over the world have set emission reduction targets based on their own capacity.
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Browse key industry insights spread across 200 pages with 210 market data tables and figures & charts from the report on "Global Electric Vehicle Market Size, Share, and COVID-19 Impact Analysis By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/electric-vehicle-market
Electricity powers the electric vehicle. An electric motor powers electric vehicles. It requires a constant supply of energy from the batteries. Various types of batteries are used in electric vehicles. Zinc-air batteries, molten salt batteries, lithium-ion batteries, and nickel-based batteries are examples of these. Electric vehicles were developed primarily to reduce pollution. It has gained popularity as a result of technological advancements. It outperforms conventional vehicles due to better fuel economy, fewer repairs, ease of charging, and smoother driving. Vehicles powered by fossil fuels are a major source of global air pollution. As a result, many regulatory bodies have been forced to impose strict emission standards on automobile manufacturers in order to reduce vehicle emissions. Consumer demand for BEVs has increased significantly in recent years due to the fact that they are not powered by traditional fuels such as petrol or diesel. Electric vehicles also have lower maintenance costs than traditional gasoline-powered vehicles, giving them an advantage. Increasing EV demand will drive market growth throughout the forecast period. Governments are offering enticing incentives and policies to encourage the purchase of EVs. However, the lack of infrastructure for charging electric vehicles has proven to be a detriment to market growth.
The passenger segment is expected to hold the largest share of the global electric vehicle market during the forecast period.
The global electric vehicle market is divided into two segments: passenger car and commercial vehicle. The passenger segment is projected to account for the majority share of the global electric vehicle market throughout the forecast period. The presence of EV manufacturers, OEMs, and other automotive manufacturers in the region contributes to the region's high rate of EV adoption. Throughout the forecast period, these factors are projected to contribute to segmental growth.
The battery electric vehicle segment is expected to hold the largest share of the global electric vehicle market during the forecast period.
The global electric vehicle market is divided into two segments based on propulsion type: battery electric vehicle and hybrid electric vehicle. The battery electric vehicle segment will likely account for the majority share of the global electric vehicle market throughout the study period. Government incentives, increased environmental awareness, advancements in battery technology, and expanding charging infrastructure are driving segmental growth.
The front wheel drive segment is expected to grow at the highest CAGR in the global electric vehicle market during the forecast period.
The global electric vehicle market is divided into three segments based on drive type: all wheel drive, front wheel drive, and rear wheel drive. Front-wheel drive is projected to expand at a rapid pace in the global electric vehicle market throughout the forecast period. Cost-effectiveness, energy efficiency, and suitability for daily commuting and urban driving are all contributing factors to segmental growth.
Asia Pacific is projected to hold the largest share of the global electric vehicle market during the study period.
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The Asia Pacific region has emerged as a dominant player in the global electric vehicle market. It includes countries such as China, Japan, South Korea, and India, all of which have played significant roles in EV adoption and manufacturing. China holds a significant market share and has become the world's largest EV market due to a combination of factors such as government incentives, supportive policies, robust domestic EV manufacturing, and a strong focus on reducing air pollution and carbon emissions.
Europe is projected to expand at the highest rate in the global electric vehicle market throughout the forecast period. Europe has emerged as a key market for electric vehicles, with several countries showing high adoption rates. Due to stringent emission regulations, financial incentives, and extensive charging infrastructure, Norway, the Netherlands, Germany, France, and the United Kingdom have led the way in EV adoption.
Major vendors in the Global Electric Vehicle Market include BAIC Group, BMW Group, Jaguar, BYD Company Ltd., Hyundai Group, Daimler AG, Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla, Toyota Motor Corporation, Volkswagen AG, Group Renault, and Others.
Recent Developments
- In March 2023, Moscow decided to buy 1,000 electric buses from KAMAZ. GAZ Group is also planning to purchase another 200 electric buses. Currently, Moscow operates 1,055 electric buses on 79 routes. Moscow intends to build nearly 200 ultra-fast charging stations for electric buses, as well as to open a second electric bus park in the Mitino district northwest of Moscow and to launch 29 new electric bus routes.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Vehicle Market based on the below-mentioned segments:
Global Electric Vehicle Market, By Vehicle Type
- Passenger Car
- Commercial Vehicle
Global Electric Vehicle Market, By Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
Global Electric Vehicle Market, By Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
Global Electric Vehicle Market, By Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Global Electric Vehicle Market, By Component
- Battery Pack & High Voltage Component
- Motor
- Brake, Wheel & Suspension
- Body & Chassis
- Low Voltage Electric Component
Global Electric Vehicle Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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