Electric Vehicle Market (EV) is expected to Reach $1869.9 Billion by 2030 at a CAGR of 24.4% during 2022–2030
Increasing prices of petrol & diesel and decreasing cost of electric batteries have significantly fueled the demand for EVs. For instance, in 2010, the price of an EV battery was approximately USD 1,100 per kWh, which fell approximately to USD 137 per kWh in 2020, and further dropped to USD 120 per kWh in 2021. This is a key factor driving the growth of the EV Market Size.
The Global Electric Vehicle Market was valued at $273.4 billion in 2021 and is expected to reach $1869.9 billion by 2030, registering a CAGR of 24.4% during the forecast period, 2022-2030, according to a new research report by Next Move Strategy Consulting.
Proactive government initiatives to reduce carbon emissions that contribute to environmental hazards such as climate change, air pollution, and water pollution boost the demand for electric vehicle industry. For instance, in April 2022, The US Department of Transportation’s Federal Highway Administration announced a new Carbon Reduction Program (CRP) to develop carbon reduction strategies and address the climate crisis. This program focused on reducing pollution from transportation and cutting carbon emissions.
On the contrary, inadequate standardization of EV charging infrastructure restrains the market growth. However, the manufacturers of electric vehicle charging stations are developing various stations worldwide to address this problem. Additionally, the introduction of self-driving electric vehicles owing to technological advances in artificial intelligence, machine learning, and sensors such as radar, LiDAR, GPS, and computer vision enables manufacturers to improve the autonomous driving capabilities of electric vehicles, which would significantly contribute to the growth of the EV Industry.
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Browse key industry insights from the report “https://www.nextmsc.com/report/electric-vehicle-market” in detail along with the table of contents:
According to the report, the leading market players in the manufacturing of electric vehicle market share are Tesla Inc., BYD, BMW Motorrad, SAIC-GM-Wuling Automobile, Mercedes-Benz Group, Stellantis, Hyundai Motor Group, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, and others.
Key Insights from the Electric Vehicle Market Report:
The information related to key drivers, restraints, and opportunities and their impacts on the electric vehicle market is provided in the report.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
The report includes the market shares of the players in the global electric vehicle market along with their competitive analyses.
Avail the full report here: https://www.nextmsc.com/report/electric-vehicle-market
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