Electric Vehicle Market Size to Hit $620.3 Billion by 2030
The electric vehicle market size is experiencing rapid growth, driven by increasing environmental concerns and government initiatives promoting cleaner alternatives to traditional fuel-powered vehicles. This expansion is supported by advancements in battery technology, the development of charging infrastructure, and rising consumer demand for eco-friendly transportation options. Countries across Europe, Asia-Pacific, and North America are leading the market, with China being a dominant player in electric vehicle production and sales.
As the electric vehicle market
size continues to expand, automakers are increasingly investing in electric
vehicle production and research. Major automotive brands are launching new
electric models and expanding their EV portfolios to cater to the growing
consumer base. Additionally, the rise of autonomous electric vehicles and
innovations like wireless charging are expected to further accelerate the
market's growth. The shift toward electric vehicles is also supported by the
development of renewable energy solutions and government regulations that aim
to reduce carbon emissions, driving significant growth in the overall Electric
Vehicle Market Size.
The global electric vehicle (EV)
market is projected to grow from USD 396.4 billion in 2024 to USD 620.3 billion
by 2030 at a CAGR of 7.7%. Many factors are collectively driving the market.
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“Europe is expected to become
second largest growing market in size for electric vehicle during the forecast
period.”
The market of electric vehicles
in the European countries has been growing recently due to factors such as
enhancing environmental consciousness, standard regulatory norms on emissions
and several attractive financial incentives offered by the European governments.
Along with Europe's goal to center the transformation of transportation
globally, the use of electric vehicles has grown quickly, going for battery
electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Present
day leaders such as Norway, Germany, United Kingdom, France, and the
Netherlands are among the global leaders in advocating for change by providing
targets on when they will ban ICE vehicles, advocating for clean energy
solutions.
This has been further fueled by
the recent emerging issues that has help spur the market in Europe. The
availability of charging points has significantly determined this aspect, with
massive contributions from the public and private entities to provide a reach
of good and quick charging stations. Advancements in batteries have also formed
a part of this equation with increased ranges, shorter charging time and lower
costs have also led consumers towards EVs. Also, the growing number of
low-emission zones and urban restrictions for polluting vehicles across the
major European cities is forcing the trends towards electromobility.
Key Players
The electric vehicle market is
dominated by established players such as BYD (China), Tesla (US), Volkswagen AG
(Germany), Geely-Volvo (China), and SAIC Motors (China).
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