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Data Bridge Market Research’s latest report, “Electric Vehicle Market” provides a thorough analysis of growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape, offering valuable insights for industry professionals. Electric Vehicle is the finest market research report, which is the result of a proficient team and their potential capabilities. In this market research report, data collection modules with large sample sizes are used to collect data and perform base year analysis. The market research data included in this report is analyzed and forecasted using market statistical and coherent models. This wide-ranging market analysis report puts light on many aspects related to Electric Vehicle industry and market. Market definition, market segmentation, competitive analysis, and research methodology are the major topics covered in the Winning Electric Vehicle business report.
Data Bridge Market Research analyses that the electric vehicle market which was USD 3,37,263.41 million in 2022, is expected to reach USD 14,84,355.71 million by 2030, growing at a CAGR of 20.35% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Global Electric Vehicle Market Dynamics
Drivers
- Rising environmental consciousness
There is rapid increasing sales of electric vehicles globally, owing to its various advantages such as high fuel economy, low maintenance, convenient charging, and smooth driving. A large number of consumers are rapidly preferring passenger and commercial electric vehicles (EVs) due to the rising environmental consciousness among them, as electric vehicles are environmentally friendly. The rising environmental consciousness globally is significantly contributing to the market’s growth.
Opportunities
- Increasing demand in automotive and transportation
There is high demand for electric vehicles in the automotive and transportation sectors. Electric vehicles are majorly preferred in the automotive and transportation sector as they work on batteries and conventional vehicles work on fuel and the prices of fuels are increasing day by day. Along with this charging electric vehicles is also very convenient. Therefore, the increasing demand for electric vehicles in automotive and transportation is further fuelling the market’s growth.
Some Of The Major Players Operating In The Electric Vehicle Market Are:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG. (Germany)
- Kia India Private Ltd. (South Korea)
- Renault Group (France)
- Peugeot Motor Company plc (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler Truck AG. (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- Toyota Motor Sales, U.S.A., Inc. (Japan)
- Nissan Motor Co., Ltd. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
- Stellantis NV (Netherlands)
Recent Development
- In April 2021, BYD launched four new electric vehicle models that are equipped with Blade batteries in Chongqing. The new vehicle models are Qin Plus EV, E2 2021, Tang EV and Song Plus EV which are available with advanced battery safety features. These launch with advanced battery safety features will attract number of consumers which will boost the market’s growth.
- In April’2021, Volkswagen showcased 7 seater EV ID.6 Crozz and ID.6 X along with FAW and SAIC in China. The vehicles come in two battery versions, including 58 kWh and 77 kWh. This would cater needs of a number of consumers and further contribute to the market’s growth.
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Electric Vehicle Market Segmentations:
Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Infotainment System
- Reducer
- Fuel Stack
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
- Others
Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Vehicle Type
- Passenger Cars
- Two Wheelers
- E-Scooters & Bikes
- Commercial Vehicles
- Heavy Commercial
- Heavy-Duty Commercial Trucks
- Light Commercial
- Light Commercial Pick-up Trucks
- Light Commercial Vans
- Buses
- Medium-Duty Commercial Trucks
Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Charging Station Type
- Normal Charging
- Super Charging
Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury
Power Train
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Top Speed
- <125 MPH
- >125 MPH
Vehicle Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
Vehicle Connectivity
- Vehicle to Building
- Vehicle to Grid
- Vehicle to Vehicle
- Vehicle to Everything
End Use
- Private
- Commercial Fleets
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