Global Electric Vehicle Market is estimated to reach US$ 72,798 Bn by 2050 driven by increasing demand for low-emission vehicles and government initiatives to accelerate EV deployment | CAGR of 21.99% during 2022-2050

NEW DELHI, Feb. 16, 2022 /PRNewswire/ -- The study published by Astute Analytica foresees a rise in revenue of the Global Electric Vehicle Market from US$ 229.8 Bn in 2021 to US$ 72,798 Bn by 2050. The market is registering a CAGR of 21.99% during the forecast period 2022-2050. In terms of volume, the market is witnessing a growth at a CAGR of 21.73% during the forecast period. Electric vehicles lead to less air pollution, less noise pollution, higher efficiency, low maintenance cost, and low fuel and operating costs when compared to other conventional vehicles.

Request a Sample Report of Global Electric Vehicle Market:  https://www.astuteanalytica.com/request-sample/electric-vehicle-market

Market Dynamics

Drivers:

The growing impetus of the global electric vehicle market is attributed to factors such as increasing demand for low-emission vehicles and government initiatives to accelerate EV deployment. The production of gas-powered vehicles is expected to decrease prominently over the next decade as gas is not a renewable source of energy and doesn't promote sustainable development. However, electric vehicles are fuel-efficient and low emission vehicles as compared to gas-powered vehicles. Countries like the U.S., France, Germany, and China have implemented stringent government laws and regulations regarding vehicular emission, under which it is mandatory for the automobile manufacturers to use advanced technologies that help to combat high-emission levels emitted by vehicles. Furthermore, governments across the world are providing incentives to encourage the sale of EVs such as reduced selling prices, zero or low registration fees, and so on. By 2020, more than 20 countries announced the full phase-out of internal combustion engine (ICE) car sales over the next 10–30 years, including emerging economies such as Costa Rica, Cabo Verde, and Sri Lanka.

Restraints:

High cost of EV charging infrastructure is one of the major reasons restricting installment. Furthermore, there are asymmetrical standards of EV charging infrastructure i.e., certain EV charging stations maybe compatible with a certain type of voltage only. These factors constraints the installment of EV charging Infrastructure, thereby negatively affecting the electric vehicle market.

Trends:

Clean and renewable energy sources like solar and wind power are being increasingly integrated into the utility grids used to charge electric vehicles, which further reduces the use of hydrocarbon-based energy sources.

Recent Developments in the Global Electric Vehicle Market

• In January 2022, Toyota expanded C+pod ultra-compact battery electric vehicle (BEV) sales to all customers in Japan.
• In January 2022, 24M Technologies finalized the deal with Volkswagen Group to partner on next-gen EV battery manufacturing.
• In January 2022, BYD announced partnership with Nuro, a company that develops zero-occupant vehicles for goods transport, to produce third-generation electric autonomous delivery vehicles.
• In January 2022, Tesla signed a deal with Mozambique for a key component in its electric car batteries, first-of-its-kind deal designed to reduce its dependence on China for graphite.
• In 2022, the BMW Group is expected to launch its EV offerings in India, with three premium EVs - BMW i4 and BMW iX through the BMW brand and the MINI Cooper SE electric from the MINI brand.

Regional Analysis

Asia Pacific region dominates the Global Electric Vehicle Market in 2021

Asia Pacific dominates the Global Electric Vehicle Market in 2021 and is expected to continue its dominance during the forecast period 2022-2050. This is due to the growing demand of passenger cars in the APAC region. China, being the world's top EV producer and user, has a stranglehold on the region's EV market. Furthermore, Japan and South Korea have both seen rapid growth in their electric vehicle market as their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE vehicles to full or hybrid EVs, among other things.

North America has the second highest CAGR in the Global Electric Vehicle Market

North America registers the second fastest CAGR in the Global Electric Vehicle Market during the forecast period 2022-2050 owing to growing government initiatives to support the adoption of electric vehicles in the region. The Government has announced Safer Affordable Fuel Efficient (SAFE) vehicles rule for the model years between 2021-2026 which increases stringency of about 1.5% per year according to the CO2 emission standards. The US leads the electric vehicle market of the North American region. Furthermore, the Battery Electric Vehicle (BEV) type has the highest share in the North America EV market in 2021 owing to its reduced dependence on fossil fuels and safe operation.

Western Europe dominates the European Electric Vehicle Market in 2021

Western Europe is the highest shareholder in the electric vehicle market of the European region in 2021. Germany holds the highest share among the countries in Western Europe. The most popular model being sold in Europe is the Tesla Model 3 with a total of over 1,00,000 units registered in the year 2021. Fast chargers are increasingly becoming very popular in Europe as fast charger technology focuses on DC chargers that can give up to 350 kilowatts or even more, providing quick energy delivery to EV batteries.

South Africa is the highest shareholder of the Middle East & Africa Electric Vehicle Market

South Africa has the highest share in the MEA electric vehicle market in 2021 and is expected to continue its dominance during the forecast period 2022-2050. In terms of vehicle type, the passenger car segment has the highest share as these countries have enacted emission restriction laws as well as subsidies, grants, and incentives to encourage people to switch to electric vehicles.

Brazil is leading the South America Electric Vehicle Market

Brazil holds more than half of the share of the electric vehicles market in South America owing to government initiatives to accelerate the use of EVs. The Brazilian and German governments have launched a report, 'Technological roadmap for light electric vehicles in Brazil'. The report acts as a roadmap to evaluate the future of the development of light electric vehicles (EVs) in Brazil.

Request Free Sample Copy @ https://www.astuteanalytica.com/request-sample/electric-vehicle-market

Competitive Landscape

The key players in the Global Electric Vehicle Market are Tesla Motors, BYD Company Motors, BMW Group, Nissan Motor Corporation, Volkswagen AG, Hyundai, KIA Motors, SAIC and BAIC among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market.

Segmentation Overview

Following are the different segments of the Global Electric Vehicle Market:

• By Type segment of the Global Electric Vehicle Market is sub-segmented into:
• Battery electric vehicle (BEV)
• Fuel cell electric vehicle (FCEV)
• Plug-in hybrid electric vehicle (PHEV)
• Hybrid electric vehicle (HEV)
• By Vehicle Type segment of the Global Electric Vehicle Market is sub-segmented into:
• Commercial Vehicle
• Passenger Car
• Two & Three Wheelers
• By Charger segment of the Global Electric Vehicle Market is sub-segmented into:
• Normal
• Fast
• By Power Output segment of the Global Electric Vehicle Market is sub-segmented into:
• Less than 100 KW
• 100-250 KW
• Above 250 KW
• By Region segment of the Global Electric Vehicle Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Indonesia
• Malaysia
• Philippines
• Thailand
• Vietnam
• Singapore
• Cambodia
• Rest of ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/request-sample/electric-vehicle-market

For Additional Information OR Media Enquiry, Please Mail Us At: [email protected]

About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); 91-0120- 4251598 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com
Follow US: LinkedIn | Twitter

SOURCE Astute Analytica