At 23% CAGR, Global Electric Vehicle (EV) Market Size to Surpass US$ 1105 Bn By 2030, Forecast & Analysis Report By CMI
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According to the study, The Global Electric Vehicle (EV) Market?was estimated at USD 170 Billion in 2021 and is anticipated to reach around USD 1105 Billion by 2030, growing at a CAGR of roughly 23% between 2022 and 2030.
Overview:
The report analyses the Electric Vehicle (EV) market’s drivers and restraints and the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle (EV) market.
Low-emission technology used in electric vehicles aids in reducing greenhouse gas emissions and addressing other environmental problems. To reduce greenhouse gas emissions, several developing economies are choosing sustainable alternatives.
The demand for electric vehicles has increased due to growing worries about the pollution produced by conventional internal combustion (IC) engines, which has positively impacted the electric vehicle market.
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Growth Drivers:
The sale of electric vehicles is projected to increase in the future due to a significant number of government programs, including tax rebates, grants, and other non-financial perks like access to carpool lanes and subsidies. For instance, German automakers increased their cash incentives for electric cars in November 2019 to delay the switch from internal combustion to battery-powered engines to prevent hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations including the United States, China, and several European nations; this, in turn, will help the industry expand.
However, several key obstacles that impede market expansion include a lack of charging infrastructure, variances in charging load, and a lack of standardization. Several regions, including China, Europe, the United States, Japan, Korea, and others, have varied standards for charging electric vehicles. To address this issue, certain electric vehicle manufacturers, like Tesla Inc., are concentrating on a worldwide standardization of the charging infrastructure. Nevertheless, it is projected that increasing the use of electric vehicles in the public and commercial sectors will propel the market. For instance, the UK government approved 200 electric buses in 2020, intending to make all buses electric by 2025, which may reduce CO2 emissions by roughly 7,400 tonnes annually.