The report predicts the global Electric Vehicle Market to grow with a CAGR of 6.67% over the forecast period from 2022-2031.
According to Research Dive analysis, the global electric vehicle market is estimated to generate a revenue of $812,888.1 million by 2031, increasing from $190,628.7 million in 2022, at a healthy CAGR of 19.8%
Impact Analysis of COVID-19 on the Global Electric Vehicle Market:
The global electric vehicle market experienced a negative impact due to disruption of labor, complete shutdown of manufacturing units, and import-export restrictions. The lockdown restrictions have led to delay in production of electric vehicles due to restriction of imports of Chinese components. China is one of the leading electric vehicle component supplier and supply chain disruptions has led to trade tensions thereby affecting the overall manufacturing process.
In addition, the demand for electric vehicles had declined during the pandemic due to shift in consumer preferences for the purchase of affordable automotive vehicles and cash saving. Also, the electric vehicles such as cars are costly than the conventional gas-powered vehicles. To cope up with the pandemic various manufacturers such as Nissan Motor Co., BMW AG, Tesla Motors, and others have shut down their manufacturing facilities and shifted their focus towards manufacturing of medical products. For instance, Tesla, the largest automotive manufacturer had started the manufacturing of Personal Protective Equipment (PPE), face masks, thermometers, and other essential medical supplies. All these factors have led to negative impact on the global electric vehicle market.
Electric Vehicle Market Analysis:
The global electric vehicle market experienced appreciable growth as these cars are 100 percent eco-friendly as they are powered by electric-engine. Hence, they do not emit toxic greenhouse gases, or smoke into the environment thereby reducing the air pollution. Even renewable sources of energy such as wind power, solar energy can be used to power the electric vehicles. Also, these cars are safe to drive as they undergo similar testing and fitness procedures as that of fuel-powered vehicles. In addition, electric vehicles require less maintenance cost as there is no need to lubricate the engine or change the oil.
Electric cars help in reducing noise pollution as they are much quieter and provides smooth drive with high acceleration over longer distances. In addition, the electric cars offer regenerative braking system in which the kinetic energy released by applying brakes can be used to charge the electric vehicle battery. Electric vehicles are highly responsive and have good torque. Also, electric vehicles are digitally connected and many electric vehicle charging stations provide an option to control charging via smartphone app. Thus, all these advantages associated with electric vehicle are anticipated to drive the overall market growth during the analysis period.
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Finding an electric vehicle charging station can be difficult in some places such as rural or suburban areas. The electric vehicle charging infrastructure is still under development process. Hence, finding a charging station can be difficult at times and you may run out of charge. This factor is anticipated to create a negative impact on the electric vehicle market growth during the analysis period.
The electric vehicle industry has huge potential to reshape the transportation sector as government has imposed strict regulations on the carbon and greenhouse gas emission caused by conventional fueled-based vehicles. As stated on November 5, 2020 in EESI, the Environmental and Energy Study Institute, California Governor, stated the importance of electric vehicles and announced that all new cars and passenger vehicles sold in California should be zero-emission vehicles by 2035. In addition, the electric vehicles require less charging cost which is 40% lower than that of the petrol and this cost can be reduced further with the help of solar photovoltaic (PV) system.
Furthermore, U.S., China, and India are the largest energy consumers in the world. Hence, the adoption of electric vehicles will reduce the energy consumption and emission of harmful gases. The various government initiatives, subsidies, and incentives offered on purchase of electric vehicle is estimated to generate excellent growth opportunities. For instance, in New Zealand the government is waving off the fuel tax on purchase of electric vehicle. Also, high subsidies ranging from $4000 to $9000 are offered in Korea, Norway to encourage the purchase of electric vehicle. All these factors are predicted to generate huge opportunities for the growth of electric vehicle market during the forecast period.
Based on type, the global market for electric vehicle is divided into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. The hybrid electric vehicle sub-segment is projected to have the fastest market growth and generate a revenue of $ 295602.6 million by 2031.
Based on vehicle type, the market is classified into two-wheeler, passenger car, and commercial vehicle. The passenger car sub-segment garnered $ 117,454.1 million in 2022 and it is projected to grow exponentially by 2031.
Based on vehicle class, the market is classified into mid-priced and luxury. The luxury sub-segment has acquired a revenue of $ 100,010.9 million in 2022 and is estimated to grow rapidly by 2031.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific electric vehicle is anticipated to rise at a growth rate of 18.0% by 2031 from the revenue generated in 2022.
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The companies involved in the global electric vehicle market are Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Energica Motor Company S.p.A, Daimler AG, Ford Motor Company, Nissan Motor Co., Ltd., General Motors Company, Tesla, Inc., Volkswagen AG, Toyota Motor Corporation
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