Product ID: SQMIG25C2046
Global Electric Vehicle Market Size, Share, Growth Analysis, By Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Vehicle Type(Two-Wheelers, Passenger Cars), By Vehicle Class(Low to Mid-Priced, Premium-Priced), By Top Speed(Less Than 100 MPH, 100 to 125 MPH), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2046 |
Region:
Global |
Published Date: February, 2024
Pages:
211
|
Tables:
143 |
Figures:
83
Global Electric Vehicle Market Dynamics
Electric Vehicle Market Driver
Growing Government Subsidies, Favourable Policies and decreasing reliance on fossil fuels are expected to drive the Market
- The growing demand for EVs will drive the market during the projected period. The government offers many incentives and policies to drive the sales of EVs. Such incentives include a lower sales price, zero or lower registration price, free charging of EVs through several charging stations, among many governments worldwide excluding import taxes, purchase tax, and road tax, with specific subsidies. As a result, these subsidies increased the production of EVs for the auto industry. Moreover, the government has made enormous infrastructure investment and supportable policies. For instance, in the next 5 years, the U.S. government plans to spend over USD 287 billions on newly highway construction. The price increase is due to the rising demand for petrol, which is a non-renewable energy supply that is predicted to be depleted over the next several decades. Price increases are caused by fluctuations in the demand and supply of gasoline. Despite the fact that several accords have been established to restrict the price of gasoline on the worldwide market, prices have risen throughout the years. Because the majority of nations are needed to buy petrol, its use adds to the economy's trade balance. Because of finite petroleum supplies and growing gasoline prices, manufacturers are considering alternate fuel sources for their automobiles.
Electric Vehicle Market Restraint
High manufacturing cost for EVs and Batteries likely to stymie the market growth
- While EVs have proven to be superior to Fossil fuel cars, the EVs’ costs are still higher speculate of the Fossil fuel cars. Thus, EVs are still at a lower scale of production since their economies of scale are not yet achieved. The absence of the EV charging network hindered the market due to some of the factors of hindrance’s growth. Furthermore, manufactures need a lot of investment and assets which may reduce or hinder the market’s growth. Nevertheless, the cost of batteries is expected to decline due to large EV batteries produced, and the level of technology used in manufacturing due to large-scale production. Additionally, When compared to petrol, CNG, or LPG fuel stations, the initial cost in establishing a rapid charging system is substantially more. This has been a key impediment to governments all around the world adopting EVs on a larger scale during the last decade. Technological advancements are predicted to eliminate this constraint, resulting in lower prices. Because of the increased equipment costs and the demand for an extra fast charger to construct a transformer to link the grid and charging system, the cost of EV fast charging is significant. This has slowed the development of charging networks throughout the world, which have gained pace in recent years due to worries about automobile emissions.
Global Electric Vehicle Market Report Snapshots
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