What is the key market trend for Global Electric Vehicle Market?

Indian government’s electrical vehicle policy which is initiated represents a notable transition for the India’s automobile industry by putting rooms for import duty for electric cars and promotion of local production. The falling number of tariffs rate from 70-100% to 15% on import duties over 5 years motivates automakers to bring local manufacturing; hence, the slow growth of EVs in India in the electric vehicle segment. The eligibility condition for availing of the lower import duty is that the automaker must do an investment of no less than 4150 crore Rs (which is equivalent to US$500 million) within period of three years and this confirms the commitment of these automakers to local production and it also a huge contribution to local development of the manufacturing capacity base.

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 Insights

Global Electric Vehicle Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 656.31 billion in 2023 to reach a value of USD 1198.29 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024-2031).

The market is specifically driven by the initiatives taken by governments around the globe to encourage the production of electric cars. For instance, in February 2023, the Biden-Harris Administration announced new measures aimed at creating a charging network consisting of fast, convenient, and domestically produced electric vehicles. These initiatives, however, are characterized as a means through which the U.S. can reach its aggressive climate agenda of establishing 500,000 EV chargers across highways and towns. By 2030, the government targets to witness EVs to be at least 50% of all newly sold cars. This would be the battle against the climate crisis and pave the way for the development of the domestic EV charging network and EVs themselves in in line with the overall industrial framework for growth.

Based on SkyQuest in-depth study, we found that the demand for safe, green, and smart vehicles is becoming the major driving factor for the global EV industry during the forecast period. Either fully electric or hybrid electric vehicles are designed to substitute fossil fuels and thus to lessen a carbon footprint. There is the proliferation of the development of highly precise electric vehicles that are not impacted by different types of road/terrain or extreme weather conditions such as climate fluctuations. Our study also reveals that innovative electric vehicle companies like BYD, Baic Motor, Ford Motor Company, and General Motors are working on boosting the performance of electric fuel automobiles. The OEMs are going after niche segments in the market, too, to make the e-vehicles future-strong. Furthermore, Strict vehicle emission standards have boosted the incidence of electric vehicles. For instance, European Union has announced its intention to achieve net-zero greenhouse gas emissions by 2031. Electric vehicles generate low emissions compared to the traditional ones. It resulted in the governments of almost all countries starting to improve the awareness and encouragement of promotion of EVs to cut the oil consumption, air pollution, and emissions.

US Electric Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Electric Vehicle Market Report Snapshots

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Due to the low cost and readily accessible workforce, the EV industry is relatively concentrated, with the participation of large competitors. Startups are also increasing their footprint by raising funding from investors and moving into new and undiscovered cities. The competitive and fragmented nature of the market is attributed to the presence of leading players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc. , Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, Ltd . Tesla, Inc. , the California-based EV manufacturing company and its cars are renowned for incorporated autopilot mode and semi-autonomous adjuncts . The car stake has a core enterprise of innovative product design, technological augmentation, and quality conviction. To meet the biggest charging station gap in North America, Tesla was functioning its network of charging stations across the U.S. and Canada . Tesla initiated solar power production plants to make green energy accessible for these charging stations. 'Tesla (US)', 'Volkswagen AG (Germany)', 'Nissan Motors (Japan)', 'Ampere Vehicles ', 'Benling India Energy and Technology Pvt Ltd', 'BMW AG', 'BYD Company Limited ', 'Chevrolet Motor Company ', 'Daimler AG ', 'Energica Motor Company S.p.A. ', 'Ford Motor Company ', 'General Motors ', 'Hero Electric ', 'Hyundai Motor Company ', 'Karma Automotive ', 'Kia Corporation ', 'Lucid Group, Inc. ', 'Mahindra Electric Mobility Limited ', 'NIO ', 'Okinawa Autotech Pvt. Ltd. ', 'Rivain ', 'Tata Motors ', 'Toyota Motor Corporation ', 'WM Motor', 'Xiaopeng Motors'

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.

Based on SkyQuest in-depth study, we found that Europe held the largest share of revenues in 2023 which was around 46.76%, chiefly due to factors like development of infrastructure, environmental concerns, regulatory incentives, technological advancements, and consumers changing preferences. Thereby is perennity of highly reputable and well-known electric vehicle producers in the region the main factor expanding the regional market.

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Global Electric Vehicle Market Insights

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