One of the factors supporting the growth of the global electric vehicle market is rising fuel and diesel prices. An electric vehicle is widely adopted due to high fuel prices.
According to the International Energy Agency (IEA), after a decade of tremendous expansion, there were 10 million electric vehicles on the world’s roads in 2020. Although global auto sales fell 16% in Due to the pandemic, electric vehicle registrations jumped 41%. in 2020. Around 3 million electric vehicles have been sold worldwide and Europe has for the first time overtaken China as the world’s largest market for electric vehicles. Registrations of electric trucks and buses also increased in major countries, reaching 31,000 and 600,000 units worldwide.
An electric vehicle runs on electricity rather than fuel or gasoline. An electric vehicle works with an electric motor instead of an internal combustion engine. The wide range of batteries are used to operate the electric vehicle. An electric vehicle helps in the reduction of pollution, which is driving the growth of the global electric vehicle market. Technological advancements provide growth prospects for the electric vehicle market. There are different types of electric vehicles available in the market. These are battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles. The hybrid electric vehicle is widely adopted in the global market.
According to Precedence Research, the global market electric vehicle market will reach USD 1103.17 billion by 2030 and grow at a CAGR of 23.1% over the forecast period 2022 to 2030.
What are the main trends in the electric vehicle market?
One of the factors supporting the growth of the global electric vehicle market is rising fuel and diesel prices. An electric vehicle is widely adopted due to high fuel prices. This type of vehicle is fuel efficient and does not emit any type of toxic gas. This factor is driving the demand for electric vehicles in the market. In addition, the government of emerging and established countries is taking initiatives and actions for the development of the global electric vehicle market. The expansion of the global electric vehicle market is also boosted by the reduction in prices of electric vehicle batteries. Strict government regulations against carbon emissions and greenhouse gas emissions are driving the growth of the global electric vehicle market.
Electric vehicle producers and regulators are increasing their focus and efforts. Electric vehicle technologies such as all-electric and plug-in hybrid electric vehicles are attractive solutions for achieving environmental and socio-economic goals. Electric vehicles can reduce dependence on petroleum-based fuels and, if powered by low-carbon energy, can significantly reduce greenhouse gas emissions. Electric vehicles are also perfectly suited to help alleviate air pollution problems due to their zero emissions. Additionally, electric vehicles are pushing advances in battery technology, which is a critical issue for productivity in the transition to clean energy.
What are the challenges of the electric vehicle market?
One of the major challenges for the growth of the global electric vehicle market is the high cost of manufacturing. Compared to traditional types of vehicles, electric vehicles are quite expensive. This is due to the advanced features built into the vehicles as well as technological developments. In addition, manufacturers need large capital investments to manufacture electric vehicles. This factor is hampering the growth of the global electric vehicle market. In addition, electric vehicles require charging stations and infrastructure. Not only countries around the world have charging stations for electric vehicles. This is another challenge that limits the expansion of the global electric vehicle market. Moreover, in some developing countries, the government does not take appropriate measures to promote electric vehicles. Moreover, proper guidelines are also not imposed for the adoption of electric vehicles. This factor is restraining the growth of the electric vehicle market.
Which regions are driving the electric vehicle trend?
The Asia-Pacific region ranks first in the adoption of electric vehicles in the global market. The electric vehicle market is growing in the Asia-Pacific region owing to the surge in demand for fuel-efficient vehicles. In the Asia-Pacific region, China accounts for the highest market share in the electric vehicle market. This is attributed to the expansion of the automotive sector in the country. In addition, favorable government regulations and guidelines are also contributing to the growth of the electric vehicle market in the region.
After Asia-Pacific, the North America region holds the largest market share in the global electric vehicle market. The United States dominates the North American market for electric vehicles. The growth of the electric vehicle market is due to the rise of government initiatives towards the development of the electric vehicle market as well as the construction of charging infrastructure and suitable charging stations for electric vehicles. This factor is driving electric vehicle sales in the region.
In addition, Europe also dominates the global electric vehicle market. European countries such as Germany, UK and France are contributing a lot to the growth and development of the electric vehicle market in the region. The factors such as growing environmental concerns and rising government activities for reducing carbon emissions are driving the growth of the electric vehicle market in the region. Additionally, Europe is also adopting fuel-efficient vehicles, which is propelling the growth of the electric vehicle market.
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