Technology advancement

Electric Vehicle (EV) Market Growth, Demand and Prospects for Technological Advancement in Automotive Sector 2022-2030

The global Electric Vehicle (EV) Market size was valued at USD 176.62 Billion in 2019 and is projected to reach USD 1559.84 Billion by 2030 growing at a CAGR of 21.9% from 2020 to 2030. with electric motors connected to batteries for propulsion instead of the conventional combustion engine which requires fuel to operate. Electric vehicles can be powered by a collector system such as charging stations, built-in generators or solar panels to convert solar energy into electricity. These vehicles produce low carbon emissions, low maintenance, save fuel, offer the convenience of charging at home, a smoother ride and reduced engine noise.

Market Segmentation and Scope of the Study:

The global electric vehicle market share has been segmented on the basis of type, vehicle type, vehicle class and geography. On the basis of type, the market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. On the basis of vehicle type, the market is segmented into two-wheelers, passenger cars and commercial vehicles. Based on vehicle class, the market is segmented into mid-priced and luxury. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

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Geographical analysis:

North America is expected to hold the major share of the market over the forecast period owing to the increase in demand for fuel-efficient and high-performance vehicles coupled with technological advancements in this region. However, Asia-Pacific is also expected to witness rapid growth with gradual increase in market size due to growing adoption of electric vehicles coupled with changing government regulations and increasing usage of electric vehicles. renewable energies. Moreover, rising public awareness of increasing pollution and ever-increasing automobile industry is also expected to support the growth of the market.

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Competitive landscape

Lucrative growth opportunities make the electric vehicle market extremely competitive. Some of the major market players are Bayerische Motoren Werke Aktiengesellschaft, BYD Company Ltd., Daimler AG, Energica Motor Company SPA, Ford Motor Company, General Motors Company, Nissan Motor Co. Ltd., Tesla Inc., Toyota Motor Corporation, Volkswagen AG and more.

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