Increasing petrol and diesel prices and decreasing electric battery costs have significantly fueled the demand for EVs. For instance, in 2010, the price of an EV battery was approximately USD 1,100 per kWh, which fell to USD 137 per kWh in 2020 and further dropped to USD 120 per kWh in 2021. This is a key factor driving the growth of the EV Market Size.

The global Electric Vehicle Market was valued at $273.4 billion in 2021 and is expected to reach $1869.9 billion by 2030, registering a CAGR of 24.4% during the forecast period 2022-2030, according to a new research report by Next Move Strategy Consulting.

Proactive government initiatives to reduce carbon emissions that contribute to environmental hazards such as climate change, air pollution, and water pollution boost the demand for the electric vehicle industry. For instance, in April 2022, The US Department of Transportation’s Federal Highway Administration announced a new Carbon Reduction Program (CRP) to develop carbon reduction strategies and address the climate crisis. This program focused on reducing pollution from transportation and cutting carbon emissions.

On the contrary, inadequate standardization of EV charging infrastructure restrains the market growth. However, the manufacturers of electric vehicle charging stations are developing various stations worldwide to address this problem. Additionally, the introduction of self-driving electric vehicles owing to technological advances in artificial intelligence, machine learning, and sensors such as radar, LiDAR, GPS, and computer vision enables manufacturers to improve the autonomous driving capabilities of electric vehicles, which would significantly contribute to the growth of the EV Industry.

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Browse key industry insights from the report in detail along with the table of contents: Electric Vehicle Market by Vehicle Components (Battery Cells & Packs, Onboard Charge, Motor, Reducer, Fuel Cell Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier), by Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, and Others), by Class ( Low-Priced, Mid-Priced, and Luxury), by Top Speed ( Less Than 100 MPH, 100 to 125 MPH, and More Than 125 MPH), by Drive Type (Front-Wheel Drive, Rear-Wheel Drive, and All-Wheel Drive), By Charging Point Type (AC / Normal Charging, DC /Super Charging, and Inductive Charging), Vehicle Connectivity (V2B Or V2H, V2G, V2V, and V2X), By Propulsion Type (BEV, PHEV, FCEV, and HEV), By End User (Private, Commercial Fleets, and Industrial Use), and Charging Standard (Guobiao Standards, Charge De Move (Chademo), Combined Charging System (CCS), Tesla Supercharger, Type 1 (SAE J1772), and Type 2 (IEC 62196) - Global Opportunity Analysis And Industry Forecast, 2022-2030

According to the report, the leading market players in the manufacturing of electric vehicle market share are Tesla Inc., BYD,  BMW Motorrad, SAIC-GM-Wuling Automobile, Mercedes-Benz Group, Stellantis, Hyundai Motor Group, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, and others.

Key Insights from the Electric Vehicle Market Report:

• The information related to key drivers, restraints, and opportunities and their impacts on the electric vehicle market is provided in the report.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

• The report includes the market shares of the global electric vehicle market players and their competitive analyses.

About Next Move Strategy Consulting

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We have been servicing over 1000 customers globally, including 90% of Fortune 500 companies over a decade. Our analysts constantly track various high-growth markets and identify hidden opportunities in each sector or industry. We provide one of the industry’s best-quality syndicates as well as custom research reports across ten different industry verticals. We are committed to delivering high-quality research solutions per your business needs. Our industry-standard delivery solutions range from pre-consultation to after-sales services, provide an excellent client experience, and ensure the right strategic decision-making for businesses.

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