Electric Vehicle Market to Reach USD 1,579.10 Billion by 2030; Strict Government Regulations on Vehicle Emissions to Augment Market Growth

The global electric vehicle market size touched USD 384.65 billion in 2022 and is predicted to reach USD 500.48 billion in 2023. The market is anticipated to touch USD 1,579.10 billion by 2030, recording a CAGR of 17.8% over 2023-2030.

Fortune Business Insights™ displays this information in its latest report titled “Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component) and Regional Forecast, 2023–2030”.

Conventional fossil-fueled vehicles are known to create several environmental challenges, such as air pollution. This factor has made customers more cautious about their vehicle purchases. Also, fuel prices are gradually rising, which can increase the overall cost of maintenance considerably. These aspects are expected to boost the electric vehicle market growth.

New Moscow-KAMAZ Deal Could Bring 1,000 Electric Buses on Moscow Streets

In March 2023, Moscow signed a contract with KAMAZ for 1,000 electric buses. There are also plans to purchase another 200 electric buses from GAZ Group. Moscow currently runs 1,055 electric buses on 79 routes. Moscow plans to install nearly 200 ultra-fast charging stations for the electric buses, open a second electric bus park in the Mitino district northwest of Moscow, and launch 29 more electric bus routes.

Market to Recover from COVID-19 After-effects Due to Supportive Government Initiatives

Even though the COVID-19 pandemic had a severe impact on the automotive and aviation industries, the market is predicted to show signs of recovery post the pandemic period. This is because the production and sales of different kinds of EVs grew after June 2020 as all the pandemic-related restrictions were lifted by governments across the world. Governments also promoted the concept of vehicle electrification to reduce carbon emissions and pollution. These factors will expand the market size after the pandemic period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-market-101678

Strict Government Regulations on Vehicle Emissions to Augment Market Growth

Governments across the world are introducing a wide range of regulations and restrictions on carbon emissions to decrease vehicular pollution. For example, the European Union has passed a regulation to decrease carbon emissions of light and medium commercial vehicles by around 15% by 2025. These stringent measures implemented by various governing bodies will boost market growth.

Key Market Players to Engage in Acquisitions, Product Developments, and Partnerships to Gain Strong Competitive Edge

The market has a vast presence of leading companies, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, among others. These market participants are implementing various corporate strategies, such as product developments, acquisitions, and partnerships to help them gain a strong competitive edge.

Notable Industry Development:

• January 2023 – Indonesia signed an agreement with BYD Group and Tesla to increase its investments in EV manufacturing plants in the country. The Indonesian government is aggressively promoting investment in EVs and batteries at home to take advantage of its rich nickel resources.

List of the Companies Profiled in the Report:

• BMW Group (Germany)


• BYD Company Ltd. (China)


• Daimler AG (Germany)


• Ford Motor Company (U.S.)


• General Motor Company (U.S.)


• Nissan Motor Corporation (Japan)


• Tesla (U.S.)


• Toyota Motor Corporation (Japan)


• Volkswagen AG (Germany)


• Group Renault (France)

Further Report Findings

• Asia Pacific electric vehicle market share is anticipated to grow at a notable pace as the demand for passenger cars in developing nations has grown considerably in recent years. China has captured the largest share in terms of passenger cars and other automobiles.


• North America is predicted to record the highest growth rate in the global market. The regional market’s growth can be credited to the rising number of initiatives by the Department of Energy (DoE) to build EV charging infrastructures across the U.S. to support the growing number of EVs in the region.

Table of Segmentation