Electric Vehicle Market 2022 Industry Size, Share, In-Depth Qualitative Insights, Growth Opportunity, Regional Analysis by 2029

Bharati Khade

Sep 1, 2023 • 4 min read

Electric Vehicle Market was valued at 8150 Thousand Units in 2022, and it is expected to reach 32,225 Thousand Units by 2029, exhibiting a CAGR of 21.7 % during the forecast period (2023-2029)

Electric Vehicle Market Overview:

The "Global Electric Vehicle Market Analysis" is a detailed examination of the Electric Vehicle market, with an emphasis on global market trends and analysis. The purpose of this research is to offer an overview of the Electric Vehicle industry as well as complete market segmentation by segment and geography. Over the forecast period, the Electric Vehicle market is predicted to increase substantially. The study includes key data on the market positions of the top Electric Vehicle organizations, as well as significant industry trends and prospects.

Electric Vehicle Market Scope:

Top-down and bottom-up approaches are used to validate the market size and estimate market size by segment. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights based on usage rate and average sale price are applied to each area to generate percentage splits, market shares, and segment breakdowns. The country-wise divisions of the overall market and its sub-segments are determined by the percentage adoption or usage of the specified market Size in the relevant area or nation.

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Electric Vehicle Market Dynamics:

Low-cost EV batteries will increase demand for the vehicles: Due to advancements in technology and the massive scale of EV battery production, the price of EV batteries has reduced during the past ten years. Since EV batteries are one of the more expensive parts of the car, this has caused the price of electric vehicles to decrease. An EV battery cost roughly USD 1,100 per kWh in 2010. However, by 2020, the cost had decreased to about USD 137 per kWh, and by 2022, it had fallen all the way to USD 120.

Electric Vehicle Market Segmentation:

by Components

Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier

by Vehicle Type

Passenger Cars
Commercial Vehicles
by Vehicle Class Low-priced
Mid-priced
Luxury

by Vehicle Drive

Type Front Wheel Drive
Rear Wheel Drive
All Wheel Drive

by EV Charging Point Type

Normal Charging
Super Charging

by Vehicle Connectivity

V2B or V2H
V2G
V2V
V2X

by End Use

Private
Commercial Fleets
by Propulsion BEV
PHEV
FCEV

Electric Vehicle Market Key Players:

Primary and secondary research is used to identify industry giants, while primary and secondary research is used to estimate market revenue. In-depth interviews with thought leaders and industry professionals, including experienced front-line staff, CEOs, and marketing specialists, were conducted as part of the core study. The secondary study included an analysis of annual and financial reports from well-known manufacturers. Secondary data is used to compute percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then compared to original data. The firms listed below are involved in the Electric Vehicle industry.

1.Tesla
2.NIO
3.BMW
4.Li Auto
5.Nissan
6.Rivian
7.Chevrolet
8.LucidMotors
9.Ford
10.XPeng
11.Toyota
12.Volkswagen
13.Polestar
14.Kia
15.Fisker
16.Nikola
17.Proterra
18.Gogoro
19.Canoo
20.Lion Electric
21.Arrival
22.Hyliion
23.Hyzon Motors
24.NIU
25. Stellantas
26.BYD
27.SAIC Motors
28.Faraday Future
29.Lordstown Motors

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Electric Vehicle Market Regional Analysis:

The research focuses on geographic analysis, which is further divided into sub-regions and nations. This component of the research includes profit estimates and market share figures for each nation. This section of the research looks at each region's and country's share and growth rate throughout the anticipated time period.

After analyzing political, economic, social, and technological factors affecting the Electric Vehicle market in various sectors, the research presents a complete PESTEL analysis for all five regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America.

COVID-19 Impact Analysis on Electric Vehicle Market:

The COVID-19 virus has altered customer behavior in all aspects of society. Businesses, on the other hand, must adjust their strategy to account for shifting market supply. This analysis gives an outline of COVID-19's impact on the Electric Vehicle market and will help you build your business in compliance with the new industry standards.

The Electric Vehicle Market Report presents thorough research spanning from the agile supply chain and trade limitations to regional government regulations and the firm's future influence under the COVID-19 Impact section. Primary market research (2022-2029), examples of venture rivalry, the advantages and disadvantages of huge business channels, and industry growth trends (2022-2029) are all offered.

Key Questions Answered in the Electric Vehicle Market Report are:

What is the size of the Electric Vehicle market?
Which regional market will take the lead in the next years?
Which application category is likely to grow the most quickly?
What growth prospects could exist in the Electric Vehicle business in the next years?
What would be the most significant future obstacles for the Electric Vehicle market?
Who are the market leaders in the category Electric Vehicle?
What are the key trends impacting market growth?

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