Electric Vehicle Market Share overview

Electric vehicle runs on electricity alone and employs an electric motor instead of a combustion engine. It leads to less noise pollution, less air pollution, higher efficiency, low maintenance price, and low fuel and working expenses when compared to other conventional automobiles. In addition, clean and renewable energy sources like wind and solar power are being risen integrated into the utility grids utilized to charge electric vehicles, which decreases the usage of hydrocarbon-based energy sources.

As per the report by Astute Analytica, the global electric vehicle market size was US$ 9.8 billion in 2021. The global electric vehicle market size is estimated to reach US$ 30.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.5% during the analysis period from 2022 to 2030. The market is primarily driven by factors like the growing need for low-emission vehicles and government initiatives to accelerate EV deployment. The production of gas-powered vehicles is anticipated to decrease significantly over the next decade as gas is not a renewable source of energy and doesn’t promote sustainable development.

Moreover, governments across the world are providing incentives to encourage the sale of EVs such as reduced selling prices, zero or low registration fees, and so on. By 2020, more than 20 countries announced the full phase-out of internal combustion engine (ICE) car sales over the next 10‑to 30 years, including emerging economies such as Costa Rica, Cabo Verde, and Sri Lanka.

 

The Asia Pacific leads the Global Electric Vehicle Market in 2021 and is anticipated to continue its dominance during the forecast period. Owing to the increasing need for passenger cars in the APAC region. China, being the world's top EV producer and user has a stranglehold on the region's EV market. In addition, Japan and South Korea have both seen fast growth in their electric vehicle market as their governments have aided the rise of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE vehicles to full or hybrid EVs, among other things. 

Location: United States

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