Global Electric Vehicle Market Size Zooming 4.2X to Touch USD 742.6 billion by 2029

Published | 04 July 2023

Global electric vehicle (EV) market is booming due to governments’ enticing incentives on the production, purchase, and adoption of EVs.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated that the global electric vehicle (EV) market size at USD 175.22 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global electric vehicle (EV) market size to expand at a robust CAGR of 15.21% reaching a value of USD 742.56 billion by 2029. Governments’ enticing incentives on the production and purchase of electric vehicles across countries are expected to boost market growth over the course of the projected period and encourage the adoption of electric vehicles. The COVID-19 pandemic outbreak resulted in a large overall decline in automotive sales in 2020 for both passenger and commercial vehicles. The number of EV sales did not alter, though. The post-lockdown selling of pure electric vehicles and hybrid electric vehicles is a significant factor driving the global market for EVs.

Opportunity: Advancements in battery technology

Advancements in battery technology have significantly improved the performance, range, and cost-effectiveness of EVs. High-energy-density lithium-ion batteries, along with ongoing R&D in battery chemistry, have allowed for longer driving ranges and faster charging times. Improvements in battery technology have addressed a range of anxiety concerns and made EVs more practical for everyday use. Innovations in electric powertrain technology have enhanced the efficiency and performance of electric vehicles. Electric motors have become more compact, lightweight, and efficient, resulting in improved acceleration and overall driving experience. Advancements in power electronics and motor control systems have also increased energy efficiency and optimized power delivery in EVs.

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Segmental Information

Global Electric Vehicle Market - By Vehicle Class

By vehicle class, the global electric vehicle (EV) market is split into mixed priced and luxury segments. The mixed priced segment is expected to grow over the forecast period. As technology advances and economies of scale are achieved in the production of EV components, the cost of EVs is decreasing. This cost reduction has made EVs more affordable and accessible to a broader range of consumers. In the mixed-priced vehicle class, there is a growing selection of affordable EVs that offer competitive pricing compared to traditional internal combustion engine (ICE) vehicles. Governments across the regions provide financial incentives and subsidies to promote the adoption of EVs. These incentives can be in the form of tax credits, rebates, grants, or special financing options. Governments’ support helps reduce the upfront cost of EVs, making them more affordable for consumers.

Impact of COVID-19 on Global Electric Vehicle (EV) Market

Global supply chains, particularly those for batteries and EV parts, were interrupted by the pandemic. Production of EVs was delayed and faced labor shortages as a result of plant closures, travel restrictions, and manpower constraints. Due to this, there were fewer EV models available, which had an impact on the market's overall growth. The COVID-19 pandemic's effects on the economy led to lower consumer expenditure, notably on expensive things like cars. Many prospective purchasers postponed their intentions to acquire new vehicles, including electric cars, due to financial worries and job losses. The EV market was affected by this drop in consumer demand, which temporarily slowed sales.

Competitive Landscape

The global electric vehicle (EV) market is fragmented, with numerous players serving the market. The key players dominating the global electric vehicle (EV) market include Tesla, BYD, BMW, Volvo, Mercedes, FREIGHTLINER, Piaggio & C. SpA, Addax Motors, Balkancar Record, Hero Electric Vehicles Pvt Ltd, and Terra Motors Corporation. The key marketing strategies adopted by these players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Electric Vehicle (EV) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Electric Vehicle (EV) Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Electric Vehicle (EV) Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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