WILMINGTON, DE / ACCESSWIRE / November 29, 2022 / Transparency Market Research Inc. – The global electric vehicle market size was worth $147.8 billion in 2021. Consumers are leaning towards adopting electric vehicles in an attempt to reduce their dependence on fossil fuels and promote clean energy in transportation. According to a recent electric vehicle market forecast by a TMR study, the market will expand at a CAGR of 29.5% during the forecast period 2022-2031. Automakers are increasingly integrating advanced driver assistance systems into their future product lineup in an attempt to gain market share for electric vehicles.
In an in-depth look at the EV industry, leading automobile companies are witnessing incredible gains by unveiling vehicles that are energy efficient, promise high performance and also meet the latest industry norms on vehicle emissions . Intense global efforts to decarbonize the transportation sector to reduce urban air pollution have helped expand the size of the electric vehicle industry in 2022.
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Key findings of the study
- Initiatives by industry stakeholders to promote zero-emission vehicles create abundant demand: Consumers are willing to increase their spending to buy electric two-wheelers and other types of passenger vehicles. These electric vehicles are attracting widespread attention given the positive role they play in reducing carbon emissions and mitigating the climate impact of greenhouse gases. Passenger vehicles held a share of 45.63% in 2021 and the segment is expected to remain profitable during the forecast period.
- Demand for AC motors supports profitable opportunities: AC motors are popularly used in electric vehicles due to the benefits they provide in increasing energy efficiency, such as high torque and better acceleration capabilities. The growing trend of developing energy-efficient vehicles has encouraged automakers and OEMs to implement AC motors. Indeed, the segment is anticipated to account for a major market share during the forecast period. The growing trend of connected cars will create incredible opportunities in the near future.
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Electric Vehicle Market: Key Drivers
- Globally, the demand for environmentally friendly transport is increasing, thus boosting the demand for electric vehicles. Governments and car manufacturers are reinforcing the trend towards zero-emission vehicles.
- The growing trend to equip vehicles with advanced driver assistance systems (ADAS) and connected technologies such as IoT has broadened the canvas for firms in the market. ADAS plays a key role in improving the safety and comfort of vehicles and attracts immense research and development by key automobile manufacturers.
Regional growth dynamics
Asia Pacific held a major share in the global electric vehicle market in 2021. Automakers are geared towards expanding their electric vehicle product line to tap into the vast demand for low-emission vehicles.
North America is also estimated to be a lucrative regional market during the forecast period. Revenue growth was fueled by advances in battery technologies for electric vehicles. Extended support from policymakers by providing financial incentives to electric vehicle manufacturers is driving product sales in the North American electric vehicle market.
The competition landscape
The study found that the global landscape is largely consolidated, with only a few players accounting for a relatively large market share in 2021. The study scrutinized the electric vehicle market share by company and found that most of the key players are taking with interest in expanding the product portfolio in order to defend its market shares.
Some of the key players in the market are Ola Electric, Okinawa, REE Auto, Tesla Motors, Hyundai Motors, General Motors, Ford Motor Company, BAIC Motor and BYD.
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Segmentation of the electric vehicle market
- By vehicle type
- Two wheels
- Passenger vehicles
- Utility vehicles
- Light Commercial Vehicles
- Commercial vehicles
- Class 6 trucks
- Class 7 trucks
- Class 8 trucks
- Through the Application
- Last kilometer delivery vehicles
- Powersports applications
- ATVs (All Terrain Vehicles) and Quads
- Golf carts
- Boats/Water sports
- UTVs (All Terrain Utility Vehicles)
- By engine type
- Through propulsion technology
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- North America
- Asia Pacific
- Middle East and Africa
- latin america
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