According to CMi Global (EV) Electric Vehicle Market Size, Forecast, Analysis & Share Surpass US$ 1105 Billion By 2030.

2 Likes comments off
Custom Market Insights

Custom Market Insights

(EV) Electric Vehicle Market was at US$ 170 Billion in 2021 and is growing to approx US$ 1105 Billion by 2030, with a CAGR growth of 23% between 2022 and 2030.

The Global (EV) Electric Vehicle Market was estimated at USD 170 Billion in 2021 and is anticipated to reach around USD 1105 Billion by 2030, growing at a CAGR of roughly 23% between 2022 and 2030.”

— Custom Market Insights

SANDY, UTAH, UNITED STATES, January 11, 2023 / — According to the study, The Global (EV) Electric Vehicle Market was estimated at USD 170 Billion in 2021 and is anticipated to reach around USD 1105 Billion by 2030, growing at a CAGR of roughly 23% between 2022 and 2030.

Get a sample of the report:

(EV) Electric Vehicle Market: Overview

Low-emission technology used in electric vehicles aids in reducing greenhouse gas emissions and addressing other environmental problems. To reduce greenhouse gas emissions, several developing economies are choosing sustainable alternatives.

The demand for electric vehicles has increased due to growing worries about the pollution produced by conventional internal combustion (IC) engines, which has positively impacted the electric vehicle market.

(EV) Electric Vehicle Market: Growth Drivers

The sale of electric vehicles is projected to increase in the future due to a significant number of government programs, including tax rebates, grants, and other non-financial perks like access to carpool lanes and subsidies. For instance, German automakers increased their cash incentives for electric cars in November 2019 to delay the switch from internal combustion to battery-powered engines to prevent hazardous emissions. The sale of electric vehicles has increased significantly in recent decades in nations including the United States, China, and several European nations; this, in turn, will help the industry expand.

However, several key obstacles that impede market expansion include a lack of charging infrastructure, variances in charging load, and a lack of standardization. Several regions, including China, Europe, the United States, Japan, Korea, and others, have varied standards for charging electric vehicles. To address this issue, certain electric vehicle manufacturers, like Tesla Inc., are concentrating on a worldwide standardization of the charging infrastructure. Nevertheless, it is projected that increasing the use of electric vehicles in the public and commercial sectors will propel the market. For instance, the UK government approved 200 electric buses in 2020, intending to make all buses electric by 2025, which may reduce CO2 emissions by roughly 7,400 tonnes annually.

Report URL: :

Key Insights:

A) As per the analysis shared by our research analyst, the (EV) Electric Vehicle market is estimated to grow annually at a CAGR of around 23% over the forecast period (2022-2030).
B) In terms of revenue, the (EV) Electric Vehicle market size was valued at around USD 170 Billion in 2021 and is projected to reach USD 1105 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on product segmentation, the BEV segment was estimated to hold the maximum market share in 2021.
D) Based on vehicle type segmentation, the commercial vehicle segment was the leading revenue-generating category in 2021.
E) Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Press Release For (EV) Electric Vehicle Market :

Regional Landscape

China, Japan, and South Korea are the Electric Vehicle market leaders for electric vehicles in the Asia Pacific region. China, the world’s largest producer and consumer of electric vehicles has a monopoly on the EV market in the area. Their government has taken action, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for installing EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles.

The EV market has also been expanding in Japan and South Korea. Their governments installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and took other measures to assist the growth of EV demand.

Get a sample of the report:

Key Players

BAIC Group
GAC Motors
Great Wall Motors
Hyundai Group
SAIC Motors
Volkswagen Group

Directly Purchase a Copy of the Report @

The (EV) Electric Vehicle Market is segmented as follows:

By Product


By Vehicle Type

Private Vehicles
Commercial Vehicles

By Vehicle Drive Type


By Vehicle Top Speed

<125 mph
>125 mph

By Geography

North America

The UK
Rest of Europe

Asia Pacific

South Korea
Rest of Asia-pacific

Latin America

Rest of Latin America
Middle East and Africa
North Africa
South Africa
Rest of Middle East & Africa

Get a sample of the report:

Take a Look at our other Reports:

Global Peanut Butter Market 2022 – 2030 :
Global Aluminum Cans Market 2022 – 2030 :
Global Agricultural Testing Market 2022 – 2030 :
Global Xylitol Market 2022 – 2030 :
Global API Management Market 2022 – 2030 :

About Us

Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.

Get a sample of the report:
Contact Us

Joel John
Custom Market Insights
+1 801-639-9061
email us here
Visit us on social media:

Rate this post

You might like

About the Author: EINPresswire