Electric Vehicle Market is anticipated to grow at a CAGR of 19.2% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global electric vehicle market was estimated to account for over US$ 160 billion in 2019. The market is anticipated to grow at a CAGR of 19.2% from 2019 to 2030. 

Electric vehicles are embedded with traction motors or electric motors for propulsion. In electric vehicles, batteries play a vital role as they are the main energy sources. Hence, battery manufacturers and electric vehicle manufacturers have been collaborating to find the best battery solutions. For instance, Toyota has entered into a partnership with Contemporary Amperex Technology (CATL) to produce electric vehicle batteries, reuse of batteries, and develop new battery technology for plug-in hybrid vehicles.

Heavy investments by electric vehicle manufacturers, high environmental concerns across the globe to reduce carbon emissions, and favorable laws and regulations, are the major factors driving the electric vehicle market.  

The lack of electric vehicle charging stations across the globe is one of the major factors restraining market growth. Hence, many economies have been undertaking initiatives to build charging stations. For instance, the Indian government is planning to construct electric vehicle charging stations at every 25 km by 2030. Moreover, building electric vehicle charging stations that are powered by renewable energy, new product launches, the connected car technology in electric vehicle and ongoing R&D activities to develop better battery solutions are among the key opportunities in the market presently.

Browse key industry insights spread across 190 pages with market data tables & figures & charts from the report, Electric Vehicle Market by Propulsion Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Vehicle Type (Two-Wheeler, Passenger Car and Commercial Vehicles), Power Output (Less than 50 KW, 50-100 KW, and Above 100 KW) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/electric-vehicle-market/242

However, high cost of electric vehicles over conventional vehicles and lack of electric vehicle charging infrastructure are the major factors limiting electric vehicle market growth. Moreover, a limited range of electric vehicles, i.e. limited battery capacity and slow charging speeds will hamper market growth.

Asia Pacific is expected to grow at the highest CAGR during the forecast period followed by Europe.  The growth of this region can be attributed to the increasing number of government initiatives to promote clean energy, high adoption rates in China & Japan, a huge customer base, rapid urbanization and increasing demand for low fuel emission & efficiency, and light-weight vehicles from the Asian countries.

Some of the prominent players in the global electric vehicle market include Tesla, BYD Company Ltd, CHERY, Hyundai Motor Company, Daimler AG, Groupe Renault, Nissan and Volkswagen AG, among others.

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