The market for electric vehicles was estimated to be worth 8150 thousand units in 2022 and is projected to grow to 32,225 thousand units by 2029, with a compound annual growth rate (CAGR) of 21.7% from 2023 to 2029.
Electric Vehicle Market Overview
The report is a clear presentation of the past, current and future conditions of the Electric Vehicle market. The PORTER and PESTLE helps to understand Electric Vehicle industry through different perspectives including economic, political, etc.
Electric Vehicle Market Report Scope and Research Methodology
The report provides an overview of the latest trends in the Electric Vehicle industry. It defines the Electric Vehicle market, its structure, and provides a preventive and pre-planned management approach. The report focuses on the factors that affect the Electric Vehicle market, such as gross margin, market share, cost, capacity utilization, demand, and supply. It also provides the market size and share, which can help you understand the industry. The estimates provided on upfront data and statistics make the report a valuable guide for decision-makers in the Electric Vehicle market.
The report also includes the major market players in the global Electric Vehicle market, their size, market share, revenue, production volume, and profitability. It also discusses the growth strategies used by market players, such as strategic alliances and new product innovation. This can help you understand competitor pricing in the Electric Vehicle industry. SWOT analysis was used to identify the strengths, weaknesses, opportunities, and threats in the Electric Vehicle industry.
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Electric Vehicle Market Dynamics:
Over the past decade, the cost of electric vehicle (EV) batteries has experienced a significant reduction, primarily attributed to technological advancements and the widespread production of these batteries. As one of the most expensive components in electric vehicles, this cost decline has had a substantial impact on the overall affordability of EVs. In 2010, the cost of an EV battery stood at approximately USD 1,100 per kWh, but by 2020, it had plummeted to around USD 137 per kWh, reaching as low as USD 120 per kWh in 2022. Notably, in China, these batteries can be acquired for as little as USD 100 per kWh due to factors such as decreased manufacturing costs, lower prices of cathode materials, and increased production scale.
Electric Vehicle Market Regional Insights
The report has been segmented into several key countries, with market size, CAGR, import and export data for Electric Vehicle market in each country. The regions and their countries included in the study are:
North America: the United States, Canada, and Mexico
Europe: the United Kingdom, Germany, France, Spain, and the rest of Europe
Asia Pacific: China, India, Japan, Australia, South Korea, and the rest of Asia Pacific
South America: Brazil
Middle East and Africa
Electric Vehicle Market Segmentation
by Components
Battery Cells & Packs
On-Board Charge
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
by Vehicle Type
Passenger Cars
Commercial Vehicles
by Vehicle Class
Low-priced
Mid-priced
Luxury
by Vehicle Drive Type Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
Electric Vehicle Market Key Players
1.Tesla
2.NIO
3.BMW
4.Li Auto
5.Nissan
6.Rivian
7.Chevrolet
8.LucidMotors
9.Ford
10.XPeng
11.Toyota
12.Volkswagen
13.Polestar
14.Kia
15.Fisker
16.Nikola
17.Proterra
18.Gogoro
19.Canoo
20.Lion Electric
21.Arrival
22.Hyliion
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Key Questions answered in the Electric Vehicle Market Report are:
- What are the factors driving the Electric Vehicle market growth?
- What are the factors restraining the Electric Vehicle market growth?
- What is the expected Electric Vehicle market size by the end of the forecast period?
- Who are the Electric Vehicle key players in the industry?
- Which region is expected to grow at a high CAGR during the forecast period?
- Which region held the largest Electric Vehicle market share?
Key Offerings:
- A detailed Market Overview
- Market Share
- Market Size
- Market Forecast by Revenue
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation- A detailed analysis of each segment and their segments
- Competitive Landscape - Leading key players and other prominent key players.
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