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Electric Vehicle Market is Projected to Cross a Worth of 1.9 Trillion by Registering a CAGR of 29.5% Between Forecast Period of 2022-31 - Transparency Market Research, Inc.

WILMINGTON, DE / ACCESSWIRE / November 29, 2022 / Transparency Market Research Inc. - The global electric vehicle market size was worth US$ 147.8 Bn in 2021. Consumers are leaning on adopting electric vehicles in a bid to reduce their dependence on fossil fuels and promote clean energy in transportation. According to a recent electric vehicle market forecast by TMR study, the market will expand at a CAGR of 29.5% during the forecast period of 2022-2031. Automakers are increasingly integrating advanced driver assist systems in their future line of products in a bid to gain electric vehicle market share.

Transparency Market Research inc., Tuesday, November 29, 2022, Press release picture

Per an in-depth electric vehicle industry analysis, top automotive companies are witnessing incredible revenue gains by unveiling vehicles that are energy-efficient, promise high performance, and also meet the latest industry norms on vehicular emissions. Globally intense efforts to decarbonise the transport sector in order to reduce urban air pollution has helped expand the electric vehicle industry size in 2022.

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Key Findings of Study

  • Initiatives of Industry Stakeholders to Promote Zero-Emission Vehicles Creates Abundant Demand: Consumers are willing to increase their spending to buy electric two wheelers and other types of passenger vehicles. These EVs evoke widespread attention, given the positive role these occupy in reducing the carbon emissions and mitigating climate impacts of greenhouse gases. Passenger vehicles held a share of 45.63% in 2021, and the segment is expected to stay lucrative during the forecast period.
  • Demand for AC Motors Underpins Lucrative Opportunities: AC motors are popularly being used in electric vehicles, hinged on the benefits these offer in boosting the energy efficiency such as high torque and better acceleration capabilities. Rising trend of developing energy-efficient vehicles has encouraged automotive manufacturers and OEMs to deploy AC motors. Indeed, the segment is anticipated to account for a major market share during the forecast period. Increasing trend of connected cars will create incredible opportunities in the near future.

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Electric Vehicle Market: Key Drivers

  • Worldwide, demand for eco-friendly transportation is rising, thereby driving the demand for EVs. Governments and automotive manufacturers are reinforcing the trend of zero-emission vehicles.
  • Growing trend of equipping vehicles with advanced driver assist systems (ADAS) and connected technologies such as IoT has expanded the canvas for firms in the market. ADAS plays a key role in enhancing the safety and comfort of vehicles, and is attracting immense R&D by key automotive manufacturers.

Regional Growth Dynamics

Asia Pacific held a major share of the global electric vehicle market in 2021. Automotive manufacturers are geared toward expanding their product line of electric vehicle to tap into the vast demand for low-emission vehicles.

North America is also projected to be a lucrative regional market during the forecast period. The revenue growth has been fueled by advancements in electric vehicle battery technologies. Extensive support by policy makers by offering financial incentives to manufacturers of EVs is spurring the commercialization of products in the North America electric vehicles market.

Competition Landscape

The study found that the global landscape is largely consolidated with only few players accounting for relatively a large market share in 2021. The study has carefully analyzed electric vehicle market share by company and found that most key players are keenly undertaking expansion of product portfolio in order to defend their market shares.

Some of the key market players are Ola Electric, Okinawa, REE Auto, Tesla Motors, Hyundai Motors, General Motors, Ford Motor Company, BAIC Motor, and BYD.

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Electric Vehicle Market Segmentation

  • By Vehicle Type
    • Two Wheelers
    • Passenger Vehicles
      • Hatchbacks
      • Sedans
      • Utility Vehicles
    • Light Commercial Vehicles
    • Commercial Vehicles
      • Class 6 Trucks
      • Class 7 Trucks
      • Class 8 Trucks
    • Buses
  • By Application
    • Last-mile Delivery Vehicles
    • Powersports Applications
      • ATVs (All-Terrain Vehicles) and Quads
      • Golf Carts
      • Boats/Watersports
      • Snowmobiles
      • UTVs (Utility Terrain Vehicles)
    • Aerospace
    • AGVs
  • By Motor Type
    • DC Motor
    • AC Motor
  • By Propulsion Technology
    • Battery Electric Vehicle (BEV)
    • Plug-in Hybrid Electric Vehicle (PHEV)

Regions Covereds

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE: Transparency Market Research inc.



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