The electric vehicle market size is projected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a CAGR of 21.7%. Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to EV’s and growth of Electric Vehicle market.
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero emission vehicles to reduce the increasing pollution. To attract and encourage people to buy EV’s, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles etc.
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The passenger car segment to be the largest segment during the forecast period
The electric vehicle market for passenger cars is largest in Asia Pacific followed by Europe and North America. In Asia, China, Japan and South Korea are the countries leading the passenger EV market in the region. This is due to the strong government support for passenger EV’s in these countries. Germany, France, Netherlands, Norway, Sweden, UK etc. are the top countries in the European region with a growing demand for EV passenger vehicles. These countries have come out with string emission regulations and a variety of subsidies, grants and incentives for shifting to EV’s. in 2020, due to these measures, Europe’s EV sales went beyond China’s EV sales, but China sold more EVs in 2021 due to the growing demand of mini-EVs. North America is also increasing EV passenger car demand with various states in US and Canada leading the electrifying trend. MEA countries have started to increase their EV market and are expected to be the fastest growing market in the coming years.
Rear wheel Drive EV’s to be the fastest growing in demand during the forecast period
The demand for RWD EV’s has been on the increase across all regions, particularly across Asia Pacific and Europe. This is due to its easier vehicle control and growing demand for these vehicles. North America also has seen a faster growth in these vehicles with Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan etc. leading the market. In the coming decade, the growth of RWD EV’s will be highest in MEA due to its newer market and mostly across Asia Pacific. The Wuling Hongguang Mini EV which made a big splash in the EV market in 2020 and 2021 is also a RWD popular across Asia and Europe.
The Asia Pacific market is projected to hold the largest electric vehicle market share
The Asia Pacific electric vehicle market is led by countries like China, Japan and South Korea. China being the world’s largest EV producer and user has a dominance in the global EV market share in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EV’s per number of vehicles manufactured, large support to installation of EV charging points across major cities and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV market. Their governments have supported the EV demand growth by installing EV charging stations, making emission norms, setting up deadlines for shifting to full or hybrid EV’s from ICE vehicles etc. India is also working on increasing its EV demand in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission ones and other upcoming policy’s will help the country become the regions fastest growing market for EV’s in the coming years. Thailand, Indonesia, Malaysia, and Vietnam have also started working to reduce their vehicle emissions and shift to the use of EVs.
Key Market Players:
The electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands).
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