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Driving Change: The Rise of Electric Cars in the Global Automotive Market

The demand for an electric car is growing as people become more conscious of how conventional vehicles' emissions affect the environment. Global initiatives to promote the use of electric vehicles for public transportation greatly influence the landscape's development.<br><br>Electric cars are self-propelled vehicles that can transport both people and cargo. They do this by using the electricity stored in their batteries to drive their electric motors alone or in conjunction with an internal combustion engine. Such cars are taken into account since they are reshaping the automobile industry's future

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Driving Change: The Rise of Electric Cars in the Global Automotive Market

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  1. Electric Car Market Sales Is Projected To Reach 45 Million Units By 2030 1 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  2. In 2022, the electric car market registered a sale of 8.1 million units, and it is predicted to grow at a 23.8% CAGR, to reach 45 million units by 2030, as per P&S Intelligence. In the past few years, electric vehicles have become a major area of attention for several automakers, such as General Motors, Ford Motors, and BMW AG. Moreover, the main factors that are driving the demand for battery cars include the snowballing consumer concentration in reducing their vehicles’ CO2 release, supportive government guidelines, and refining battery technology. The improvement of electric vehicle batteries is the major factor for the lowering cost and expanding driving range of electric vehicles. New cell understandings are being studied to make electric vehicle batteries compact, and lighter, and increase the capability to store more energy, to enable such vehicles to strive against conventional fuel-based ones. To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/electric-car- market/report-sample The government rules related to vehicle emissions of greenhouse gases are the main reason behind the success of the electric car market. Over the last decade, the emission of hazardous gases has increased significantly. To control the effects of these gases on the environment, many actions have been taken all over the world, such as the Netherlands is all set to archive the target of 100% EVs by 2030. Based on volume, the U.S. is projected to witness considerable development, at a CAGR of 24.2% in the coming few years due to the growing government aid for eco-friendly automotive technologies. The vital initiatives for EVs in the country include the U.S. federal tax credit of USD 7,500 on their buying, the ZEV program in California, Corporate Average Fuel Economy standards, and other states. In the APAC region, China is dominating the industry, with a revenue share of approximately 90% in 2022, boosted by the high output of e-cars, braced by government help and reimbursement strategies. As electrical vehicles are costlier in comparison to traditional ICE vehicles, the Chinese government began providing huge incentives for the former in 2009. Since then, the central government has expended more than RMB 200 billion on EV incentives, whereas local governments have added RMB 100 billion, for a total of USD 47 billion. The cost of EV cars has been decreasing significantly in the past decade. Due to 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  3. the enhancement in technology and the mass production of batteries. Inquire before purchase@ https://www.psmarketresearch.com/send- enquiry?enquiry-url=electric-car-market The battery accounts for a significant share of the total price of an electric vehicle. For BEVs to become cost-effective with conventional models, the cost of the battery packs should fall under $120/kWh by 2030. Automotive lithium-ion battery pack cost was previously reduced significantly during the 2010–2016 period, to $227/kWh. Hence, mainly because of global warming, the sales of the electric car will increase in the future as well. The research offers market size of the electric car market for the period 2017–2030. Market Segmentation by Technology Battery Electric Vehicle (BEV) Plug-In Hybrid Electric Vehicle (PHEV) Market Segmentation by Segment Economy Low Medium Premium Market Segmentation by Region North America Electric Car Market • • • • • • • oBy Technology oBy Segment oBy Country – U.S., Canada, and Rest of North America U.S. By Technology By Segment Canada By Technology By Segment Rest of North America By Technology By Segment Europe Electric Car Market ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • oBy Technology 3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  4. oBy Segment oBy Country – Germany, France, U.K., Norway, Netherlands, and Rest of Europe Germany By Technology By Segment France By Technology By Segment U.K. By Technology By Segment Norway By Technology By Segment Netherlands By Technology By Segment Rest of Europe By Technology By Segment Asia-Pacific Electric Car Market ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • oBy Technology oBy Segment oBy Country – China, Japan, and Rest of Asia-Pacific China By Technology By Segment Japan By Technology By Segment Rest of Asia-Pacific By Technology By Segment ROW (Rest of World) Electric Car Market ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • oBy Technology oBy Segment 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  5. oBy Country – South Africa, and Others 5 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  6. Disclaimer: P&S Intelligence always keeps its customers’ interests at the core while carrying out research activities. P&S Intelligence ensures the reliability and accuracy of information and data provided in its market research publications. However, the information in publications is subject to fluctuations, as it is based on primary interviews of officials from various companies or organizations. P&S Intelligence is not responsible for any incorrect data provided by the key industry players of the concerned domain. The information or analysis in P&S Intelligence publications represents opinions based on research and should not be interpreted as statements of fact. Information in this report was believed to be correct at the time of publication, but cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor depicted in its research publications. All intellectual properties, including trademarks and copyrights, belong to their respective owners and may be protected by copyright. Under no circumstance can these be reproduced in any form without prior written agreement of their owners. An order for market research report is intended for internal use of the company only and not for disclosure to third parties or any other publication in general. No service, report, or part thereof provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed, circulated, or sublicensed in any medium or form now realized or hereafter become realized, including but not limited to, all forms of optical-based media, magnetic, electronic, or digital, without a written permission from Prescient & Strategic Intelligence Pvt. Ltd. Kindly write to: enquiry@psmarketresearch.com B-13, Sector – 2, Noida, U.P. – 201301, INDIA Contact No: +91 120 4541 337 US/Canada Toll-Free: 1-888-778-7886 6 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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