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Electric Vehicle Industry to touch USD 957.42 billion by 2030, registering a CAGR of 24.51% - Report by Market Research Future (MRFR)

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New York, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Electric Vehicle Market Research Report, Technology, Vehicle Type and Region - Forecast till 2030”, the market is projected to be worth USD 957.42 billion by 2030, registering a CAGR of 24.51% during the forecast period (2022 - 2030). , The market was valued at USD 208.95 billion in 2021.

Market Research Future’s Review on Electric Vehicle Market

Several Factors Contributing to Market Growth

One of the most modern technologies, electric vehicles with the most up-to-date characteristics, is causing a rapid development in the automobile business. The government is actively supporting the electric vehicle market by enacting favorable rules and providing subsidies to the electric vehicle sector and automobile makers in order to lower pollution rates. Tax breaks, non-monetary benefits such as new car registration and carpool lane access, increased vehicle range, active participation of OEMs, provision of charging infrastructure in regular places, and other factors can all contribute to the expansion of EV market trends.

According to the most recent Market Research Future Report (MRFR), advanced features such as the goal of combating climate change, improved powertrains, and lithium-ion batteries boost EV market growth.

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List of the companies profiled in the global electric vehicles (EV) market research report are –

  • Nissan Motor

  • Tesla Inc

  • Toyota Motor

  • Ford Motor

  • Volkswagen

  • BMW

  • General Motors

  • Daimler AG

  • Hyundai Motor

  • Mitsubishi Motors

  • Among others.

Industry News

  • In April 2021, Toyota unveiled the new LS and Mirai models in Japan, which feature advanced driving assistance technologies.

  • In April 2021, BYD introduced four new electric vehicle models equipped with Blade batteries in Chongqing. Tang EV, Qin Plus EV, Song Plus EV, and E2 2021 are new vehicle models with improved battery safety measures.

  • In April 2021, Volkswagen revealed the 7-seater EV ID.6 Crozz and ID.6 X, built-in collaboration with FAW and SAIC in China. The vehicles will only be available in China. It is available in two battery sizes, 58 kWh and 77 kWh, as well as four powertrain configurations.

  • In March 2021, Volvo unveiled its new C40 Recharge model. The vehicle is developed as a fully electric vehicle and has several features with the XC60 model.

Browse In-depth Market Research Report (188 pages) on Electric Vehicle

Report Scope:

Report Attribute/Metric


Market Size

2030: USD 957.42 billion


24.51% CAGR (2022-2030)

Base Year


Forecast Period


Historical Data

2019 & 2020

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Technology and Vehicle Type

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Vendors

Nissan Motor, Tesla Inc, Toyota Motor, Ford Motor, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor and Mitsubishi Motors

Key Market Opportunities

· High prices of electric vehicles
· Underdeveloped aftermarket services
· Use of V2G (Vehicle to Grid) EV charging stations
· Charging by renewable energy

Key Market Drivers

· The surge in demand for electric vehicle worldwide
· Increasing fuel prices
· Government initiatives

The Global Market to Recover Post COVID-19 Pandemic

Globally, the COVID-19 pandemic is having a devastating impact on all types of markets. Market growth has slowed, particularly in the automotive sector, as a result of manufacturing constraints and a reduction in automobile sales. However, after the lockdowns, the market growth for its enhanced features is expanding day by day. The adoption of EVs in the United States, China, and Europe, as well as demand for battery-powered vehicles, is driving the expansion of the electric vehicle market.

Globally, the government's goal is to have zero-emission automobiles and minimize reliance on oil imports, which the electric vehicle market provides. The establishment of charging infrastructure, the expansion of residential units, and the reduction of battery prices are some of the factors that will raise the demand for electric vehicles' market value.

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Market Segmentation

The global electric vehicles (EV) market has been segmented into technology and vehicle type.

By technology, the global electric vehicles (EV) market has been segmented into Battery, Hybrid, and Plug-In Hybrid Electric Vehicles.

By vehicle type, the global electric vehicles (EV) market has been segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers.

Regional Analysis

APAC to Lead the Global Market

Because of its enormous potential and rising economies, Asia Pacific is likely to drive considerable growth in the global market for passenger automobiles in developing nations such as China and India. China has the biggest market share of electric vehicles in passenger cars and other automobiles.

Segmentation of Market covered in the research:

Electric Vehicle Market/ EV Market Research Report: Information By Technology (Battery, Hybrid and Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheelers) - Global Forecast till 2030

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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