The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. The electric vehicle (EV) market has witnessed unprecedented growth in recent years, signaling a remarkable shift towards cleaner and more sustainable transportation solutions worldwide. Governments' increased focus on reducing greenhouse gas emissions and combating climate change has been a driving force behind the surge in EV adoption. With rising environmental awareness and stringent regulations, consumers and businesses are increasingly embracing EVs as a viable alternative to conventional internal combustion engine vehicles.
Advancements in EV technology have played a pivotal role in propelling market growth. Improvements in battery technology have led to increased driving ranges and faster charging capabilities, alleviating range anxiety and enhancing the overall driving experience. Additionally, the development of a robust charging infrastructure network has facilitated easier access to charging points, making EV ownership more convenient for consumers. Moreover, continuous innovation in electric drivetrains, autonomous driving capabilities, and lightweight materials has further accelerated the market's expansion, making EVs an increasingly attractive choice for a wide range of consumers and industries alike. As the world continues its transition towards a cleaner and sustainable future, the EV market is poised for even more significant growth in the coming years.
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BYD (Build Your Dreams) is a leading technology company with a significant presence in the electronics, automobiles, and new energy sectors. It is among the largest electric vehicle manufacturers across the world. It operates through 3 major segments, namely, automobiles and related products, mobile headsets and assembly services, and rechargeable battery and photovoltaic. BYD Auto operates as a subsidiary of BYD Company and is majorly involved in the electric vehicle, battery, and electric charging business. The company produces automobiles, buses, electric bikes, electric cars, forklifts, rechargeable batteries, and trucks. It offers a wide range of electric and hybrid vehicles and sells majorly in the Chinese market. It also offers two kinds of charging stations. It has a presence in more than 70 countries, including China, US, India, and Europe. In 2022, BYD sold around 1.85 million units of plug-in electric cars, with most of its sales in China. Some of its best-selling EVs include Song, Han, and Tang.
Tesla is regarded among the best-selling electric car manufacturers in the plug-in and battery electric vehicle segments. The company designs, develops, manufactures, and markets high-performance electric cars, battery energy storage equipment, including EV charging stations and solar panels. It has also built a significant network of charging stations. It primarily operates in the automotive and energy generation & storage segments. Tesla sells cars directly to consumers through its website and a wide range of international stores and galleries and does not have dealerships. In 2022, it was the largest selling EV manufacturer globally with over 1.5 million EVs sold. Its Model Y, Model 3, Model Y and Model 3 were among the bestselling EVs worldwide with sales of 455, 255.7, 247.3 and 215.5 thousand units respectively. In February 2022, it announced plans to double the capacity of its Shanghai plant. This increased the amount of EVs sold by Tesla in the country. The company also plans to develop an affordable EV made for developing markets like China and India, which would be priced around USD 25,000. It is already in development in China and is expected to launch by 2023.
Volkswagen AG is one of the top automakers globally. It has over 100 production facilities in approximately 27 countries. The company designs, engineers, produces, and sells automobiles, commercial vehicles, IC engines, motorcycles, and turbomachinery. It has various brands in its portfolio, including Audi, Bentley, Bugatti, Ducati, Jetta, Porsche, SEAT, Skoda, Volkswagen, MAN, Neoplan, Scania, and Traton. It offers services such as banking, financing, fleet management, insurance, and leasing. Some of its brands, such as Volkswagen, produce electric vehicles. The company has various subsidiaries for different businesses such as transportation, financial services, logistics, and industries across regions to produce and sell its vehicles and services. Volkswagen AG currently develops EV cars under its Audi, Cupra Born, Skoda, and Volkswagen Cars brands. The company sold over 572,100 all-electric vehicles in 2022. Volkswagen ID.4 was the bestselling EV car from the company with 193,200 units sold, followed by ID.3 with 76,600 units sold.
Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (<125 mph, >125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region - Global Forecast 2030
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