The global electric vehicle market size is projected to grow from USD 396.4 billion in 2024 to USD 620.3 billion by 2030, at a CAGR of 7.7%. A combination of environmental, economic and technological factors is propelling the global market for electric vehicles to grow at an unprecedented rate. In order to reduce emissions, consumer’s demand as well as strict governmental regulation aimed at reducing emissions has made people and manufacturers adopt more sustainable modes of transport. The improvement in battery technology has improved the performance, range and charging efficiency of electric vehicles making them more practical and attractive. Such developments and significant investments by major automakers alongside startups are driving the global uptake of EVs.
“Rising Demand For Enhanced Performance And Fast Charging Will Support The Market Growth.”
800-volt architecture is built with a voltage that has a range, not fixed battery voltage which is typically between 600V and 900V. One can find electric vehicles with an 800V architecture on the market, but only a handful of brands currently produce them. 800V EVs, offering better mileage and faster charging, can command higher prices and gain a competitive edge over 400V models by enhancing the customer experience. 800V has advantages in efficiency and also in the weight of the system. The investment in new components and setup of supply chain causes high initial costs but there will be a decrease in price to low price range as more manufacturers adopt it. The 800V system improves taking by less current which makes cables thinner, small electric equipment thus lower car weights and thermal energy losses. This structure improves battery endurance and electric power delivery helping fast charging through increased DC voltages. Consequently, the effectiveness cost will be increased as 800V technology prevalence increases which makes it attractive for electric vehicle (EV) makers who want to have improved performance together with effectiveness.
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Global Electric Vehicle Market Ecosystem Analysis
High Demand For Home Charging To Drive Market. DC supercharger sales are expected to be the highest in the Asia Pacific region during the forecast period. This ramp-up is fueled by a growing number of medium and heavy-duty electric vehicles, including commercial trucks, vans, as well as transit buses, which make use of DC fast chargers, while companies such as Uber and Lyft have established fast charging hubs. Toyota’s North America division announced in July 2024 that they will be investing in the Lonna network for DC fast chargers, which will have BMW, General Motors, Honda, Hyundai, Kia, Mercedes Benz, and Stellantis as founding partners. The first charging stations will come up late in 2024, but the target is to have 30,000 ports, including both Tesla’s NACS and CCS ports, by 2030 throughout North America. Supercharging facilities are widely available in China; in Japan and South Korea, their networks are expanding rapidly. Every year, there are countries that announce bold plans to modernize their electric vehicle charging infrastructure within the next five to ten years or beyond. In July 2024, India-based startup Charge Zone announced its plans to establish about 25 additional super-fast charging points with an estimated capacity ranging between 360kW and 1.2MW. It is also planning to invest around USD 360 million in the next four years to establish electric vehicle chargers across India.
“Europe is expected to become second largest growing market in size for electric vehicle during the forecast period.”
The market of electric vehicles in the European countries has been growing recently due to factors such as enhancing environmental consciousness, standard regulatory norms on emissions and several attractive financial incentives offered by the European governments. Along with Europe’s goal to center the transformation of transportation globally, the use of electric vehicles has grown quickly, going for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Present day leaders such as Norway, Germany, United Kingdom, France, and the Netherlands are among the global leaders in advocating for change by providing targets on when they will ban ICE vehicles, advocating for clean energy solutions.
This has been further fueled by the recent emerging issues that has help spur the market in Europe. The availability of charging points has significantly determined this aspect, with massive contributions from the public and private entities to provide a reach of good and quick charging stations. Advancements in batteries have also formed a part of this equation with increased ranges, shorter charging time and lower costs have also led consumers towards EVs. Also, the growing number of low-emission zones and urban restrictions for polluting vehicles across the major European cities is forcing the trends towards electromobility.
Key Players
The electric vehicle market is dominated by established players such as BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), and SAIC Motors (China).
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