Automotive for Electric Vehicle Market

Key Insights

The Global Automotive for Electric Vehicle Market is valued at USD 3.160837685 Billion in 2023 and is projected to reach a value of USD 4.38 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.2% between 2024 and 2032.

Overview and Description

An automotive electric vehicle operates on electricity instead of internal combustion engine. These vehicles run on constant supply of energy from batteries that are needed for electric motor. The batteries used in these vehicles include lithium ion, molten salt, and zinc-air, among others. The electric vehicle provides higher fuel economy, low carbon emission, smoother drive, and also offers convenience of charging at home. There are three types of electric vehicles-battery, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly expensive than their gasoline equivalents.

The Global Automotive for Electric Vehicle Market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2019 to 2022 with forecast from 2023 to 2032.

COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2023, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Insights

The increasing stringent government regulations on vehicle emissions are anticipated to support the growth of the automotive for electric vehicle market over the forecast period. The major benefit of using electric vehicles is the contribution that they can make towards improving air quality overall. The pure electric vehicles produce no carbon dioxide emissions when driving which reduces air pollution considerably. Most of the economies like the U.S., Germany, France, and China have implemented government regulations for vehicle emission, and made it mandatory for the automobile manufacturers to use advanced technologies to reduce the high-emission levels in vehicles.

The rising demand for fuel efficient and low emission vehicles is expected to augment the automotive for electric vehicle market in the years to come. This is owing to the increased prices of petrol and diesel. Moreover, the electric vehicles are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas in the case of gas-powered vehicle, it only converts about 17%–21% of the energy stored in gasoline. Owing to these factors the demand for advanced fuel-efficient technologies is increasing, and hence, in turn supporting the growth of the market.

The high manufacturing cost associated with electric powered vehicles is expected to hamper the growth of the market. This is because these vehicles production is limited to few economies only and are not being produced in huge number. Also, the unavailability of infrastructure related to electric vehicle growth has proved to limit the growth of the market.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Track market trends LIVE & outsmart rivals with our Premium Data Intel Tool: Vantage Point

Regional Analysis: Preview

Based on region, the Global Automotive for Electric Vehicle Market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2023. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the Global Automotive for Electric Vehicle Market are Tesla, Daimler AG, Volkswagen AG, BYD Company Motors, Nissan Motor Corporation, Toyota Motor Corporation,General Motors, BMW Group, Energica Motor Company S.p.A, Ford Motor Company.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The Global Automotive for Electric Vehicle Market can be categorized as Type, Application, End-Use Industry, and Region.