Prominent market players operating in the energy vehicle market include Tesla, Volkswagen, BYD, SAIC Motors, Nissan, Toyota Motor Corporation, Honda Motor Company Ltd, General Motors Group, Hyundai, and KIA Automotive Group.
Isle of Man, Nov. 02, 2022 (GLOBE NEWSWIRE) -- New Energy Vehicles Market by 2022-2030 | Demand, Trends, Opportunities, Challenges, Risks Factors Analysis, Competitive Situation | Key Players, Types, Applications, Regional Analysis
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The new energy vehicles market has experienced robust growth in the past few years and is expected to grow further at a CAGR of 21.7% between 2022 and 2030.
Unlike conventional vehicles, energy vehicles are primarily electric cars that require electricity to run. These vehicles don't use diesel or gasoline and are powered by large batteries or fuel cells. Since they don't require fuel to run, it helps users save a lot of money on fuel costs, especially with the rising fuel costs worldwide, which is one of the significant factors contributing to the growth of the energy vehicles market.
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Moreover, customers are becoming increasingly aware of environmental pollution and are taking active steps to reduce their carbon footprint. Since electric vehicles are environmentally-friendly and don't emit pollutants, they are preferred by environmentally conscious consumers. Another plus point of these vehicles is that they require lower maintenance and have an efficient electric motor, thus, further reducing car maintenance costs.
Governments worldwide are supporting the production of these zero-emission vehicles by providing electric vehicle car manufacturers with subsidies and tax rebates, further fuelling the growth of the new energy vehicle market by compelling manufacturers to sell these vehicles worldwide. Moreover, governments have set up emission reduction targets depending on their capacity and are taking active steps toward achieving these goals.
In addition, governments are increasingly investing in developing energy vehicle charging stations and hydrogen fuelling stations, creating opportunities for car manufacturers to expand globally and increase their revenue streams.
Moreover, owing to technological advancements in this sector, the cost of energy vehicle batteries is decreasing, leading to mass-scale production. Since batteries are the most expensive component of energy vehicles, reducing their cost encourages manufacturers to increase production.
Apart from a decrease in manufacturing costs of batteries, another significant factor encouraging production is the reduction in cathode material prices. Thus, the prices of these batteries are expected to fall further, resulting in it becoming even cheaper to produce energy vehicles than conventional ones. This significant drop in production cost will likely create growth opportunities in the global energy vehicle market.
However, there is fewer electric vehicle charging stations worldwide compared to conventional charging stations, which reduces the adoption rate of new energy vehicles. Hence, this is one of the primary factors hindering the growth of the new energy vehicles market.
Furthermore, a variation in charging loads of electric vehicles is leading to the standardization of energy vehicle charging stations. Thus, these vehicles are compatible with only a few types of voltages, a significant challenge in this market.
Prominent market players operating in the energy vehicle market include Tesla, Volkswagen, BYD, SAIC Motors, Nissan, Toyota Motor Corporation, Honda Motor Company Ltd, General Motors Group, Hyundai, and KIA Automotive Group. These energy vehicle companies are offering innovative and extensive solutions for the automotive industry to reduce environmental pollution and increase the efficiency of vehicles. Moreover, they also have a wide geographical spread created through extensive distribution networks.
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New Energy Vehicles Market Report Coverage
Market Size in 2021
Market Size Projection in 2028
Developing energy vehicle charging stations and hydrogen fuelling stations, Creating opportunities for car manufacturers and many more.
By Vehicle (Passengers Cars, Commercial Vehicle) By Type (Battery Electric, Hybrid, Plug in Hybrid Electric)
North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa)
Key Companies Covered
Jac Motors, Tesla INC, BYD, Uber Technologies, Anhui Jinghui Automobile co Ltd, Daimler AG, Bejiing Automotive industry, Lyft INC, Baidu, Amazon
Plug in Hybrid Electric
Key questions answered in this report
COVID 19 impact analysis on global New Energy Vehicles industry.
What are the current market trends and dynamics in the New Energy Vehicles market and valuable opportunities for emerging players?
What is driving New Energy Vehicles market?
What are the key challenges to market growth?
Which segment accounts for the fastest CAGR during the forecast period?
Which product type segment holds a larger mark et share and why?
Are low and middle-income economies investing in the New Energy Vehicles market?
Key growth pockets on the basis of regions, types, applications, and end-users
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
Statistics on New Energy Vehicles and spending worldwide
Recent trends across different regions in terms of adoption of New Energy Vehicles across industries
Notable developments going on in the industry
Attractive investment proposition for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
Table of content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2022-2030 (USD Billion)
1.2.1. Global New Energy Vehicle (NEV) Market, by Region, 2022-2030 (USD Billion)
1.2.2. Global New Energy Vehicle (NEV) Market, by Vehicle, 2022-2030 (USD Billion)
1.2.3. Global New Energy Vehicle (NEV) Market, by Type, 2022-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global New Energy Vehicle (NEV) Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global New Energy Vehicle (NEV) Market Dynamics
3.1. New Energy Vehicle (NEV) Market Impact Analysis (2022-2030)
3.1.1. Market Drivers
220.127.116.11. Growing Adoption of AI and 5G technology
18.104.22.168. Rising government initiatives and investment in AID Market
3.1.2. Market Challenges
22.214.171.124. Lack of Uninterrupted internal connectivity
3.1.3. Market Opportunities
126.96.36.199. Environmental regulations in developed and developing countries
Chapter 4. Global New Energy Vehicle (NEV) Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global New Energy Vehicle (NEV) Market, by Vehicle
6.1. Market Snapshot
6.2. Global New Energy Vehicle (NEV) Market by Vehicle, Performance - Potential Analysis
6.3. Global New Energy Vehicle (NEV) Market Estimates & Forecasts by Vehicle (USD Billion)
6.4. New Energy Vehicle (NEV) Market, Sub Segment Analysis
6.4.1. Passengers Cars
6.4.2. Commercial Vehicle
Chapter 7. Global New Energy Vehicle (NEV) Market, by Type
7.1. Market Snapshot
7.2. Global New Energy Vehicle (NEV) Market by Type, Performance - Potential Analysis
7.3. Global New Energy Vehicle (NEV) Market Estimates & Forecasts by Type (USD Billion)
7.4. New Energy Vehicle (NEV) Market, Sub Segment Analysis
7.4.1. Battery Electric
7.4.3. Plug in Hybrid Electric
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