Market Research Future’s (MRFR) comprehensive report forecasted the electric vehicle market to grow at a 24.50% CAGR to $957.06 billion from just 206.42 billion in 2022.
EV market research insights
The report asserted that increasing investment in the EV sector is significantly driving EV expansion. Automakers such as Ford, Daimler AG, and Renault are now aggressively employing electrification plans.
For context, Ford is set to invest $300 million at its production plant in Romania to produce its new light commercial EV this year.
Apart from that, South Korean Hyundai has also committed to allocate $18 billion for its electrification strategy in its home country by 2030.
As for relevant infrastructures, Walmart has also announced plans to deploy its own EV charging network throughout the US by 2030.
Below are the key players in the EV industry, per the report:
- Tesla Inc.
- Hyundai Motor
- Mitsubishi Motors
- Toyota Motor
- Ford Motor
- Volkswagen
- BMW
- General Motors
- Daimler AG
- Among others
Government initiatives worldwide were also one of the main drivers of the global EV expansion, including strict emissions caps and incentives.
“With the growing environmental concerns, governments and environmental agencies across the world are enacting stringent emission norms and laws to reduce vehicle emissions. Major regulatory measures are stringent emissions targets for the reduction of nitrogen oxides (NOx) and carbon dioxide (CO2) in the air.”
Market Research Future
For instance, US EPA announced a new policy mandating up to 67% of all new cars sold in the US to be EVs by 2032.
The Inflation Reduction Act also offers various incentives, including federal tax credits of up to $7,500 for qualifying EVs.
As a result, these government initiatives have enhanced the CAGR of the global EV market at the predicted time.
Undoubtedly, the need for more sustainable modes of transportation from consumers and governments throughout the world is expected to fuel significant expansion in the electric vehicle market in the upcoming years.
