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THE ELECTRIC VEHICLE MARKET IS PROJECTED TO SOAR AT A REMARKABLE GROWTH RATE BY THE END OF THE DECADE



Author - John Hills

Publisher - Electric Drives - March 2024


  • The electric vehicle market is set to reach $951.9B by 2030, 13.7% CAGR from $388.1B in 2023.

  • Tesla, Volkswagen, and other major automakers vie for affordability.

  • Commercial EVs surge; collaboration, innovation, incentives, and infrastructure are crucial for widespread emobility adoption.


The electric vehicle (EV) market is on track for unprecedented growth. The sector is projected to surge from USD 388.1 billion in 2023 to a staggering USD 951.9 billion by 2030. This marks a compound annual growth rate (CAGR) of 13.7%, according to a recent report by MarketsandMarkets.

This surge signifies a paradigm shift in the global automotive landscape. Governments and consumers are embracing emobility due to breakthroughs in battery tech, charging infrastructure, and expanded driving ranges. These advancements effectively erase concerns about range anxiety, thereby increasing the attractiveness of adoption.


Key players, including Tesla, Volkswagen AG, SSAIC Motors, and BYD, are at the forefront of this transformation. These industry leaders are battling over affordability, with pricey models being a major pinch point for consumers. Tesla’s upcoming Tesla 2 is anticipated to hit the £25,000 mark. Advancements like these will continually develop the early mainstream audience that the sector needs for widespread adoption. 


In market segments, commercial vehicles, encompassing Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs), are poised for rapid growth. LCVs have evolved into versatile options suitable for both passengers and commercial needs. The van and truck segment has seen massive diversification in its offerings of late. Vauxhall has massively upped its production of electric vans in the UK. However, the UK fleet market has expressed concerns that the government has not been supporting the sector adequately.


Collaborations and innovations are taking centre stage in the industry. This huge projected growth is a promising sign, but it must be capitalised upon. Increasing incentives, advancing infrastructure, and tackling inaccessible prices are the most direct approaches to making e-mobility a reality for everyone. 

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