According to a study released on Tuesday by Research and Markets, global electric vehicle market size is projected to reach 39, 208 thousand units by 2030. The growth from the current 8,151 thousand EV units represent a compound annual growth rate (CAGR) of 21.7%.
Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market, the study says.
Among the different segments, Research and Markets says the segment of low-priced electric vehicles is expected to be the largest by 2030. The study concludes affordability as one of the most influential criteria to customers and the relevance of the Asia Pacific region in this segment.
Earlier this week, Elon Musk was interviewed during FT event Future of the Car and was asked about Tesla potentially making 20 million vehicles by 2030. Tesla’s CEO answered: “It’s an aspiration, not a promise. I think we got a good chance of getting there”.
“There are some raw material restraints that we see coming in Lithium production in about 3 years. I do not see a fundamental scaling constraints,” he added.
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