Current EV Market Industry Trend , In 2022 By 2023 From 2023 to 2030

Solid State Battery of the future ! A surprise for the world.Will it chage the industry!

Current State Of The EV Market  

The market for electric vehicles (EVs) is expanding rapidly. Sales of EVs surpassed 10 million in 2022, a 60% increase from 2021. Due to this, there are now more than 

• 26 million electric vehicles on the road worldwide. 
• Up from 9% in 2021 and less than 5% in 2020, 
• 14% of all new automobiles sold in 2022 were electric vehicles.

Current EV Market Industry Trend , In 2022, By2023 From2023-30 Source -www.marketsandmarkets.com

In 2023, it is anticipated that the market for electric vehicles would be worth $561.3 billion.

 From 2023 to 2028, revenue is anticipated to increase at a yearly rate of 10.07%. 

The market is anticipated to grow to $906.7 billion by 2028.

It is anticipated that there will be more EV models on the market. In Europe, 

•  100 BEV models vehicles available by 2022, 
•  172 models by 2025.

China, the USA, and Germany are the top three global EV markets.

The domestic Indian electric vehicle industry is expected to develop at a 49 percent compound annual growth rate (CAGR) between 2022 and 2030, according to the Economic Survey 2023.

The size of the global market for electric vehicles was USD 205.58 billion in 2022 and is expected to reach USD 1,716.83 billion by 2032. From 2023 to 2032, 

it is expected to increase at a compound annual growth rate (CAGR) of 23.1%. Sales of electric vehicles went from 67,68,000 in 2021 to 1,05,22,000 in 2022.

Electric cars (EVs) now account for 14% of the global market, up from 9% in 2021 and less than 5% in 2020. 

In 2022, 14% of all new cars sold were electric, according to this statistic. More than 26 million electric vehicles were on the road in 2022, a 60% increase from 2021.

In By From 

• In 2022, the market for electric vehicles was estimated to be worth $384.65 billion.

•  By 2023, the market is projected to reach $500.48 billion, and by 2030, it will reach $1,579.10 billion. 

• From 2023 to 2030, this growth is anticipated to continue at a compound annual growth rate (CAGR) of 17.8%.

Factors Contributing to Faster EV Adoption 

Electric vehicle (EV) adoption is rising for a number of reasons, including:

Government rewards

Financial incentives, subsidies, and tax breaks can lower EVs' initial costs and increase customer interest in them.

Environment-related issues

Customers are driven by things like reduced reliance on fossil fuels and environmental friendliness.

Charging infrastructure

 A reliable network of charging stations helps allay range anxiety and persuade customers to transition to electric vehicles.

Sustainability and Dependability

Indian customers' purchasing selections are greatly influenced by variables like dependability and sustainability.

Battery Technology

Technology improvements for batteries are essential to increasing energy storage capacity, charging efficiency, and overall vehicle range.

Other elements that impact the uptake of EVs includes

physical attributes

• fuel economy
• societal impact
• Public understanding of EVs

Advancemnet In Battery Technology

Numerous advancements in battery technology includes

• Increased specific energy and energy density
• A longer lifespan
• Increased safety
• Shorter charging time

The energy density of lithium-ion batteries is the highest

 among all cutting-edge storage techniques. Additionally, 

they are effective, have a lengthy lifespan, and can function 

at extreme temperatures.

New battery technologies consist of

• Lithium-ion batteries of the upcoming Next  Generation Lethium Batteray (NGLB). The charge capacity of these batteries is anticipated to be double or treble that of conventional lithium-ion batteries.

• Lithium batteries that are all-solid-state. These batteries don't employ flammable liquid electrolytes; instead, they use solid-state Li+ conductors.

Numerous advances in battery technology, meanwhile, have not resulted in the production of commercial batteries.

Solid-State Batteries / Lithium-ion batteries

Toyota FINALLY Revealed New Solid State Battery Which will change the Entire EV Industry

Compared to conventional lithium-ion batteries, solid-state 

batteries have the potential to provide greater energy 

density and longer lifespans. 

As a result, they can store more energy in the same space or 

weight, resulting in longer-lasting power for electronics and 

a greater driving range for electric vehicles.

 In comparison to liquid batteries, solid-state batteries may 

also be lighter, more dependable, have a greater operating 

range, be safer, and require less frequent replenishment.

Solid-state batteries use non-flammable solid electrolytes, 

which lower the risk of fire and increase overall safety. In 

some circumstances, the flammable liquid electrolyte in 

lithium-ion batteries can cause thermal runaway and 

battery fires.

Additionally, solid-state batteries normally don't need any harmful ingredients. According to research, this new technology can help reduce the adverse effects of EV batteries.