Automotive High-Performance Electric Vehicles Market By Product (Passenger Vehicle And Commercial Vehicle), By Application (Home Use And Commercial Use), & Region For 2024-2031
Report ID: 14757|No. of Pages: 202
Automotive High-Performance Electric Vehicles Market By Product (Passenger Vehicle And Commercial Vehicle), By Application (Home Use And Commercial Use), & Region For 2024-2031
Automotive High-Performance Electric Vehicles Market Valuation – 2024-2031
Growing global awareness about climate change and the depletion of fossil fuels is significantly driving the demand for high-performance electric vehicles. According to the analyst from Verified Market Research, the Automotive High-Performance Electric Vehicles Market surpassed the market size of USD 1656.64 Million valued in 2023 to reach a valuation of USD 18298.35 Million over the forecast.
Increasing disposable income levels in emerging economies are enabling more consumers to afford high-performance electric vehicles enabling the market to grow at a CAGR of 35.02% from 2024 to 2031.
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Automotive High-Performance Electric Vehicles Market: Definition/ Overview
Automotive High-Performance Electric Vehicles (EVs) are defined as vehicles that utilize electric motors for propulsion, relying primarily on electricity as their fuel source. These vehicles are designed to deliver superior performance compared to traditional internal combustion engine vehicles, offering instant torque, enhanced acceleration, and a quieter driving experience. High-performance electric vehicles encompass a variety of types, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), which can operate solely on electric power or in conjunction with an internal combustion engine.
The technology behind these vehicles often incorporates advanced battery systems, such as lithium-ion and nickel-based designs, which provide the necessary energy to power the electric motor. As a result, automotive high-performance electric vehicles not only contribute to reducing greenhouse gas emissions but also offer improved fuel economy and lower maintenance costs, making them an appealing alternative for environmentally conscious consumers.
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How do Advancements in Battery Technology Contribute to the Growth of the High- Performance Electric Vehicle Market?
Advancements in battery technology are significantly contributing to the growth of the high- performance electric vehicle market. Innovations such as solid-state batteries and silicon
anode technologies are being recognized for their potential to enhance energy density and safety, addressing consumer concerns regarding range and charging times. The U.S. Department of Energy has reported that solid-state batteries could enable electric vehicles to achieve longer ranges and faster charging capabilities, with some prototypes demonstrating a full charge in approximately ten minutes.
Furthermore, the integration of advanced materials, such as carbon nanotubes and cobalt-free compounds, is being pursued to improve battery efficiency and sustainability. Government initiatives aimed at expanding charging infrastructure are also supporting these technological advancements, making electric vehicles more convenient and appealing to consumers.
Collectively, these developments are expected to drive increased adoption of high- performance electric vehicles, aligning with global sustainability goals and consumer demand for eco-friendly transportation solutions.
What Role does Consumer Awareness Play in the Challenges Faced by the Automotive High-Performance Electric Vehicle Market?
Consumer awareness plays a crucial role in the challenges faced by the automotive high- performance electric vehicle market. Limited knowledge regarding electric vehicles (EVs) persists among potential buyers, leading to misconceptions about their performance, charging requirements, and overall benefits. According to a report by Ernst & Young, it has been noted that even with existing subsidies, many consumers remain unaware of the long-term cost savings associated with EV ownership, which can be significantly lower than that of traditional internal combustion engine vehicles.
Furthermore, range anxiety continues to be a concern, despite improvements in battery technology; consumers often fear running out of charge during their journeys. The U.S. Department of Energy has highlighted that public charging infrastructure must be expanded to alleviate these fears and support consumer confidence. Without comprehensive education and awareness campaigns to address these issues, the adoption of high-performance electric vehicles is likely to remain hindered, as consumers may hesitate to transition from conventional vehicles to electric alternatives.
Category-Wise Acumens
What Incentives do Governments Provide to Encourage the Adoption of High- Performance Electric Vehicles in Commercial Fleets?
Incentives provided by governments play a significant role in encouraging the adoption of high-performance electric vehicles in commercial fleets. Various forms of financial support, such as purchase rebates and tax exemptions, are often implemented to reduce the initial costs associated with acquiring electric vehicles. For instance, the FAME II scheme in India offers a purchase subsidy of up to 20% of the vehicle value for eligible electric and hybrid cars registered for commercial use. According to the U.S. Department of Energy, approximately 40 states have established their own electric vehicle incentive programs, which include rebates and grants aimed at promoting fleet electrification.
Additionally, non-monetary incentives, such as access to bus lanes and reduced toll fees, are frequently provided to enhance the operational efficiency of electric commercial vehicles.
Regulatory frameworks are also being established, with targets set for zero-emission vehicles (ZEVs) in several countries; for example, Norway aims for all new car sales to be zero- emission by 2025. These combined efforts are designed to create a favorable environment for the transition to electric fleets, ultimately contributing to reduced emissions and improved air quality in urban areas.
In What Ways does the Demand for Sustainable Logistics Solutions Drive the Adoption of Electric Commercial Vehicles?
The demand for sustainable logistics solutions is driving the adoption of electric commercial vehicles significantly. As environmental concerns intensify, businesses are increasingly pressured to reduce their carbon footprints, leading to a shift towards greener transportation options. According to the U.S. Environmental Protection Agency, transportation accounts for approximately 29% of total greenhouse gas emissions, with commercial vehicles contributing a substantial portion. This has prompted many companies to electrify their fleets as part of their sustainability strategies. Government initiatives, such as California’s Advanced Clean Fleets regulation, which mandates that all new medium- and heavy-duty vehicles be zero- emission by 2045, are being implemented to support this transition.
Furthermore, consumer preference for eco-friendly delivery options is being noted, with major retailers committing to electrifying their delivery fleets in response to customer demands for sustainable practices. These factors collectively create a favorable environment for the growth of electric commercial vehicles, as they are recognized not only for their environmental benefits but also for their potential to enhance operational efficiency and reduce long-term costs.
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Country/Region-wise Acumens
How does the Expansion of Charging Infrastructure Across North America Support the Growth of High-Performance Electric Vehicles?
The expansion of charging infrastructure across North America is significantly supporting the growth of high-performance electric vehicles. Substantial investments have been made by the
U.S. government, with over USD 7.5 Billion allocated through the Infrastructure Investment and Jobs Act specifically for EV charging infrastructure, aimed at deploying 500,000 public charging stations by 2030. As of January 2024, more than 192,000 charging ports have been reported as publicly available, reflecting a doubling in numbers since the beginning of the Biden administration. This growth has been facilitated by programs such as the National Electric Vehicle Infrastructure (NEVI) Formula Program, which encourages state and local governments to develop robust charging networks along major highways and in underserved areas.
According to a recent study by Cox Automotive, the lack of sufficient charging stations is cited as the top reason for consumer skepticism regarding electric vehicles, highlighting that an expanded network directly addresses range anxiety and enhances consumer confidence in EV ownership. With approximately 1,000 new public chargers being added each week, the increasing accessibility and reliability of charging options are expected to drive higher adoption rates of high-performance electric vehicles across the region.
What Role do Stringent Emissions Regulations Play in Driving the Adoption of Electric Vehicles Across Europe?
Stringent emissions regulations play a pivotal role in driving the adoption of electric vehicles across Europe. The European Union has established ambitious targets aimed at reducing greenhouse gas emissions, with a goal of achieving a 55% reduction for cars by 2030 and reaching zero emissions for all new vehicles by 2035. These targets are supported by regulations that mandate automakers to comply with strict CO2 emissions standards, which have been progressively tightened over the years. For instance, in 2020, it was reported that over 85% of car sales in Europe were subject to such standards, significantly influencing manufacturers to accelerate the development of electric vehicles. The Alternative Fuels Infrastructure Regulation (AFIR) further complements these efforts by requiring member states to install fast charging stations every 60 kilometers along major transport routes, thereby enhancing the accessibility and convenience of electric vehicle charging.
According to the European Commission, the aim is for the electric vehicle fleet in Europe to reach 40 million by 2030, up from over 8 million currently on the roads. These regulatory frameworks not only encourage manufacturers to innovate but also foster a market environment conducive to the widespread adoption of electric vehicles, ultimately contributing to Europe’s transition towards sustainable mobility.
Competitive Landscape
The competitive landscape of the automotive high-performance electric vehicle market is characterized by rapid innovation, significant investments, and a strong focus on sustainability. Various manufacturers are actively engaged in developing advanced electric vehicle technologies, with a notable emphasis on enhancing battery performance and expanding vehicle range. The market is driven by increasing consumer demand for high- performance models that offer superior acceleration, extended driving distances, and advanced features.
Some of the prominent players operating in the Automotive High-Performance Electric Vehicles Market include:
Honda, Hyundai, Volvo, Toyota, Nissan Moto, Tesla Motors, BYD, Volkswagen, Chery, Daimler.
Latest Development
- In May 2024, Honda joint venture with LG Energy Solution was highlighted, with plans to begin battery production in the U.S. by 2025, targeting an annual capacity of 40 This initiative is expected to reduce battery costs and support the production of Honda’s upcoming EV models.
- In August 2023, Nissan announced that its global electric vehicle sales surpassed the 1-million-unit milestone, highlighting the success of the Nissan LEAF, which has sold over 650,000 units since its launch.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| Growth Rate | CAGR of ~35.02% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2020-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Million |
| Segments Covered |
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| Regions Covered |
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| Key Players | Honda, Hyundai, Volvo, Toyota, Nissan Moto, Tesla Motors, BYD, Volkswagen, Chery, Daimler. |
| Customization | Report customization along with purchase available upon request |
Automotive High-Performance Electric Vehicles Market, By Category
Product:
- Passenger Vehicle
- Commercial Vehicle
Application:
- Home Use
- Commercial Use
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
TABLE OF CONTENT
1 INTRODUCTION OF GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET, BY PRODUCT
5.1 Overview
5.2 Passenger Vehicle
5.3 Commercial Vehicle
6 GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET, BY APPLICATION
6.1 Overview
6.2 Home Use
6.3 Commercial Use
7 GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL AUTOMOTIVE HIGH-PERFORMANCE ELECTRIC VEHICLES MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Honda
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Hyundai
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Volvo
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Toyota
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Nissan Moto
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Tesla Motors
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Development
9.7 BYD
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 Volkswagen
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Chery
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Development
9.10 Daimler
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Development
10 Appendix
10.1.1 Related Reports
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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