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Electric Vehicle Market worth $620.3 billion by 2030 | MarketsandMarkets™

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CHICAGO, Aug. 19, 2024 /PRNewswire/ — Electric Vehicle (EV) Market is projected to grow from USD 396.4 billion in 2024 to USD 620.3 billion by 2030 at a CAGR of 7.7%, according to a new report by MarketsandMarkets. A combination of environmental, economic and technological factors is propelling the global market for electric vehicles to grow at an unprecedented rate. In order to reduce emissions, consumer’s demand as well as strict governmental regulation aimed at reducing emissions has made people and manufacturers adopt more sustainable modes of transport. The improvement in battery technology has improved the performance, range and charging efficiency of electric vehicles making them more practical and attractive. Such developments and significant investments by major automakers alongside startups are driving the global uptake of EVs.

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Browse in-depth TOC on “Electric Vehicle Market”

273 – Tables
109 – Figures
440 – Pages

Electric Vehicle Market Scope:

Report Coverage

Details

Market Revenue in 2024

USD 396.4 billion

Estimated Value by 2030

USD 620.3 billion

Growth Rate

Poised to grow at a CAGR of 7.7%

Market Size Available for

2019–2030

Forecast Period

2024-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Component, Vehicle Type, Vehicle Class, Propulsion, Vehicle Drive Type, E/E Architecture, Top Speed, Charging Point Type, Vehicle Connectivity, End Use, and Region

Geographies Covered

Asia Pacific, Europe, North America, and Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rapid Investment in Charging Infrastructure

Key Market Drivers

Advancement in Battery Technology

Rising Demand for Enhanced Performance and Fast Charging Will Support the Market Growth.

800-volt architecture is built with a voltage that has a range, not fixed battery voltage which is typically between 600V and 900V. One can find electric vehicles with an 800V architecture on the market, but only a handful of brands currently produce them. 800V EVs, offering better mileage and faster charging, can command higher prices and gain a competitive edge over 400V models by enhancing the customer experience. 800V has advantages in efficiency and also in the weight of the system. The investment in new components and setup of supply chain causes high initial costs but there will be a decrease in price to low price range as more manufacturers adopt it. The 800V system improves taking by less current which makes cables thinner, small electric equipment thus lower car weights and thermal energy losses. This structure improves battery endurance and electric power delivery helping fast charging through increased DC voltages. Consequently, the effectiveness cost will be increased as 800V technology prevalence increases which makes it attractive for electric vehicle (EV) makers who want to have improved performance together with effectiveness.

The commercial use of electric vehicles is expected to show significant growth during the forecast period.

The electric vehicle revolution is not only transforming personal mobility but is also rapidly altering the merchant shipping landscape. Companies are increasingly turning to EVs in order to cut costs, meet sustainability goals and comply with stringent environmental regulations. This shift is reflected in many industries, including logistics, public transport, utilities and retail. Fuel costs for EVs are significantly lower in comparison to gasoline-or diesel-powered vehicles. Fewer moving parts and no oil changes also mean less maintenance is required, dropping the ultimate cost of using them. The adoption of EVs has become increasingly attractive to businesses so as to meet corporate sustainability goals because fewer resources will be consumed under stringent environmental regulations since this is an important global course that will deal with climatic changes. The transportation and distribution industry is first in the transition to modern logistics systems. Electric cargo vehicles and trucks are heavily being invested in by prominent companies like Amazon (US), Go2 Delivery (US), UPS (US) and DHL (Germany) to enhance their fleet’s efficiency and sustainability. In following 2024 year, Canoo Inc., a cutting-edge advanced mobility firm announced that Go2 Delivery had signed contract for purchase of five fully electric commercial delivery vans with an option of additional purchase of 85 soon after. Moreover, November 2023 marked the launch of Amazon’s fleet plan with wholly custom designed EVs for the first time in India making it easier for DSPs’ last mile deliveries who require secure quality at zero-emission vehicles.

Europe is expected to become second largest growing market in size for electric vehicle during the forecast period.

The market of electric vehicles in the European countries has been growing recently due to factors such as enhancing environmental consciousness, standard regulatory norms on emissions and several attractive financial incentives offered by the European governments. Along with Europe’s goal to center the transformation of transportation globally, the use of electric vehicles has grown quickly, going for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Present day leaders such as Norway, Germany, United Kingdom, France, and the Netherlands are among the global leaders in advocating for change by providing targets on when they will ban ICE vehicles, advocating for clean energy solutions.

This has been further fuelled by the recent emerging issues that has help spur the market in Europe. The availability of charging points has significantly determined this aspect, with massive contributions from the public and private entities to provide a reach of good and quick charging stations. Advancements in batteries have also formed a part of this equation with increased ranges, shorter charging time and lower costs have also led consumers towards EVs. Also, the growing number of low-emission zones and urban restrictions for polluting vehicles across the major European cities is forcing the trends towards electromobility.

Large manufacturers are already rolling out electrification strategies across the Old World. in the automotive industry, the Volkswagen Group could be cited for example, as committing a lot of capital on its ID. series are also part of this strategy and one of Volkswagen’s ambitious goals is the complete climate-neutral company by 2050. According to some claims, the Mercedes-Benz brand has drawn an ambition to sell over 50% of the world’s electric cars by 2030 with more practical investment in new electric models and battery. Moreover, for electrification, the other significant automakers like Renault, Stellantis (Peugeot and Citroen), as well as Hyundai are also engaging in this process to produce a variety of electric vehicles (EVs) for use by different consumers in order also to facilitate Europe’s green transition.

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Electric Vehicle Market Dynamics:

Drivers:

Advancement in Battery Technology

Restraints:

Battery Longevity and Replacement Costs

Opportunities:

Rapid Investment in Charging Infrastructure

Challenge:

Lack of Standardization of Electric Vehicle Charging Infrastructure

Key Market Players Electric Vehicle Industry:

Prominent players in the Electric Vehicle Market include as BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), and SAIC Motors (China).

The break-down of primary participants is as mentioned below:

By Company Type: OEMs – 30%, Tier I – 60%, Tier II & III – 10%,By Designation: CXOs – 35%, Managers– 50%, Executives– 15%By Region: North America– 20%, Europe – 20%, Asia Pacific– 50% and Middle East & Africa – 10%

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Electric Vehicle Industry Recent Developments:

In June 2024, BYD launched its third electric vehicle, BYD SEAL, in Japan. The retail pricing for the rear-wheel-drive version of the vehicle in the country is 5.28 million yen (USD 33,111.75).In June 2024, Volkswagen announced an investment of up to USD 5 billion in the US electric vehicle maker Rivian as part of a new, equally controlled joint venture to share electric vehicle architecture and software.In April 2024, Tesla launched Model 3 Performance, a high-performance version of Tesla’s popular electric sedan Model 3. It has 510 horsepower (up from 455), 296 miles of estimated driving range, an adaptive suspension system, a dedicated Track driving mode, upgraded brakes, sport seats, and a staggered wheel and tire setup.

Electric Vehicle Market Size – Key Benefits of Buying the Report:

The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric vehicle market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

Analysis of key drivers (Government incentives for electrification, Lower operating costs, Advancement in Battery Technology, Lower emissions), restraints (High upfront costs of electric vehicles, High initial investments for installing EV fast charging infrastructure, Battery Longevity and Replacement Costs), opportunities (Rapid Investment in charging infrastructure, Advancement in wireless EV charging technology for on-the-go charging, Use of EVs for fleets and commercial applications), and challenges (Longer Charging Time,Lack of standardization of EV charging infrastructure)Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric vehicle market Market Development: Comprehensive information about lucrative markets – the report analyses the electric vehicle market across varied regions. Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric vehicle market Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like BYD (China), Tesla (US), Volkswagen AG (Germany), Geely-Volvo (China), SAIC Motors (China), and among others in the electric vehicle market.Strategies: The report also helps stakeholders understand the pulse of the electric commercial vehicle market and provides them information on key market drivers, restraints, challenges, and opportunities.

Related Reports:

EV Charging Station Market – Global Forecast to 2030

Wireless Charging Market – Global Forecast to 2030

EV Connector Market – Global Forecast to 2030

Electric Commercial Vehicle Market – Global Forecast to 2030

Get access to the latest updates on Electric Vehicle Companies and Electric Vehicle Industry Growth

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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As ADA Anniversary Approaches, University of Phoenix Survey Highlights AI’s Potential to Advance Accessibility in Work and Learning

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July 24, 2026

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Survey conducted by The Harris Poll on behalf of University of Phoenix finds among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.

PHOENIX, July 24, 2026 /PRNewswire/ — As artificial intelligence becomes part of how people work, learn and solve problems, a new University of Phoenix survey conducted by The Harris Poll finds that recent working learners see meaningful opportunities for AI to support accessibility. The survey was designed to understand the impact of AI in the workplace and learning environments on accessibility, defined as ensuring digital content, tools and resources, including AI tools and output, are usable by people with different abilities through inclusive design, use of assistive technology or conformance with accessibility standards, such as the Web Content Accessibility Guidelines (WCAG). The findings are being released ahead of the 36th anniversary of the Americans with Disabilities Act (ADA) on July 26.

The survey, conducted among 1,019 U.S. employed adults who completed a professionally presented training or school course in the past 12 months (“recent working learners”), found that, among workers already using AI in the workplace, 3 in 5 (60%) say AI has improved their knowledge of and ability to use accessibility standards and guidelines, including nearly 1 in 5 (19%) who report significant improvement. 

While the findings point to optimism about AI’s accessibility potential, they also reveal an opportunity for clearer organizational guidance: 45% of respondents say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.

“The reality is that accessibility benefits everyone,” shares Kelly Hermann, Vice President of Accessibility and Student Affairs at University of Phoenix. “If accessibility is built in from the beginning, organizations are more likely to create AI-enabled environments that are universally usable. Clearer content, better summaries, accurate captions, and multiple formats can help workers and learners with disabilities, but they also help busy adults, multilingual learners, mobile users, and anyone trying to absorb information quickly.”

Key findings from the survey include:

Workers see AI’s accessibility potential: 89% of recent working learners identify workflows that could benefit from AI and accessibility tools, especially creating accessible documents, presentations, websites or learning materials (38%), presenting information in different formats such as plain language, audio, summaries or translations (33%), and training employees or learners on accessibility practices (30%).AI may help build accessibility awareness: Among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.Accessibility is not always clear in workplace AI policies: 45% of recent working learners say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.AI tools may not yet fully support different access needs: Among those who use workplace AI tools, only about a quarter of survey respondents (27%) say AI tools available through their workplace or professional learning environment support people with disabilities very well.Human oversight remains important: 36% of recent working learners say human review for important decisions or high-impact work should be part of responsible AI use at work or school.Workers also recognize how AI and accessibility can have an impact on their own career journey: 90% of recent working learners identify AI and accessibility skills that would be valuable in their current or desired career field, including 45% who see value in understanding when AI-generated content needs human review.

Why accessibility is essential to responsible AI adoption

As AI tools are used to draft documents, summarize information, generate captions and transcripts, create image descriptions, support learning and assist with workplace tasks, accessibility becomes central to responsible use. Poorly implemented AI can also create or amplify barriers, including inaccessible content, inaccurate summaries, biased outputs and tools that do not work effectively with assistive technologies.

“Responsible AI is not only about productivity,” Hermann said. “It is about whether the technology works for the people who need to use it. AI can help create more accessible materials and more flexible ways to engage with information, but it still requires clear policies, practical training and human judgment to make sure the outputs are accurate, applicable and usable.”

What the findings mean for employers and educators

The survey suggests that organizations have an opportunity to align AI adoption with supportive design, accessibility practices and workforce training. Employers and educators can take immediate steps by:

Naming accessibility directly in AI policies and guidance.Choosing AI tools with accessibility and assistive technology compatibility in mind.Training workers and learners to create, check and improve accessible AI-generated content.Making support pathways clear for people who experience barriers using AI tools.Keeping human review in place for important decisions, high-impact work and accessibility-sensitive outputs.

The survey also found workers want practical AI training. The most helpful resources identified by recent working learners include real-world examples from their field or industry (36%), hands-on practice using realistic workplace scenarios (34%) and step-by-step demonstrations of common tasks (33%).

Accessibility insights from University of Phoenix

Hermann shared the survey findings ahead of the ADA anniversary in recent media interviews. Hermann oversees the University’s accessibility initiative, including evaluation and remediation of curricular resources, the Center for Access, Resources, Engagement and Support Services (CARES), and the Office of Collaborative Learning and Educational Engagement. Her work focuses on fostering accessible and welcoming educational environments for students, faculty and staff.

Hermann’s office at University of Phoenix also convenes accessibility conversations through initiatives such as Access Amplified™, a free, annual virtual event focused on advancing digital accessibility in web development. The event brings together engineers, developers, designers, content authors and digital strategists for practical strategies and human-centered conversations that address the gap between coding practices and how users with assistive technology experience the web.

About the survey

The survey was conducted online within the United States by The Harris Poll on behalf of University of Phoenix from June 22–29, 2026, among 1,019 employed adults ages 18 and older who have taken a professionally presented training or a school course in the past 12 months, referred to as “recent working learners.” Data were weighted where necessary by age, gender, race/ethnicity, region, education, employment, marital status, household size, household income and smoking status to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

Review the complete survey at phoenix.edu/aiaccessibility.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu. 

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Mastech Digital to Announce Second Quarter 2026 Financial Results; Participate in Upcoming Investor Conference

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July 24, 2026

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PITTSBURGH, July 24, 2026 /PRNewswire/ — Mastech Digital, Inc. (NYSE American: MHH) (“Mastech Digital”), a leading provider of Digital Transformation IT Services, today announced the date for the release of its financial results for the second quarter ended June 30, 2026, and its participation in an upcoming investor conference.

Second Quarter 2026 Earnings:

Mastech Digital will report its financial results for the second quarter 2026 before the market opens on Thursday, August 6, 2026. Management will host a live conference call and webcast at 9:00 a.m. Eastern Time on that day to discuss the Company’s financial performance and operating results.  The conference call will be hosted by Nirav Patel, President and CEO, and Kannan Sugantharaman, Chief Financial and Operations Officer.

Those wishing to participate via webcast should access the call through Mastech Digital’s Investor Relations website at https://investors.mastechdigital.com. Those wishing to participate via telephone may dial in at 1-800-715-9871 (USA) or 1-646-307-1963 (International) with the passcode 7506988. The replay will be available via webcast through Mastech Digital’s Investor Relations website.

Upcoming Investor Conference:

Mr. Sugantharaman will host a fireside chat at the Sidoti Micro-Cap Investor Conference on Wednesday, August 19, 2026, at 9:15 a.m. Eastern Time.

Mastech Digital management is scheduled to host virtual one-on-one and small group meetings with investors during the conference on August 19-20, 2026. Investors interested in arranging a meeting should contact their Sidoti representative or reach out to the Mastech Digital investor relations team at investors@mastechdigital.com.

About Mastech Digital, Inc.

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management, Analytics & AI Solutions, and IT Staffing Services with a digital-first approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India. Visit us at www.mastechdigital.com.

Investor Relations Contact:
investors@mastechdigital.com 

 

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SOLAI Limited Announces Extraordinary General Meeting

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July 24, 2026

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AKRON, Ohio, July 24, 2026 /PRNewswire/ — SOLAI Limited (NYSE: SLAI) (“SOLAI” or the “Company”) (previously known as “BIT Mining Limited”), a technology-driven personal AI and digital infrastructure provider, today announced that it will hold its extraordinary general meeting of shareholders at 428 South Seiberling Street, Akron, Ohio, US on August 14, 2026 at 10:00 a.m., New York time.

Holders of record of ordinary shares and preference shares of the Company at the close of business on July 20, 2026, New York time (the “Record Date”) are entitled to receive notice of, and to attend and vote at, the extraordinary general meeting or any adjournment thereof. Holders of the Company’s American Depositary Shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The notice of the extraordinary general meeting, which sets forth the resolutions to be submitted to shareholder approval at the extraordinary general meeting is available on the Investor Relations section of the Company’s website at https://ir.solai.com. 

About SOLAI Limited

SOLAI Limited (previously known as “BIT Mining Limited”) (NYSE: SLAI) (previously traded under “BTCM”) is a technology-driven personal AI and digital infrastructure provider. Building upon its historical legacy in digital asset mining and blockchain network operations, the Company is leveraging extensive experience in large-scale hardware deployment, data center operations, and high-performance computing to build the foundational infrastructure for personal AI computing and digital asset ecosystems globally.

For more information:

SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com 

Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com 

 

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