The electric vehicle market size has experienced exponential growth in recent years, surging from $304.35 billion in 2023 to $381.56 billion in 2024, indicating a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to early eve development, consumer perception and acceptance, market competitiveness and cost reduction, global market penetration, regulatory compliance, and emissions reduction. Looking ahead, the electric vehicle market is poised for exponential growth, forecasted to reach $894.33 billion in 2028, with a CAGR of 23.7%. The anticipated expansion can be attributed to government regulations and incentives, the expansion of charging infrastructure, automaker commitment and production, market competitiveness, and the shift towards sustainable mobility. Major trends include advancements in battery technology, expansion of charging infrastructure, government incentives and policies, increase in electric vehicle models, and cost reduction initiatives.
Major Driver In The Electric Vehicle Market
The electric vehicle market is poised for expansion, driven by stringent government regulations on vehicle emissions globally. Governments across various countries are taking regulatory measures to reduce harmful gas emissions from vehicles, emphasizing the need for eco-friendly alternatives. Electric vehicles, being environmentally friendly with no contribution to greenhouse gas emissions, are gaining prominence. In December 2021, the Environmental Protection Agency (EPA) finalized greenhouse gas emissions standards for passenger cars and light trucks for model years 2023–2026, outlining measures for significant emissions reductions. The strict government regulations on vehicle emissions are expected to be a key catalyst for the growth of the electric vehicle market. As we delve into the market sizes, the electric vehicle market is anticipated to experience substantial growth in 2023, 2024, and beyond, driven by the regulatory push towards cleaner and greener transportation solutions.
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Electric Vehicle Market Competitive Landscape
Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, BMW Group, Honda Motor Co., Hyundai Motor Company, SAIC Motor Corporation Limited, Tesla Inc., Nissan Motors Co. Ltd., Audi AG, Kia Motors Corporation, BYD Company motors, Daimler AG, Groupe Renault, TATA Motors Limited, Volvo Car Corporation, Stellantis N.V.-Dodge, Geely Automobile Holdings Limited, NIO lnc., Xpeng lnc., Rivian Automotive Inc., Lucid Motors lnc., Canoo Holdings Ltd., Faraday Future Corporation, Bollinger Motors Inc., Mahindra and Mahindra Ltd., Genesis Motor LLC, Fisker lnc., The Cadillac Motor Car Division, Lotus Cars Limited, Jaguar Land Rover Automotive plc
Key Electric Vehicle Market Trend
Technological advancements are a major trend in the electric vehicle market. Companies are dedicated to developing innovative technologies to improve their market stance. For instance, in February 2022, QuantumScape, a US-based renewable energy company, advanced solid-state battery technology to extend the range and reduce charging times for electric vehicles. QuantumScape's tests demonstrated that these solid-state batteries successfully completed 400 consecutive 15-minute (4C) fast-charge cycles from 10% to 80% capacity.
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Electric Vehicle Market Segmentation
The electric vehicle market covered in this report is segmented –
1) By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
2) By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
3) By Charging Type: Slow Charging, Fast Charging
4) By Power Output: Less Than 100 kW, 100 kW To 250 kW, More Than 250 kW
5) By End Use: Private, Commercial Fleets
By Geography:The regions covered in the electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electric vehicle market in 2023.
The Electric Vehicle Global Market Report 2024 furnishes information about the global electric vehicle market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
