Electric Vehicle Market Size, Share Analysis, Trends, Industry Growth And Forecast 2023-2032
The Business Research Company's Electric Vehicle Global Market Report 2023 identifies strict government regulations on vehicle emissions as the major driver for the electric vehicle market's growth in the forecast period. The governments across various countries are taking some regulatory steps toward reducing harmful gas emissions from vehicles. Electric vehicles are eco-friendly vehicles that do not contribute to greenhouse gas emissions.
The global electric vehicle market size grew from $248.05 billion in 2022 to $316.19 billion in 2023 at a compound annual growth rate (CAGR) of 27.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric vehicle market size is expected to grow to $793.69 billion in 2027 at a CAGR of 25.9%.
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Major competitors in the electric vehicle market are Volkswagen, Ford Motor Company, Toyota Motor Corporation, General Motors Company, BYD Company motors, BMW Group, Nissan Motors Co Ltd., Tesla Inc., Hyundai Motor Company, Daimler AG, Groupe Renault, SAIC Motor Corporation Limited, Honda Motor Co, Kia Motors Corporation, TATA Motors Limited, Mahindra and Mahindra, Geely Automobile Holdings Limited, and Chevrolet.
A key trend in the electric vehicle market includes technological advancements. Major companies operating in the electric vehicle market are focused on developing new technological solutions to strengthen their position. For instance, in February 2022, QuantumScape, a US-based renewable energy company, is developing solid battery technology to extend the range of electric vehicles and allow them to recharge more quickly. QuantumScape conducted its tests, and the results showed that the solid-state batteries completed 400 consecutive 15-minute (4C) fast-charge cycles successfully from 10% to 80% capacity.
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The electric vehicle market is segmented -
•By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
•By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
•By Charging Type: Slow Charging, Fast Charging
•By Power Output: Less Than 100 kW, 100 kW To 250 kW, More Than 250 kW
•By End Use: Private, Commercial Fleets
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the electric vehicle market.
The Business Research Company's "Global Electric Vehicle Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Vehicle Market Include:
1. Executive Summary
2. Electric Vehicle Market Characteristics
3. Electric Vehicle Market Trends And Strategies
4. Electric Vehicle Market - Macro Economic Scenario
5. Electric Vehicle Market Size And Growth
26. Africa Electric Vehicle Market
27. Electric Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Vehicle Market
29. Electric Vehicle Market Future Outlook and Potential Analysis
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