Press release
Electric Cars Market 2024 Global Key Players, Industry Analysis, Potential Growth, Latest Trends
Electric Cars Global Market
The Business Research Company's Electric Cars Global Market Report 2024 identifies The growing demand for electric vehicles as the major driver for the Electric Cars market's growth in the forecast period. Electric cars are one of the fastest-growing segments of the electric vehicle market.
The electric cars market size has grown exponentially in recent years. It will grow from $365.72 billion in 2023 to $479.83 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to environmental concerns, government incentives, consumer demand for efficiency, increasing demand for hybrid powertrains, rising demand for automated transmission.
The electric cars market size is expected to see exponential growth in the next few years. It will grow to $1348.65 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to battery technology advancements, stricter emissions regulations, infrastructure expansion, autonomous electric vehicles, rising demand for connected cars. Major trends in the forecast period include range improvement, electrification in various segments, charging convenience, integration of smart technology, sustainable materials.
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Major competitors in the Electric Cars market are Toyota Motor Corporation, Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Tesla Inc., Renault Group, Volkswagen AG, General Motors Company, Beijing Automotive Industry Holding Co. Ltd.
A key trend in the Electric Cars market includes development of wireless charging facilities. Wireless charging enables charging of an electric vehicle without any inconvenience of finding the right cable connector at the charging point and/or stopping by at any charging station. Wireless charging uses dynamic and inductive charging technologies where the electricity is transferred from one magnetic coil in the charger to a second magnetic coil connected to a car. Because OEMs and technology companies discovered that a wireless charging system is far more convenient than a plug-in system for charging an electric vehicle. Qualcomm's technologies are continuously working on its wireless charging system called Qualcomm Halo that uses dynamic technology that helps to charge the electric vehicle while driving. Therefore, the wireless charging system has huge scope in the future to electrify vehicles all over the world.
Read More On The Global Electric Cars Market Report Here:
https://www.thebusinessresearchcompany.com/report/electric-cars-global-market-report
The Electric Cars market is segmented -
1) By Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
2) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese Cobalt Oxide (Li-NMC), Lithium-Titanate oxide (LTO) battery, Lithium-Nickel-Cobalt-Aluminum oxide (NCA) battery, Nickel-metal hydride (NiMH) battery, Lead Scid Battery
3) By Application: Home Use, Commercial Use
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Electric Cars market.
The Business Research Company's "Global Electric Cars Market Report 2024" 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 Cars Market Include:
1. Executive Summary
2. Electric Cars Market Characteristics
3. Electric Cars Market Trends And Strategies
4. Electric Cars Market - Macro Economic Scenario
5. Global Electric Cars Market Size and Growth
……
31. Global Electric Cars Market Competitive Benchmarking
32. Global Electric Cars Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Cars Market
34. Electric Cars Market Future Outlook and Potential Analysis
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