Electric Vehicle Market The Future of Electric Vehicles

The global electric vehicle market size is expected to be valued at USD 42610.86 thousand units in 2024 and reach USD 118024.6 thousand units by 2029, growing at a CAGR of 22.6% from 2024 to 2029.

Global Electric Vehicle Market Report Scope:
• Market Size (2029): USD 118024.6 thousand units
• Market Size (2023): USD 42610.86 thousand units
• CAGR (2024 to 2029): 22.6%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: End-user, Vehicle, Propulsion, Components, Charging Station, Vehicle Class and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.p.A., BYD Company Motors, Ford Motor Company. Are playing a dominant role in the global electric vehicle market.

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An electric vehicle uses electricity, unlike other vehicles that run on fuel. The electric motor installed supplies constant energy from the batteries and has no internal combustion engine. Lithium-ion, zinc-air, molten salt, and other nickel-based design batteries are some varieties of batteries used for electric vehicles. Electric vehicles are specially designed to reduce environmental pollution. With the latest technological advancements in electric vehicles, many people are inclined to adopt these vehicles. The global share of electric vehicles is expected to increase from 2% in 2016 to 30% by the end of 2030. Electric vehicles can be charged through electricity and are environment-friendly vehicles.
The electric vehicles market is witnessing a significant growth. By 2025, EV sales are projected to account for 23 percent of global new car sales.

The impression that electric vehicles are less expensive to run is one of the primary growth factors for the market. Current EV owners in the US, UK, and Germany are motivated mainly by the monetary advantages to their environment and the reduction in fuel and maintenance costs. At the same time, for car owners in Singapore, listing the accessibility of charging facilities (44 percent), brand reputation (41 percent), and environmental effect (41 percent) are the top reasons to buy EVs.

The eco-friendliness of EVs is an attraction for consumers. This reason is also driving the expansion of the electric vehicle market. Moreover, the growing consumer concern about environmental concerns like air pollution and climate change is the key factor favoring electric automobiles. In addition, EVs have no exhaust emissions, which makes them appealing to buyers who care about the environment. Additionally, concerns regarding the feasibility of EVs for regular use are now addressed by the advancement of renewable energy sources and the expansion of the infrastructure for charging them.

Rising fire incidents are limiting the expansion of the electric vehicle market. EV fires can arise from a variety of causes, such as external forces and battery-related issues. For instance, many Ola electric scooters caught fire in India in 2022. This inflicted various injuries and fatalities.
Also, other popular issues are the expense of purchasing an electric car upfront, the duration of the charging process, the accessibility of infrastructure for charging, and the possibility of future battery deterioration.

In Germany, the biggest complaint among potential EV purchasers is the short driving range. Also, the absence of charging facilities is the second biggest worry. Moreover, in Singapore, replacement and battery life are the main concerns for consumers. However, the largest obstacle for most purchasers in the US and also the UK is the high cost of purchasing an EV. Furthermore, Car owners in major markets prioritize hybrid cars over EVs, with 21 to 35 percent in four markets, 35 percent in Singapore, and 33 percent in the UK. Therefore, all these factors are restricting the growth of the market.

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Key Insights from The Report:
• By Vehicle: The passenger car segment is thriving with the most significant share of the electric vehicle market.
• By Propulsion, The battery-electric vehicle segment is expected to reach the highest share of the market, followed by fuel-cell electric vehicles.
• By Component type, The battery cells & packs segment is leading with the dominant share of the market in the coming period.
• By Charging station type, The supercharging segment will have the dominant share owing to the launch of products with advanced technology.
• North America holds the dominant share of the electric vehicle market. Rising per capita income and growing investments in the automobile industries are elevating the growth of the market.

The report can be customized as per the requirements; ask @ https://www.marketdataforecast.com/market-reports/electric-vehicle-market/customization

SEGMENTATION INCLUDED IN THIS REPORT:
Global Electric Vehicle Market - By Vehicle:
• Passenger Car
• Commercial Vehicle
• Two wheeler

Global Electric Vehicle Market - By Propulsion:
• Battery electric vehicle (BEV)
• Fuel cell electric vehicle (FCEV)
• Plug-in hybrid electric vehicle (PHEV)
• Hybrid electric vehicle (HEV)

Global Electric Vehicle Market - By Components:
• Battery Cells & Packs
• On-Board Charge
• Infotainment
• Electric Motor

Global Electric Vehicle Market - By Charging Station Type:
• Normal charging
• Supercharging

Global Electric Vehicle Market - By Vehicle Class:
• Mid-Priced
• Economy
• Luxury

Global Electric Vehicle Market - By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Browse Regional Reports:
Europe Electric Vehicle Market Research Report - Segmented By Technology, Service, Application, End User and Country (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/europe-electric-vehicle-market

APAC Electric Vehicle Market Research Report - Segmented By Technology, Service, Application, Delivery Mode, End User & Country (India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029) - https://www.marketdataforecast.com/market-reports/apac-electric-vehicle-market

Table of Contents:
Chapter 1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
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Chapter 2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
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Chapter 3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
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Chapter 4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
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Chapter 5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
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Chapter 6. Market Segmentation
6.1 Electric Vehicle Market, By Vehicle
6.1.1 Passenger Car
6.1.2 Commercial Vehicle
6.1.3 Two Wheeler
6.1.4 Market Size Estimations & Forecasts (2024-2029)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Electric Vehicle Market, By Propulsion
6.2.1 BEV
6.2.2 FCEV
6.2.3 PHEV
6.2.4 HEV
6.2.5 Market Size Estimations & Forecasts (2024-2029)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Electric Vehicle Market, By Component
6.3.1 Battery Cells And Packs
6.3.2 O-Board Charge
6.3.3 Infotainment
6.3.4 Electric Motor
6.3.5 Market Size Estimations & Forecasts (2024-2029)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
6.4 Electric Vehicle Market, By Charging Station
6.4.1 Normal Charging
6.4.2 Super Charging
6.4.3 Market Size Estimations & Forecasts (2024-2029)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Electric Vehicle Market, By Vehicle Class
6.5.1 Mid-Priced
6.5.2 Economy
6.5.3 Luxury
6.5.4 Market Size Estimations & Forecasts (2024-2029)
6.5.5 Y-o-Y Growth Rate Analysis
6.5.6 Market Attractiveness Index
6.6 Electric Vehicle Market, By Power Output
6.6.1 Less than 100 KW
6.6.2 100-250 KW
6.6.3 Above 250 KW
6.6.4 Market Size Estimations & Forecasts (2024-2029)
6.6.5 Y-o-Y Growth Rate Analysis
6.6.6 Market Attractiveness Index
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Chapter 7. Geographical Landscape
7.1 Global Electric Vehicle Market by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Vehicle
7.2.3 By Propulsion
7.2.4 By Component
7.2.5 By Charging Station
7.2.6 By Vehicle Class
7.2.7 By Power Output
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Vehicle
7.3.3 By Propulsion
7.3.4 By Component
7.3.5 By Charging Station
7.3.6 By Vehicle Class
7.3.7 By Power Output
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Vehicle
7.4.3 By Propulsion
7.4.4 By Component
7.4.5 By Charging Station
7.4.6 By Vehicle Class
7.4.7 By Power Output
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Vehicle
7.5.3 By Propulsion
7.5.4 By Component
7.5.5 By Charging Station
7.5.6 By Vehicle Class
7.5.7 By Power Output
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Vehicle
7.6.3 By Propulsion
7.6.4 By Component
7.6.5 By Charging Station
7.6.6 By Vehicle Class
7.6.7 By Power Output
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Chapter 8. Key Player Analysis
8.1 Tesla
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 BMW Group
8.3 Nissan Motor Corporation
8.4 Toyota Motor Corporation
8.5 Volkswagen AG
8.6 General Motors
8.7 Daimler AG
8.8 Energica Motor Company S.p.A.
8.9 BYD Company Motors
8.10 Ford Motor Company
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Chapter 9. Market Outlook & Investment Opportunities
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Chapter 10. Appendix
List of Tables
List of Figures

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