Electric Vehicle Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

The global electric vehicle market is projected to grow at a considerable CAGR of more than 20.0% during the forecast period. The growing sales of electric vehicles globally due to increasing charging infrastructure and government initiatives are the key factors that are propelling the growth of the market. According to the Global EV Outlook 2020, the sale of electric cars in 2018 was 7.2 million, which is higher than the sale of electric cars in 2019 which stood at 2.1 million globally. In 2019, In the US, the sales of electric cars were 1.1 million, in Europe 1.2 million units, while 2.3 million units of electric cars were sold in China.

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Apart from this, there were around 7.3 million electric vehicle chargers available globally in 2019 out of which around 6.3 million chargers were private, light-duty vehicle chargers at home, and others. The availability of charging infrastructure globally is supporting the growth of the electric vehicle industry globally.

Moreover, in 2018, around 460,000 electric buses were available globally and China is a global leader in electric buses that aims to have its public transport electrified by 2040. Besides, Europe received an investment worth $72.42 billion by the government for producing electric vehicles and batteries in 2019. Thus, the adoption of electric vehicles is increasing sales globally, and also charging infrastructure is supporting the growth of the EV market.

Global Electric Vehicle Market Report Segment

By Vehicle Type

• Commercial Vehicles
• Passenger Cars
• Two-Wheelers

By Propulsion Technology

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle

By Battery Type

• NiMH
• Li-ion
• Others

A full report of Electric Vehicle Market is available at: https://www.omrglobal.com/industry-reports/electric-vehicle-market

Electric Vehicle Market- Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• AB Volvo
• Alcraft Motor
• Audi
• BMW AG
• Daimler AG
• Fiat Chrysler Automobiles N.V
• Ford Motor Co.
• General Motors Co.
• Honda Motor Co., Ltd.
• Hyundai Motor Co.
• Kia Motors Corp.
• Lucid Motors, Inc.
• Mitsubishi Motors Corp.

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