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Electric Vehicle Market is projected to grow to USD 1122.03 Billion by 2032, at a CAGR of 12.5% from 2024 to 2032 | PMR

05-22-2024 01:48 PM CET | Energy & Environment

Press release from: Polaris Market Research & Consulting

Electric Vehicles (Ev) Market

Electric Vehicles (Ev) Market

The rising demand for environmentally safe alternatives and the introduction of favorable government policies are the major factors driving the electric vehicle market growth. By product analysis, the Plug-in Hybrid Electric Vehicles (PHEV) segment accounted for a considerable market share. By regional analysis, Asia Pacific is projected to grow at a rapid rate.ย 

๐Š๐ž๐ฒ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐‡๐ข๐ ๐ก๐ฅ๐ข๐ ๐ก๐ญ๐ฌ:

The global market for electric vehicles was valued at USD 389.34 billion in 2023 and is projected to grow to USD 1122.03 billion by 2032.ย 

The industry is anticipated to exhibit a CAGR of 12.5% during the forecast period from 2024 to 2032.

The market is primarily segmented based on product, vehicle type, power source, and region.

The major regions covered in the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐จ๐ฎ๐ซ ๐„๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ž ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market/request-for-sample

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:

An electric vehicle (EV) is a vehicle that makes use of single or multiple electric motors for propulsion. The motor of EVs draws electricity from a battery, which is capable of being charged by an external power supply. Electric vehicles include several components, with the key parts being a battery, charger port, DC/DC converter, electric traction motor, onboard charger, and power electronics controller. The electric traction motor draws power from the battery pack to drive the vehicle's wheels.

The onboard charger has the function of taking the incoming AC electricity and converting it to DC power for charging the battery. The power electronics controller is responsible for managing the flow of electrical energy delivered by the traction battery. There are several types of EVs in the electric vehicle market, including passenger vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes.ย 

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ:

The rising emphasis on sustainable development has led to the development of alternative energy systems, thereby propelling the growth of the electric vehicle industry.ย 
Electric vehicles transform over half of the electrical energy from the grid to propel the vehicle. This is significantly higher than the conversion of energy stored in gasoline in gas-powered motors. As such, it's a catalyzing factor for the global industry.

๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐“๐ก๐ข๐ฌ ๐๐ซ๐ž๐ฆ๐ข๐ฎ๐ฆ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ: https://www.polarismarketresearch.com/buy/162/2

๐“๐จ๐ฉ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

Some of the major players operating in the market have announced their strategic plans. It's anticipated that the actual investments are likely to be more significant for growing electrical vehicles worldwide. The top players in the electric vehicle market include:

BAIC Group
BMW
BYD
GAC Motors
Great Wall Motors
Hyundai Group
Jaguar
Mercedes
Nissan-Renault-Mitsubishi
SAIC Motors
Stellantis
Tesla
Toyota
Volkswagen Group
Regional Analysis:

North America
Europe
Asia Pacific
Latin America,
Middle East & Africa

๐๐ซ๐จ๐ฐ๐ฌ๐ž ๐Œ๐จ๐ซ๐ž ๐ƒ๐ž๐ญ๐š๐ข๐ฅ๐ฌ: https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ฅ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:

Polaris Market Research has segmented the electric vehicle market report based on product, vehicle type, power source, and region:

Electric Vehicle, Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)

Battery Electric Vehicles (BEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Electric Vehicle, Vehicle Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)

Passenger
Heavy Commercial
Two-Wheelers
E-Scooters & Bikes
Light Commercial
Electric Vehicle, Power Source Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)

Less than 100 kW
100 kW to 250 kW
More than 250 kW

๐“๐จ๐ฉ ๐“๐ซ๐ž๐ง๐๐ข๐ง๐  ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐จ๐Ÿ ๐๐จ๐ฅ๐š๐ซ๐ข๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

๐…๐ข๐ง๐š๐ง๐œ๐ข๐š๐ฅ ๐–๐ž๐ฅ๐ฅ๐ง๐ž๐ฌ๐ฌ ๐’๐จ๐Ÿ๐ญ๐ฐ๐š๐ซ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ:
https://www.polarismarketresearch.com/industry-analysis/financial-wellness-software-market

๐ˆ๐ฆ๐ฆ๐ž๐ซ๐ฌ๐ข๐ฏ๐ž ๐„๐ง๐ญ๐ž๐ซ๐ญ๐š๐ข๐ง๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ:
https://www.polarismarketresearch.com/industry-analysis/immersive-entertainment-market

๐–๐ž๐› ๐Ÿ‘.๐ŸŽ ๐Œ๐š๐ซ๐ค๐ž๐ญ:
https://www.polarismarketresearch.com/industry-analysis/web-3-0-market

๐‚๐จ๐ซ๐ฉ๐จ๐ซ๐š๐ญ๐ž ๐’๐ž๐œ๐ซ๐ž๐ญ๐š๐ซ๐ข๐š๐ฅ ๐’๐ž๐ซ๐ฏ๐ข๐œ๐ž๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ:
https://www.polarismarketresearch.com/industry-analysis/corporate-secretarial-services-market

๐„๐ง๐ญ๐ž๐ซ๐ฉ๐ซ๐ข๐ฌ๐ž ๐…๐ข๐ฅ๐ž ๐’๐ฒ๐ง๐œ๐ก๐ซ๐จ๐ง๐ข๐ณ๐š๐ญ๐ข๐จ๐ง ๐š๐ง๐ ๐’๐ก๐š๐ซ๐ข๐ง๐  (๐„๐…๐’๐’) ๐Œ๐š๐ซ๐ค๐ž๐ญ:
https://www.polarismarketresearch.com/industry-analysis/enterprise-file-synchronization-and-sharing-efss-market

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐ˆ๐ง๐Ÿ๐จ:
Polaris Market Research
30 Wall Street, 8th Floor,
New York City, NY 10005,
United States
Phone:+1-929 297-9727
Email: sales@polarismarketresearch.com

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:
Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

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