Electric Vehicle Market Valued USD 1122.03 Billion and Projected Grow at 12.5% CAGR by 2032

Global Electric Vehicle Market size and share is currently valued at USD 389.34 billion in 2023 in 2023 and is anticipated to generate an estimated revenue of USD 1122.03 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 12.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market/request-for-sample

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.

𝐓𝐨𝐩 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

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

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/162/2

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭

• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)

𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞

• Passenger
• Heavy Commercial
• Two-Wheelers
• E-Scooters & Bikes
• Light Commercial

𝐊𝐞𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

• 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.

• 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.

Click here to Access the Full Report: https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

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.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

• The rising emphasis on sustainable development has led to the development of alternative energy systems, thereby propelling the growth of the electric vehicle industry.

• 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.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

• North America (U.S., Canada)

• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)

• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)

• Latin America (Brazil, Mexico, Argentina)

• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐀𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐛𝐲 𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐏𝐨𝐰𝐞𝐫𝐭𝐫𝐚𝐢𝐧 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/electric-powertrain-market

𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐇𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/material-handling-equipment-market

𝐌𝐢𝐧𝐢𝐧𝐠 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/mining-equipment-market

𝐁𝐞𝐚𝐫𝐢𝐧𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/bearings-market

𝐓𝐡𝐢𝐫𝐝 𝐏𝐚𝐫𝐭𝐲 𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/third-party-logistics-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research
30 Wall Street, 8th Floor,
New York City, NY 10005,
United States
Phone:+1-929 297-9727
Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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.

This release was published on openPR.