Electric Cars Market to Skyrocket to $1348.65B by 2028 with 29.5% CAGR - Battery Tech & Emissions Drive Growth

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Electric Cars Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1348.65 billion In 2028 At A CAGR Of 29.5%:

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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Electric Cars Market Major Segments
The electric cars market covered in this report 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

Key Driver - Rapid Growth In Electric Car Market Fuelled By Surging Demand And Global Automaker Commitments

The growing demand for electric vehicles is driving the growth of electric cars market. Electric cars are one of the fastest-growing segments of the electric vehicle market. According to the IEA, in 2021, electric car (including fully electric and plug-in hybrids) sales doubled compared to previous years to nearly 6.6 million. According to Forbes, electric vehicles (EVs) will surge to 57%, which is more than half of global passenger car sales by 2040. The major companies in the automobile industry, such as Tesla, BMW, Volkswagen, and others, are expected to release around 200 models of electric vehicles. Electric vehicles don't use fuel or gas, and they are more economical than other vehicles. The demand for an electric vehicle is growing because of its low maintenance, less carbon emissions, convenient charging, less noise from the engine, and higher fuel costs.

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Prominent Trend - Wireless Charging Revolutionizes Electric Vehicle Industry

The development of wireless charging facilities for electric vehicles is the greatest opportunity for both OEMs and end-users. 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.

Electric Cars Market Players
Major companies operating in the electric cars market include 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., SAIC Motor Corporation Limited, Daimler AG, Chery Automobile Co. Ltd., Hyundai Motor Company, Ford Motor Company, Changan Automobile Co. Ltd., Volvo Car Corporation, Anhui Jianghuai Automobile Co. Ltd., Renault-Nissan-Mitsubishi Alliance (Renault-Nissan SAS and Mitsubishi Motors Corporation), Jiangling Motors Corporation Group (JMCG), Zotye Automobile Co. Ltd., Mitsubishi Motors Corporation, Zhengzhou Yutong Bus Co. Ltd., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Audi AG, Jaguar Land Rover Automotive PLC, Mahindra Electric Mobility Limited, Honda Motor Co. Ltd., Energica Motor Company S.p.A., Nissan Motor Co. Ltd., Lightyear BV

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric cars market in 2023. Western Europe was the second largest region in the electric cars market. The regions covered in the electric cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Cars Market Report Structure
3. Electric Cars Market Trends And Strategies
4. Electric Cars Market - Macro Economic Scenario
5. Electric Cars Market Size And Growth
…..
27. Electric Cars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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