Press release
Comprehensive Electric Vehicle Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
electric vehicle
The escalation of the electric vehicle market is projected to be spurred by strict governmental rules on vehicle emissions. Numerous governments worldwide are enacting regulatory measures to minimize harmful gas emissions from automobiles. Electric cars, being environment-friendly, do not contribute to the emission of greenhouse gasses. For example, in August 2024, the Indian government launched numerous policies to foster manufacturing and usage of electric vehicles. A significant move is the Electric Vehicle Policy that provides incentives to lure investments from worldwide EV manufacturers. The policy strives to position India as a manufacturing center for top-notch EVs, thereby ensuring local value addition and reducing production expenses. Henceforth, the stringent governmental regulations on vehicle emissions will likely stimulate the advancement of the electric vehicle market.
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What is the projected compound annual growth rate (CAGR) of the electric vehicle market from 2025 to 2034, and what factors influence it?
The size of the electric vehicle market has seen significant expansion recently, with predictions suggesting it will increase from a value of $376.97 billion in 2024, to $470.28 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 24.8%. Factors contributing to this growth during the historic period include advancements in early electric vehicle development, an increase in consumer understanding and acceptance, a competitive market landscape, reduced costs, global market penetration, compliance with regulatory standards, and emissions reduction.
The size of the electric vehicle market is anticipated to witness tremendous growth in the coming years, expanding to $1089.48 billion in 2029 with a compound annual growth rate (CAGR) of 23.4%. This surge in the prediction period can be tied to factors such as governmental rules and benefits, growth of charging facilities, dedication and production of automakers, market competitiveness, and the transition to green mobility. Predominant trends during the forecast period are advancements in battery technology, expansion of charging infrastructure, government policies and incentives, increase in electric vehicle models, and improvements in cost and affordability.
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How are the latest trends influencing the growth of the electric vehicle market?
Advancements in technology are the predominant trends gaining traction in the electric vehicle sector. The primary firms in the electric vehicle landscape are striving to create novel technological solutions to fortify their market presence. For example, in February 2022, QuantumScape, a renewable energy firm based in the US, is in the process of creating solid battery technology that would enhance the range of electric vehicles and enable faster recharging. Through the company's rigorous testing, the results indicated that the solid-state batteries have successfully completed 400 continuous cycles of 15-minute (4C) fast-charging from a capacity of 10% to 80%.
What are the major segments of the electric vehicle market and their role in driving growth?
The electric vehicle market covered in this report is segmented -
1) By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
2) By Vehicle Type: Two-Wheelers, Passenger Cars, Commercial Vehicles
3) By Charging Type: Slow Charging, Fast Charging
4) By Power Output: Less Than 100 kW, 100 kW To 250 kW, More Than 250 kW
5) By End Use: Private, Commercial Fleets
Subsegments:
1) By Battery Electric Vehicle (BEV): Compact BEV, Mid-size BEV, SUV BEV, Luxury BEV
2) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEV, Mid-size PHEV, SUV PHEV, Luxury PHEV
3) By Fuel Cell Electric Vehicle (FCEV): Passenger FCEV, Commercial FCEV
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Which regions are key players in the growth of the electric vehicle market?
Asia-Pacific was the largest region in the electric vehicle market in 2024. The regions covered in the electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the electric vehicle market?
Major companies operating in the electric vehicle market include Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, BMW Group, Honda Motor Co., Hyundai Motor Company, SAIC Motor Corporation Limited, Tesla Inc., Nissan Motors Co. Ltd., Audi AG, Kia Motors Corporation, BYD Company motors, Daimler AG, Groupe Renault, TATA Motors Limited, Volvo Car Corporation, Stellantis N.V.-Dodge, Geely Automobile Holdings Limited, NIO lnc., Xpeng lnc., Rivian Automotive Inc., Lucid Motors lnc., Canoo Holdings Ltd., Faraday Future Corporation, Bollinger Motors Inc., Mahindra and Mahindra Ltd., Genesis Motor LLC, Fisker lnc., The Cadillac Motor Car Division, Lotus Cars Limited, Jaguar Land Rover Automotive plc
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What Is Covered In The Electric Vehicle Global Market Report?
•Market Size Forecast: Examine the electric vehicle market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric vehicle market for a structured understanding.
•Key Players Overview: Analyze major players in the electric vehicle market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle market.
•Competitive Landscape: Review strategic developments in the electric vehicle market, including expansions, agreements, and new product launches.
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