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Electric Cars Market Size Forecasted To Achieve $1677.4 Billion By 2029 With Steady Growth

06-05-2025 03:08 PM CET | Logistics & Transport

Press release from: The Business Research Company

Electric Cars

Electric Cars

The Electric Cars Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories]._x000D_
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What Is the Electric Cars Market Size and Projected Growth Rate?_x000D_
The electric cars market has undergone exponential growth, with its value expected to rise from $474.31 billion in 2024 to $619.37 billion in 2025 at a CAGR of 30.6%, historically driven by environmental awareness, government support, demand for fuel efficiency, and rising popularity of hybrid and automated systems._x000D_
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The electric cars market is forecasted to grow exponentially, reaching $1677.4 billion in 2029, with a CAGR of 28.3%. This growth is driven by advancements in battery technology, stricter emissions regulations, expanded infrastructure, the rise of autonomous electric vehicles, and increasing demand for connected cars. Trends include improvements in driving range, electrification across various segments, enhanced charging convenience, the integration of smart technology, and the use of sustainable materials._x000D_
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Purchase the full report for exclusive industry analysis:_x000D_
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3112_x000D_
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What Are the Major Segments in the Electric Cars Market?_x000D_
The electric cars market covered in this report is segmented -_x000D_
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1) By Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)_x000D_
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_x000D_
3) By Application: Home Use, Commercial Use_x000D_
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Subsegments:_x000D_
1) By Battery Electric Vehicle (BEV): Compact BEVs, Mid-Size BEVs, Full-Size BEVs, Luxury BEVs_x000D_
2) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEVs, Mid-Size PHEVs, Full-Size PHEVs, Luxury PHEVs_x000D_
3) By Hybrid Electric Vehicle (HEV): Full Hybrid Electric Vehicles (FHEV), Mild Hybrid Electric Vehicles (MHEV)_x000D_
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Get your free sample here:_x000D_
https://www.thebusinessresearchcompany.com/sample.aspx?id=3112&type=smp_x000D_
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What Are The Driving Electric Cars Market Evolution?_x000D_
The increasing demand for electric vehicles (EVs) is driving the electric cars market, one of the fastest-growing segments within the broader EV market. According to the International Energy Agency (IEA), electric car sales, including fully electric and plug-in hybrids, doubled in 2021, reaching nearly 6.6 million. By 2040, electric vehicles are expected to account for over 57% of global passenger car sales, with major companies like Tesla and BMW releasing around 200 new EV models. EVs are becoming increasingly popular due to their low maintenance, reduced carbon emissions, and growing charging infrastructure._x000D_
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Which Firms Dominate The Electric Cars Market Segments?_x000D_
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_x000D_
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What Trends Are Expected to Dominate the Electric Cars Market in the Next 5 Years?_x000D_
Companies in the electric car market are focusing on launching electric SUVs to address rising demand for sustainable mobility. In November 2024, Mahindra & Mahindra, an India-based automobile firm, introduced the BE 6e and XEV 9e electric SUVs, priced at Rs 18.90 lakh and Rs 21.90 lakh, with deliveries expected by March 2025. Equipped with LFP battery technology, these vehicles boast ranges above 650 km, positioning Mahindra competitively in the EV segment._x000D_
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Get the full report for exclusive industry analysis:_x000D_
https://www.thebusinessresearchcompany.com/report/electric-cars-global-market-report_x000D_
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Which Is The Largest Region In The Electric Cars Market?_x000D_
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_x000D_
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Frequently Asked Questions:_x000D_
1. What Is the Market Size and Growth Rate of the Electric Cars Market?_x000D_
2. What is the CAGR expected in the Electric Cars Market?_x000D_
3. What Are the Key Innovations Transforming the Electric Cars Industry?_x000D_
4. Which Region Is Leading the Electric Cars Market?

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