Electric Vehicle Market to Witness Strong Growth Driven by Sustainability Demands and Technological Advancements

According to this latest publication from Meticulous Research®, the global Electric Vehicle market is projected to reach $ 6,916.43 billion by 2031, at a CAGR of 28.0% from 2024-2031. By volume, this market is projected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024-2031. The growth of the global electric vehicle market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading automotive OEMs, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for electric vehicle. The growing adoption of autonomous electric vehicle and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market.

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However, the high costs of buying electric vehicles and the lack of charging stations in developing countries are expected to slow down market growth. Consumers experience range anxiety, and electric vehicles perform poorly in cold weather, which poses significant challenges. Additionally, trends such as shared mobility, smart EV charging stations, wireless EV charging, and solar-powered charging stations are prominent in the global electric vehicle market.

Key Players:

The key players operating in the global electric vehicle market are Tesla, Inc. (U.S.), BMW AG (Germany), BYD Company Ltd. (China), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Volvo Group (Sweden), Mercedes-Benz Group AG (Germany), Ford Motor Company (U.S.), Honda Motor Co., Ltd. (Japan), General Motor Company (U.S.), Nissan Motor Co., Ltd. (Japan), Tata Motors Limited (India), Alcraft Motor Company Ltd. (U.K.), Zero Electric Vehicle Inc. (U.S.), and Faraday & Future Inc. (U.S.).

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Meticulous Research has divided this market based on vehicle type, power output, propulsion type, end use, and geography for better analysis. The study also looks at industry competitors and examines the market at the country level.

Based on vehicle type, the global electric vehicle market includes passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters and bikes. In 2024, the passenger vehicle segment is expected to hold the largest share of the global electric vehicle market. This segment's large share comes from increasing government policies and subsidies that promote electric vehicle adoption, growing awareness of electric vehicles' role in cutting emissions, rising fuel prices, and car manufacturers' active participation in producing electric passenger vehicles.

Based on power output, the global electric vehicle market includes segments of less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the segment below 100 kW is expected to take the largest share of the global electric vehicle market. This segment's large share is due to the rising popularity of electric scooters and mopeds, increased government investment in EV charging infrastructure, and supportive policies, incentives, and subsidies introduced by various state governments.

Based on propulsion type, the global electric vehicle market divides into hybrid electric vehicles and battery electric vehicles. In 2024, the battery electric vehicle segment is expected to capture the largest share of the global electric vehicle market. This segment's significant share is linked to strict emission standards, rising demand for better fuel efficiency, a growing interest in zero-emission vehicles, and the increasing use of battery electric vehicles as personal vehicles, autonomous delivery vehicles, industrial vehicles, and public transport.

Based on end use, the global electric vehicle market separates into private, commercial, and industrial use. In 2024, the private use segment is expected to hold the largest share of the global electric vehicle market. The segment's growth is attributed to rising awareness about greenhouse gas emissions and environmental pollution, strict emission regulations, and a demand for premium electric vehicles among consumers. Supportive government incentives to boost EV sales and manufacturing, tax rebates, and falling battery costs also encourage consumers to adopt electric vehicles for personal use.

Based on geography, the electric vehicle market includes Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. In 2024, Asia-Pacific is expected to hold the largest share of the global electric vehicle market. Recently, the electric vehicle market has grown rapidly in this region. Countries like China, Japan, and South Korea are offering subsidies and tax incentives and implementing regulations to support electric vehicle development and adoption, aiming to reduce greenhouse gas emissions and air pollution.

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, power output, propulsion type, end use, and geography?

What is the historical market size for global electric vehicle?

What are the market forecasts and estimates for the period 2024-2031?

Related Reports:

Asia-Pacific Electric Vehicle Market: https://www.meticulousresearch.com/product/asia-pacific-electric-vehicle-market-5236

Electric Commercial Vehicle Market: https://www.meticulousresearch.com/product/electric-commercial-vehicle-market-5766

Electric Vehicle Traction Motors Market: https://www.meticulousresearch.com/product/electric-vehicle-traction-motor-market-5353

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This release was published on openPR.