Soaring Demand Set to Propel Electric Cars Market to $1677.4 Billion by 2029

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What Is the Expected CAGR for the Electric Cars Market Through 2025?
The market size of electric cars has experienced a significant upsurge in the past few years. It is projected to escalate from $474.31 billion in 2024 to $619.37 billion in 2025, registering a compound annual growth rate (CAGR) of 30.6%. The growth during the historic period is due to several factors such as environmental concerns, governmental incentives, the consumer's appeal for efficiency, a heightened demand for hybrid powered trains, and an increased preference for automated transmission.

What's the Projected Size of the Global Electric Cars Market by 2029?
Anticipated exponential growth is set to increase the market size of electric cars, which is projected to reach $1677.4 billion by 2029, with a compound annual growth rate (CAGR) of 28.3%. This significant growth during the predicted period can be credited to multiple contributing factors such as advancements in battery technology, increased strictness in emission regulations, infrastructural development, the rise of autonomous electric vehicles, and the surging demand for connected vehicles. Major upcoming trends during this period include enhanced driving range, greater electrification across various segments, charging convenience, the fusion of smart technology, and the use of sustainable resources.

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Top Growth Drivers in the Electric Cars Industry: What's Accelerating the Market?
The rise in the demand for electric vehicles is propelling the expansion of the electric car industry. Electric cars represent one of the fastest-evolving sections of the electric vehicle industry. The IEA indicates that in 2021, sales of electric cars, including fully electric and plug-in hybrids, doubled from previous years to approximately 6.6 million. As per Forbes, it is projected that by 2040, electric vehicles (EVs) will account for 57% of all global passenger car sales, exceeding half. Notable companies in the automobile sector like Tesla, BMW, Volkswagen, among others, are anticipated to introduce around 200 electric vehicle models. Electric vehicles, which are more cost-effective than their counterparts, do not require fuel or gas. The growing preference for electric vehicles can be attributed to their low maintenance costs, reduced carbon emissions, convenience of charging, quieter engines, and the escalating costs of fuel. For instance, in August 2024, a report by the International Trade Administration, a US-based agency, foretold that e-commerce for consumer goods would drive hybrid electric vehicle sales to increase by 30.7% year-over-year, thereby escalating their market share from 8.6% in 1Q24 to 9.6% in 2Q24. Their share also saw a minor growth from 1.7% to 2.0% year over year. While they do not expend fuel or gas, electric vehicles remain economically superior to other vehicles. The ever-growing demand for electric vehicles stems from their low maintenance, minimum carbon emissions, the simplicity in charging, reduced engine noise, and high fuel costs.

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What Trends Will Shape the Electric Cars Market Through 2029 and Beyond?
Leading entities in the electric car industry are shifting their focus towards the development of innovative electric vehicles, like electric SUVs, to accommodate the increasing consumer interest in eco-friendly, high-performing transport solutions. These electric SUVs are sport utility automobiles that run solely on electric propulsion, attained through energy conserved in rechargeable batteries, presenting an eco-friendly alternative to regular fuel-based SUVs. For instance, Mahindra & Mahindra, an automobile manufacturer based in India, revealed its premier electric SUVs, BE 6e and XEV 9e, in November 2024. Their prices begin at Rs 18.90 lakh and Rs 21.90 lakh respectively, and delivery is anticipated to commence by March 2025. With their advanced LFP battery technology and certified ranges over 650 km, these launches are intended to fortify Mahindra's standing in the cut-throat EV marketplace.

What Are the Main Segments in the Electric Cars Market?
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

Subsegments:
1) By Battery Electric Vehicle (BEV): Compact BEVs, Mid-Size BEVs, Full-Size BEVs, Luxury BEVs
2) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEVs, Mid-Size PHEVs, Full-Size PHEVs, Luxury PHEVs
3) By Hybrid Electric Vehicle (HEV): Full Hybrid Electric Vehicles (FHEV), Mild Hybrid Electric Vehicles (MHEV)

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Which Top Companies are Driving Growth in the Electric Cars Market?
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

Which Regions Will Dominate the Electric Cars Market Through 2029?
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

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