Global Electric Cars Market Expansion at 27.2% CAGR, Valued at $1629.73 Billion by 2029

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What Are the Electric Cars Market Size Forecast for 2025?
In recent years, there has been a significant expansion in the size of the electric cars market. The market, valued at $479.83 billion in 2024, is predicted to swell to $621.78 billion in 2025, reflecting a compound annual growth rate (CAGR) of 29.6%. This remarkable growth during the historical period is largely driven by environmental considerations, government encouragements, the consumer's pursuit for efficiency, a growing need for hybrid powertrains, and a rising demand for automated transmission.

What Is the Market Size Outlook for Electric Cars Until 2029?
In the next few years, the electric car market is anticipated to expand significantly, reaching a value of $1629.73 billion in 2029 with a compound annual growth rate (CAGR) of 27.2%. This growth over the forecast period can be associated with advances in battery technology, stricter emission standards, expansion of infrastructure, autonomous electric vehicles, and increasing demand for connected cars. Some of the key trends during this period include enhancements in range, electrification across different segments, convenient charging solutions, incorporation of smart technology, and use of sustainable materials.

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What Are the Major Factors Driving Demand in the Electric Cars Market?
The escalating need for electric vehicles is fueling the electric car market's expansion. Electric cars are among the most rapidly expanding sectors of the electric vehicle market. In 2021, the IEA reported that sales of electric cars, encompassing fully electric and plug-in hybrids, doubled from previous years to nearly 6.6 million. Forbes expects electric vehicles (EVs) to account for a whopping 57% of global passenger car sales by 2040, reflecting more than half the market. As per reports, automobile industry giants like Tesla, BMW, Volkswagen, and others are projected to introduce approximately 200 electric vehicle models. As these vehicles do not consume fuel or gas, they prove to be more economical than their traditional counterparts. Factors encouraging the push towards electric vehicles include low upkeep, reduced carbon emissions, easy charging, quiet engines, and high fuel costs. Going forward, in August 2024 a report by the US-based International Trade Administration stated that e-commerce for consumer goods was expected to cover sales of hybrid electric vehicles, which jumped by 30.7% year-on-year, raising their market share from 8.6% in the first quarter of 2024 to 9.6% in the second quarter. There was also a slight increase in their stake from 1.7% to 2.0% year on year. Due to their advantages of no fuel or gas usage, lower maintenance, reduced carbon emissions, convenient charging, quieter engines, and high fuel expenses, the demand for these vehicles is on a steady rise.

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How Are End-Use Segments Shaping the Electric Cars Market Outlook?
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)

What Are the Strategic Trends Transforming the Electric Cars Market Landscape?
Leading entities in the electric car sector are turning their attention to the development of new electric vehicles, like electric SUVs, in order to cater to the rising consumer demand for sustainable and high-performance mobility options. The electric SUVs are sports utility vehicles that are entirely powered by electric motors that utilise energy from rechargeable battery packs, thus presenting a sustainable substitute for conventional fuel-powered SUVs. For example, Mahindra & Mahindra, an automobile producer based in India, unveiled its prominent electric SUVs, the BE 6e and XEV 9e, in November 2024. These models, starting at Rs 18.90 lakh and Rs 21.90 lakh respectively, are expected to be delivered by the beginning of March 2025. By employing advanced LFP battery technology and offering certified ranges over 650 km, these new introductions aim to bolster Mahindra's standing in the competitive electric vehicle market.

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Who Are the Prominent Companies in the Electric Cars Market by ?
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 Region Is Expected to See the Highest CAGR in the Electric Cars Market?
Asia-Pacific was the largest region in the electric cars market in 2024. 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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This release was published on openPR.