Electric Vehicle Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Electric Vehicle Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The electric vehicle market has experienced rapid growth in recent years. It is projected to expand from $304.35 billion in 2023 to $381.56 billion in 2024, reflecting a compound annual growth rate (CAGR) of 25.4%. The growth seen in the past can be attributed to early advancements in electric vehicle technology, shifting consumer perceptions and increased acceptance, enhanced competition in the market leading to cost reductions, broader global market penetration, adherence to regulatory standards, and efforts to reduce emissions.
How Big Is the Global Electric Vehicle Market Expected to Grow, and What Is Its Annual Growth Rate?
The electric vehicle market is projected to experience exponential growth in the coming years, reaching $894.33 billion by 2028 at a compound annual growth rate (CAGR) of 23.7%. This growth is driven by factors such as government regulations and incentives, the expansion of charging infrastructure, automaker commitment to production, increased market competitiveness, and a shift toward sustainable mobility. Key trends during the forecast period include advancements in battery technology, the continued expansion of charging infrastructure, government incentives and policies, the rise of electric vehicle models, and efforts to reduce costs and increase affordability.
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What Is Driving the Growth of the Electric Vehicle Market?
The decreasing costs of electric vehicle batteries are anticipated to drive the continued growth of the electric vehicle market. Electric vehicle batteries are rechargeable energy storage devices that power electric vehicles by converting stored electricity into the energy required for propulsion. Lowering battery prices benefit the electric vehicle industry in various ways. As battery costs drop, electric vehicles become more affordable, which encourages greater consumer adoption and further expands the overall market for both electric vehicles and batteries.
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Which Leading Companies Are Driving The Growth Of The Electric Vehicle Market Share?
Major companies operating in the market report are 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.
What Are The Key Trends Driving The Growth Of The Electric Vehicle Market Size?
Leading companies in the electric vehicle industry are creating innovative products incorporating advanced technologies, such as solid-state batteries. Solid-state batteries represent a groundbreaking technology with the potential to revolutionize energy storage and usage.
How Is the Global Electric Vehicle Market 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
Asia-Pacific: The Leading Region in the Electric Vehicle Market
Asia-Pacific was the largest region in the electric vehicle market in 2023. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Is the Electric Vehicle Market?
An electric vehicle is a self-driven mode of transport powered by an electric motor, utilizing electrical charging to move passengers and cargo while helping to reduce harmful air pollution from exhaust emissions. These vehicles are considered eco-friendly since they rely on minimal or no combustion fuels such as petrol, diesel, or gas.
The Electric Vehicle Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Electric Vehicle Market Report: Trends, Opportunities, Strategies, and More
The Electric Vehicle Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into electric vehicle market size, electric vehicle market drivers and trends, electric vehicle global market major players, electric vehicle competitors’ revenues, electric vehicle global market positioning, and electric vehicle market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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