Electric Vehicle Global Market By Component, By Vehicle Type, By Propulsion Type, By Drive Type, By End User, Regional Forecast, 2024–2033 | Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, BMW Group

Spread the love

The Electric Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Electric Vehicle Market:
https://www.thebusinessresearchcompany.com/report/electric-vehicle-global-market-report

According to The Business Research Company’s Electric Vehicle Global Market Report 2024, The electric vehicle market size has grown exponentially in recent years. It will grow from $304.35 billion in 2023 to $381.56 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to early eve development, consumer perception and acceptance, market competitiveness and cost reduction, global market penetration, regulatory compliance and emissions reduction.

The electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $894.33 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to government regulations and incentives, expansion of charging infrastructure, automaker commitment and production, market competitiveness, shift towards sustainable mobility. Major trends in the forecast period include battery technology advancements, expansion of charging infrastructure, government incentives and policies, rise in electric vehicle models, cost reduction and affordability.

Strict government regulations on vehicle emissions are expected to propel the growth of the electric vehicle market going forward. The governments across various countries are taking some regulatory steps toward reducing harmful gas emissions from vehicles. Electric vehicles are eco-friendly vehicles that do not contribute to greenhouse gas emissions. For instance, in December 2021, the Environmental Protection Agency (EPA) finalized greenhouse gas emissions standards for passenger cars and light trucks for model years 2023–2026. These regulations include the standards to achieve significant greenhouse gas emissions reductions. Therefore, strict government regulations on vehicle emissions will propel the growth of the electric vehicle market.

Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=7085&type=smp

The electric vehicle market covered in this report is 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

Major companies operating in the electric vehicle market are developing innovative products with advanced technologies, such as solid-state batteries. Solid-state batteries are a revolutionary new technology with the potential to transform the way we store and use energy. For instance, in May 2023, LEVC, a London-based electric vehicle manufacturer, recently launched its new global pure electric vehicle technology called Space Oriented Architecture (SOA). This innovative technology aims to transform LEVC from a high-end taxi manufacturer into a leading provider of pure electric vehicles. It promises significant advancements in range, efficiency, safety, and charging time, aligning with the company’s vision of delivering smart, green, safe, and accessible mobility globally.

The electric vehicle market report table of contents includes:
1. Executive Summary