The Electric Cars 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 (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Electric Cars Global Market Report 2024, The electric cars market size has grown exponentially in recent years. It will grow from $365.72 billion in 2023 to $479.83 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to environmental concerns, government incentives, consumer demand for efficiency, increasing demand for hybrid powertrains, rising demand for automated transmission.
The electric cars market size is expected to see exponential growth in the next few years. It will grow to $1348.65 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to battery technology advancements, stricter emissions regulations, infrastructure expansion, autonomous electric vehicles, rising demand for connected cars. Major trends in the forecast period include range improvement, electrification in various segments, charging convenience, integration of smart technology, sustainable materials.
The growing demand for electric vehicles is driving the growth of electric cars market. Electric cars are one of the fastest-growing segments of the electric vehicle market. According to the IEA, in 2021, electric car (including fully electric and plug-in hybrids) sales doubled compared to previous years to nearly 6.6 million. According to Forbes, electric vehicles (EVs) will surge to 57%, which is more than half of global passenger car sales by 2040. The major companies in the automobile industry, such as Tesla, BMW, Volkswagen, and others, are expected to release around 200 models of electric vehicles. Electric vehicles don’t use fuel or gas, and they are more economical than other vehicles. The demand for an electric vehicle is growing because of its low maintenance, less carbon emissions, convenient charging, less noise from the engine, and higher fuel costs.
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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
The electric cars market report table of contents includes:
1. Executive Summary
2. Electric Cars Market Characteristics
3. Electric Cars Market Trends And Strategies
4. Electric Cars Market – Macro Economic Scenario
5. Global Electric Cars Market Size and Growth
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31. Global Electric Cars Market Competitive Benchmarking
32. Global Electric Cars Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Cars Market
34. Electric Cars Market Future Outlook and Potential Analysis
35. Appendix
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