Electric Car Market Size, Share, Growth Analysis, By Top Speed(Less Than 100 MPH, 100 to 125 MPH and More Than 125 MPH), By Vehicle Class(Mid-Priced and Luxury), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive and All Wheel Drive), By Region - Industry Forecast 2024-2031

In order to encourage the use of electric vehicles, many nations in world tighten their emissions limits and pay freight enticements such as tax breaks, subsidies and rebates. According to these regulations, they are anticipated to boost public interest in this mode of transportation as well as promote growth in the industry by lowering greenhouse gas emissions, improving air quality and fostering transition to sustainable transport systems. 

The growing popularity of electric vehicles is attributed to ongoing improvements in battery technology, such as denser energy storage capacity, shorter charging times and decreasing costs. The question of range anxiety that many potential buyers are concerned about is answered by better batteries that give it a longer range and thus an improved overall economy.  

Relative to the conventional automobile market, the electric vehicle sector still provides fewer models especially in certain vehicle categories such as trucks or SUVs. This scantiness in variety may restrict consumer options and slow down the uptake of electric cars as most buyers seek specific features or designs that may not have yet been incorporated into available on-board machines. 

Due to increased demand for electric vehicles, crucial battery elements such as lithium, cobalt, and nickel are facing supply chain pressure. In general, the unavailability of primary components and fluctuations in the raw material’s pricing can influence the battery production cost, leading to higher transportation charges and making it difficult for manufacturers to satisfy the requests made by the society.