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

Global Electric Car Market size was valued at USD 341.34 Billion in 2022 poised to grow from USD 388.10 Billion in 2023 to USD 1084 Billion by 2031, growing at a CAGR of 24% in the forecast period (2024-2031). 

Since conventional forms of transportation pollute the environment, electric vehicles were largely created to replace them. Many technological developments have contributed to its rise in popularity. It is superior to traditional cars in that it uses less gasoline, requires less upkeep and carbon emissions, is easier to charge at home, has a smoother ride, and produces less engine noise. 

Electric vehicles can be categorized into three types: battery, hybrid and plug-in hybrid. Moreover, electric cars are slightly more expensive than gasoline powered ones; however, there is no need to change their engine oils. The future outlook for EV industry shows it will experience slow growth due to several challenges like lack of charging infrastructure, high production cost, range anxiety and maintenance difficulties. Additionally, it is anticipated that the major players in the global electric car market would have plenty of chances due to factors including the development of self-driving electric car technology, government programs that are proactive, and technological breakthroughs. Nonetheless, it is anticipated that the development of the global electric car market will be hampered by elements like expensive EVs and inadequate aftermarket services.