What is the global market size of Electric Vehicle Market?

Global Electric Vehicle Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 656.31 billion in 2023 to reach a value of USD 1198.29 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024-2031).

Who are the key vendors in the Global Electric Vehicle Market?

Due to the low cost and readily accessible workforce, the EV industry is relatively concentrated, with the participation of large competitors. Startups are also increasing their footprint by raising funding from investors and moving into new and undiscovered cities. The competitive and fragmented nature of the market is attributed to the presence of leading players, such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc. , Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, Ltd . Tesla, Inc. , the California-based EV manufacturing company and its cars are renowned for incorporated autopilot mode and semi-autonomous adjuncts . The car stake has a core enterprise of innovative product design, technological augmentation, and quality conviction. To meet the biggest charging station gap in North America, Tesla was functioning its network of charging stations across the U.S. and Canada . Tesla initiated solar power production plants to make green energy accessible for these charging stations. 'Tesla (US)', 'Volkswagen AG (Germany)', 'Nissan Motors (Japan)', 'Ampere Vehicles ', 'Benling India Energy and Technology Pvt Ltd', 'BMW AG', 'BYD Company Limited ', 'Chevrolet Motor Company ', 'Daimler AG ', 'Energica Motor Company S.p.A. ', 'Ford Motor Company ', 'General Motors ', 'Hero Electric ', 'Hyundai Motor Company ', 'Karma Automotive ', 'Kia Corporation ', 'Lucid Group, Inc. ', 'Mahindra Electric Mobility Limited ', 'NIO ', 'Okinawa Autotech Pvt. Ltd. ', 'Rivain ', 'Tata Motors ', 'Toyota Motor Corporation ', 'WM Motor', 'Xiaopeng Motors'

What is the key driver of Global Electric Vehicle Market?

The growing demand for EVs will drive the market during the projected period. The government offers many incentives and policies to drive the sales of EVs. Such incentives include a lower sales price, zero or lower registration price, free charging of EVs through several charging stations, among many governments worldwide excluding import taxes, purchase tax, and road tax, with specific subsidies. As a result, these subsidies increased the production of EVs for the auto industry. Moreover, the government has made enormous infrastructure investment and supportable policies. For instance, in the next 5 years, the U.S. government plans to spend over USD 287 billions on newly highway construction. The price increase is due to the rising demand for petrol, which is a non-renewable energy supply that is predicted to be depleted over the next several decades. Price increases are caused by fluctuations in the demand and supply of gasoline. Despite the fact that several accords have been established to restrict the price of gasoline on the worldwide market, prices have risen throughout the years. Because the majority of nations are needed to buy petrol, its use adds to the economy's trade balance. Because of finite petroleum supplies and growing gasoline prices, manufacturers are considering alternate fuel sources for their automobiles.

What is the key market trend for Global Electric Vehicle Market?

Indian government’s electrical vehicle policy which is initiated represents a notable transition for the India’s automobile industry by putting rooms for import duty for electric cars and promotion of local production. The falling number of tariffs rate from 70-100% to 15% on import duties over 5 years motivates automakers to bring local manufacturing; hence, the slow growth of EVs in India in the electric vehicle segment. The eligibility condition for availing of the lower import duty is that the automaker must do an investment of no less than 4150 crore Rs (which is equivalent to US$500 million) within period of three years and this confirms the commitment of these automakers to local production and it also a huge contribution to local development of the manufacturing capacity base.

Which region accounted for the largest share in Global Electric Vehicle Market?

Based on SkyQuest in-depth study, we found that Europe held the largest share of revenues in 2023 which was around 46.76%, chiefly due to factors like development of infrastructure, environmental concerns, regulatory incentives, technological advancements, and consumers changing preferences. Thereby is perennity of highly reputable and well-known electric vehicle producers in the region the main factor expanding the regional market.

Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), By Vehicle Type(Two-Wheelers, Passenger Cars and Commercial Vehicles), By Vehicle Drive Type(Front Wheel Drive, ear Wheel Drive and All Wheel Drive), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25C2046 | Region: Global | Published Date: July, 2024
Pages: 211 | Tables: 143 | Figures: 83

Electric Vehicle (EV) Market News

In July 2024, Tesla’s latest process including state-of-the-art battery technology allowing over 400 miles on one charge aspirants bestows with due credit electric vehicles yet again saving up their face because they should be synonymous always with advancement in electric vehicles.
In June 2024, Ford revealed its new electrified model of the F-150 Lightning with improved towing capacity and performance. The redesigned model boasts modern features like faster charging ports and advanced driver assist systems that align with Ford’s objective of electrifying its top-selling truck range to meet increasing customer appetite for electric vehicles.
In August 2024, In August 2024, iX3, an electric SUV made from re-cycled atoms and featuring the most advanced entertainment system, has been launched by BMW in many well-known areas. It hopes to capture additional parts of the ever-growing electric SUV market while still aligning with the brand’s sustainability goals.

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Global Electric Vehicle (EV) Market size was valued at USD 603.45 Billion in 2022 poised to grow from USD 661.87 Billion in 2023 to USD 1386.08 Billion by 2031, growing at a CAGR of 9.68% in the forecast period (2024-2031).

The fierce competition between well-established manufacturers and up-and-coming entrepreneurs is a defining feature of the global electric vehicle (EV) market. Renowned automakers like Ford, General Motors, and Volkswagen are expanding their electric vehicle (EV) lineup, while Tesla leads the industry in terms of innovation and market share. Companies like BMW and Nissan are also diversifying their electric product lines, and newcomers like Rivian and Lucid Motors are upending established names with their innovative designs and state-of-the-art technologies. 'Ampere Vehicles (India)', 'Benling India Energy and Technology Pvt Ltd (India)', 'BMW AG (Germany)', 'BYD Company Limited (China)', 'Chevrolet Motor Company (USA)', 'Daimler AG (Germany)', 'Energica Motor Company S.p.A. (Italy)', 'Ford Motor Company (USA)', 'General Motors (USA)', 'Hero Electric (India)', 'Hyundai Motor Company (South Korea)', 'Karma Automotive (USA)', 'Kia Corporation (South Korea)', 'Lucid Group, Inc. (USA)', 'Mahindra Electric Mobility Limited (India)'

The cost of EV batteries has been declining over the past ten years due to technological breakthroughs and the mass production of EV batteries in enormous quantities. Since EV batteries are among the most expensive parts of an electric car, this has resulted in a drop in the price of electric automobiles. By the end of this decade, we can anticipate further decrease in price (per kWh) as Solid-State Batteries become available for use in electric vehicles.

Transformative Trends in EV Market Amid Rising Environmental Consciousness: Our market trends for electric vehicles (EVs) are changing significantly. This indicates that multiple variables influence a dynamic environment. One of the most noticeable trends is the rising public interest and acceptance of electric cars propelled by heightened environmental consciousness. Consequently, demand for environmentally friendly and sustainable transport systems has been rising over time, as clients have come to realize the impact that conventional automobiles have on their surroundings.

Asia Pacific has a huge population, is rapidly urbanising, and has significant government backing for electric mobility, which has led to it dominating the global electric vehicle (EV) market. Stringent emission rules, substantial investments in charging infrastructure, and incentives for manufacturers and customers have propelled countries such as China, Japan, and South Korea to the forefront of electric vehicle production and adoption. Among other things, the dominance of this region can be attributed to China’s well-developed electric vehicle (EV) system that embraces manufacturing batteries and has a robust supply chain. The growing middle-class population and increasing concern for the environment in the region have also contributed to its position as a key player in the global electric vehicle (EV) market.

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What is the global market size of Electric Vehicle (EV) Market?

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Which region accounted for the largest share in Electric Vehicle (EV) Market?

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