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

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 market of electric cars is on the rise due to increasing demand for high performance, fuel efficient and low emissions automobiles, stringent government laws and regulations regarding automobile emissions, declining costs of batteries for electric vehicles as well as increasing prices of gasoline. Better than old-fashioned motor vehicles, these have always had external zero-emission power sources like batteries instead of traditional fuel propulsion systems. In addition, various types of batteries are used in these vehicles. These consist of different nickel-based designs, molten salt, zinc-air, and lithium ion.

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 come in three varieties: plug-in hybrids, hybrids, and batteries. Moreover, electric cars are marginally more expensive than their gasoline-powered counterparts but don't need to have their engine oil changed. Additionally, it is anticipated that the major players in the electric vehicle 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.

US Electric Vehicle (EV) Market is poised to grow at a sustainable CAGR for the next forecast year.