The evolution of the Electric Vehicle (EV) market is fundamentally transforming the transportation landscape and embracing a cleaner, sustainable future. The Electric vehicle market size was USD 491.7 billion in 2023 while growing at a high CAGR of around 12.34% over the forecast period. While technology continues to evolve, government policies continue to support the industry, and consumers become increasingly conscious of the benefits of EVs, EVs are gradually transforming the way transportation is accessed worldwide.
Austin, Sept. 30, 2024 (GLOBE NEWSWIRE) — Electric Vehicles: will it be the end of the traditional fuel-powered vehicle?
Governments of all countries are imposing very high rates of taxation on carbon emission. Norway, Germany, China and the US offer high subsidies and tax advantages to buyers of EVs and attract customers and makers. Climate change and pollution is one of the sensitive issues in this century. Increased awareness of public regarding the environmental impact by internal combustion forces a switch towards clean alternatives such as EVs.
Continued innovations in battery technologies, especially lithium-ion batteries, have led to cost-cuts and extended ranges of driving. Emergence of solid-state batteries and rapid charging technologies further step up this market shift.
In Europe and Asia-Pacific, regulatory frameworks require automakers to achieve certain emissions, also supported by initiatives that promote electric mobility through infrastructure building.
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Powering the Electric Revolution
Segment Analysis
By Vehicle Type: Passenger Cars Dominated in 2023
Passenger electric cars occupy the largest share of the market with more than 60% in the total EV market in 2023. Other prominent automobile companies like Tesla, BYD, and Volkswagen dominate this category with new model launches.
By Source of Power:
Battery Electric Vehicles (BEVs) Dominates BEVs amount for nearly 75% of the market. These cars are purely battery electric and do not have any form of internal combustion engine. Battery Packs dominated the battery component leads with the highest share in the EV component market, with almost 35% of the entire market value. Critical enhancements in energy density and new development in solid-state batteries are some key factors critical for future growth.
Asia-Pacific: The Biggest and Fastest Growing Market
The Asia-Pacific, through China, has the largest market share in the world electric vehicle market at more than 45% of total sales. In 2022, China sold about 6.8 million EVs, marking a 93% year-over-year growth.
The European region has about 30% of the worldwide market share, with Germany in the lead, followed by Norway and the Netherlands. Electric cars have, by the year 2023, achieved a standing of over 80% for new car sales in Norway.
Electric Vehicle Market Report Scope:
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Report Attributes |
Details |
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Market Size in 2023 |
USD 491.7 Billion |
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Market Size by 2032 |
USD 1570.12 Billion |
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CAGR |
12.34% CAGR by 2024-2032 |
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Base Year |
2023 |
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Forecast Period |
2024-2032 |
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Historical Data |
2020-2022 |
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Key Growth Drivers |
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Major Regions Covered |
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Major Companies Listed in the Report |
BMW Group, BYD Company Ltd., Daimler AG, Ford Motor Company, General Motor Company, Nissan Motor Corporation, Tesla, Toyota Motor Corporation, Volkswagen AG, Group Renault and other key players. |
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North America: A Booming Market
The US electric vehicle market is booming well and will likely sell over 1.5 million units in 2023, posting 70% year-over-year growth. Tesla still dominates, with about 60% of the market share.
Recent Innovations and Breakthroughs in the Industry in 2023
New Tesla Models and Developments: Tesla released its Cybertruck, set to have its first deliveries roll out by the end of 2024. Moreover, the company announced next-generation battery technology that would offer a 25% boost in vehicle range.
Volkswagen investment in electric vehicle production: The Volkswagen Group earmarked EUR 20 bn for its electrification strategy, which comprises its commitment for the brand to reach 70% of sales of its electric cars in Europe by 2030.
Ford and SK Innovation Deal: Ford and SK Innovation agreed to jointly spend a whopping amount of USD 11.4 billion on setting up electric vehicle assembly plants with battery plants in the United States.
BYD Surpasses Tesla in Global EV Sales: BYD gained the position of the world’s largest EV manufacturer for the first half of 2023 as it sold 1.25 million units.
Key Takeaways
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The Asia-Pacific region continues to dominate the global electric vehicle market, holding a substantial 45% share of total EV sales worldwide.
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Europe is poised for strong growth in the EV market, with projections indicating an annual growth rate of 25%. This increase can be linked to various government policies promoting sustainable transport, stringent emissions regulations, and a growing consumer preference for eco-friendly vehicles.
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At the core of the electric vehicle industry, innovations in battery technology are playing a crucial role in enhancing performance and reducing costs.
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Currently, Battery Electric Vehicles (BEVs) make up 75% of all electric vehicle sales. This indicates a strong consumer preference for fully electric models over hybrids or plug-in hybrids.
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North America is increasingly becoming a significant player in the electric vehicle market, particularly in the United States, where the EV market has experienced remarkable growth, with sales increasing by 70% in 2023.
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BENEFITS:
1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
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North America (3 Countries)
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Europe (~15 Countries)
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Asia Pacific (~10 Countries)
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Latin America (~5 Countries)
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Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
5 Statistical Insights and Trends Reporting:
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Vehicle Production and Sales Volumes, 2020-2032, by Region
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Emission Standards Compliance, by Region
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Vehicle Technology Adoption, by Region
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Consumer Preferences, by Region
6 Buying Options
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Single User License: USD 3350
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Enterprise User License: USD 5350
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Excel Data Sheet: USD 2350
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