Westford, June 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the electric vehicle market will attain a value of USD 1386.08 Billion by 2031, with a CAGR of 9.68% during the forecast period (2024-2031). The EV market is driven by the initiatives taken by governments worldwide to encourage electric cars production by 2030 to pave the way for the development of the domestic EV charging network and EVs themselves in in line with the overall industrial framework for growth. The demand for safe, green, and smart vehicles is becoming the major driving factor for the global EV market during the forecast period.
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Browse in-depth TOC on "Electric Vehicle Market"
- Pages - 211
- Tables - 143
- Figures – 83
Electric Vehicle Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 661.87 Billion |
| Estimated Value by 2031 | $ 1386.08 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.68 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Propulsion, Vehicle Type, Top Speed, Vehicle Drive Type, Vehicle Class, Charging Type, Vehicle Connectivity, and End Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Governmental Support and EV Policies Accelerating Market Expansion |
| Key Market Drivers | Advancement of technologies associated with electric vehicles will further propel the market |
Various Governmental initiatives Allows Battery EVs to Lead the EV Market
Vehicles equipped with Battery EV or BEVs dominated the electric vehicle market globally. Promotion of BEVs through government policies such as incentives and regulating lenient CO2 emission standards have also aided the growth of BEVs. The primary contributor to this fact was the growing ecological consciousness across globe and benefits of BEV among the various consumers. The increase in the number of charging stations and the availability of more BEV models from leading manufacturers also reflect the increased attractiveness of these vehicles.
Fuel Cell EVs to be the Fastest Growing Segment Due to Growing R&D Activities
Fuel Cell EV or FCEV segment could be seen with the highest CAGR over the projection period. The FCEV sector has encountered exceptionally high growth in the recent EV developments, mainly because of various factors such as zero tailpipe emissions, very wide applications, and many more including continuous research & development processes. Varying conditions such as distance, refuel infrastructure, and range provide a strong motive for FCEV drivers, making it an important alternative of emission-free transportation.
Asia Pacific Leads the Electric Vehicle Market Due to Growing EV Sales in the Region
Asia pacific held the largest share of revenues in 2023 due to the growth of e-vehicle sales in regional economies like China, Japan, South Korea and India with perks such as the government initiatives, automotive manufacturers, policymakers, non-profit organizations, and charging network companies focussing on offering diverse range of products. Urbanization, environmental regulations, and recent advances in EV technology all serve to further strengthening the Asia Pacific’s dominance in the market.
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Electric Vehicle Market Insights:
Drivers
- Growing Government Subsidies, Favorable Policies and Decreasing Reliance on Fossil Fuels are Expected to Drive the Market
- Advancement of Technologies Associated with Electric Vehicles will Further Propel the Market
- Growing demand for EVs Due to Increasing Environmental Awareness Among Consumers
Restraints
- High manufacturing cost for EVs and Batteries likely to stymie the market growth
- Limited Charging Infrastructure May Hinder the Demand for EVs
- Challenges in Battery Recycling and Disposal, Leading to Environmental Concerns
Prominent Players in Electric Vehicle Market
The following are the Top Electric Vehicle Companies
- Tesla
- Volkswagen AG
- Nissan Motors
- 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.
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Key Questions Answered in Electric Vehicle Market Report
- Which is the fastest growing segment in the Electric Vehicle Market?
- Who are the leading Electric Vehicle providers in the world?
- Which region is the fastest growing in the Electric Vehicle Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of electric vehicle market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the electric vehicle market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Electric Vehicle Charging Infrastructure Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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