WESTFORD, Mass., July 25,
2024 /PRNewswire/ -- According to SkyQuest, the
global Electric Vehicle (EV) Market size was valued at
around USD 603.45 billion in 2022 and
is expected to rise from USD 661.87
billion in 2023 to reach a value of USD 1386.08 Billion by 2031, at a CAGR of 9.68%
over the forecast period (2024–2031).
The global electric vehicle (EV) market is witnessing constant
changes every year with remarkable progress made in investment
patterns, regulations, improved technologies, and consumer choices.
Therefore, the sales of electric vehicles will continue to surge,
and the numbers are projected to grow notably shortly. In addition,
several e-vehicles in 2024 will be priced under USD 40000, mainly after the application of
federal electric vehicle tax credit. Though most vehicle buyers are
estimated out of the market, the cost of electric cars will go down
for a few models owing to advancements.
Yet, rising demand for fuel-efficient, safe, and environment
friendly vehicles is anticipated to support the electric vehicle
(EV) market expansion. Also, emergence of hybrid cars that
significantly reduce reliance on fossil fuels and lower carbon
footprint is another key driver observed in the market.
Download a detailed overview:
https://www.skyquestt.com/sample-request/electric-vehicle-market
Electric Vehicle (EV) Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 661.87
Billion
|
Estimated Value by
2031
|
USD 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, End Use, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increased Demand for
Electric Vehicle in Transportation Sector
|
Key Market
Drivers
|
Supportive Government
Policies and Decreasing Cost of Electric Vehicles
|
Segments covered in Electric Vehicle (EV) Market are
as follows:
- Component
-
- Onboard Chargers, Motors, Power Control Units, Battery
Management Systems, Fuel Cell Stacks, Fuel Processors, Power
Conditioners, Air Compressors, Humidifiers
- Propulsion
-
- Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel
Cell Electric Vehicle
- Vehicle Type
-
- Two-Wheelers (Scooters, Motorcycles), Three-Wheelers, Passenger
Cars (SUV, Sedan, Hatchbacks, Coupe & Sports Car), Commercial
Vehicles (Buses, Trucks)
- Top Speed
-
- Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH
- Vehicle Drive Type
-
- Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
- Vehicle Class
-
- Low Priced, Mid-Priced, Luxury
- Charging Type
-
- AC (Normal Charging), DC (Super Charging), Inductive
Charging
- Vehicle Connectivity
-
- V2B OR V2I, V2G, V2V, V2X
- End Use
-
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/electric-vehicle-market
Battery Electric Vehicle Domain to Lead Owing to Increasing
Sales of BEVs
By propulsion vehicle type, the BEVs (Battery Electric Vehicle)
domain registered a majority share of the market due to rising
sales and is projected to grow considerably over the estimated
period. The amplified sales are attributed to the active promotion
of these vehicles by government guidelines like non-strict CO2
emission standards and incentives. The key contributor to this is
the rising awareness of ecology on a global scale and the
advantages of battery electric vehicles.
Fuel Cell Electric Vehicles are the fastest-growing segment
witnessed in the market. These vehicles are fully emission-free
since they only emit heat or water. Moreover, the re-fueling time
is comparatively less, needing just 3-5 minutes, which makes them
best for transport on fixed roads.
Private Segment to Continue Dominating Due to Growing
Consumer Preference Towards Green Technologies
The private segment is leading the market due to consumers'
increased inclination towards green technologies. Also, tax
incentives relating to the use of green vehicles or electric
vehicles are propelling the market growth. Moreover, the growing
number of charging points or charging stations, reducing prices of
EVs, and advancements in the battery are shifting consumer buying
interest towards these vehicles, impacting the market growth.
The commercial segment is projected to grow at the fastest
growth supported by the increased use in transportation and
logistics purposes. Moreover, the growth of ride-hailing
applications is also driving the growth of the commercial segment.
The reason for this trend is global warming and rising concern for
air quality caused due to fossil fuels.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/electric-vehicle-market
Mid-Priced Segment to Lead Due to Less Focus on Infotainment
and Other Features
The mid-priced segment held a major share of the market owing to
less focus on the expensive features including instrument cluster,
infotainment, and others. Consumers do not demand these expensive
features, which ultimately reduces the price of electric vehicles,
thereby boosting the segment growth.
Besides, the luxury segment is projected to be the fastest
growing since luxury vehicles improve the brand image of consumers.
The wealthy increasingly prefer branded vehicles that hold social
status. High-performing electric vehicles set the group different
from other market segments and gain traction for
environment-concerned consumers, who are ready to pay for superior
technology.
Manufacturers' Focus on Sustainability to Favour the EVs
Demand
The electric vehicle market has witnessed remarkable growth ever
since the inclination towards green technology and reducing prices
of electric vehicles. The rising sustainability is motivated
several factors comprising emphasis on reducing emissions,
favorable policies for electric vehicles' adoption, supportive
government initiatives, mounting concerns for the environment, and
constant advances in battery technology, leading to reducing cost
of electric vehicles and long driving range.
Related Report:
Electric Car Market
Electric Vehicle Charging Infrastructure Market
Electric Bus Market
Electric Commercial Vehicle Market
Electric Truck 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 has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology