Fuel Resource Scarcity and Environmental Concerns Making More People Switch to Electric Vehicles around the World
Rockville, MD, Aug. 12, 2024 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, states in its new report that the global electric vehicle market is projected to reach a size of US$ 442.34 billion in 2024 and further advance at a CAGR of 14% between 2024 and 2034.
Electric vehicles (EVs) have become more popular worldwide due to several factors that emphasize their advantages and adaptability. EVs and seen by customers and policymakers alike as a greener option to conventional combustion engines as environmental concerns gain prominence. With increased range, quicker charging periods, and better performance, EV technology has developed rapidly over the years, making these automobiles more preferred and useful for daily use.
EVs are finding use in delivery services, public transportation, and even heavy-duty industrial causes in addition to personal mobility. Governments across the world are encouraging the adoption of EVs by offering tax incentives, financial subsidies, and infrastructural spending. Furthermore, several countries are aiming to phase out combustion cars over the next few decades, which is driving the EV industry even faster.
In response, the car manufacturing industry is increasing the number of EV models it offers and making significant investments in R&D. This change is spurring innovation in adjacent fields too such as battery technology and charging infrastructure, as well as opening up new career possibilities. In the ensuing decades, electric vehicles are expected to overtake other modes of transportation as costs continue to decline and charging networks grow substantially.
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Key Takeaways from Market Study
- The global electric vehicle market is forecasted to climb to a valuation of US$ 1,639.84 billion by the end of 2034.
- The Mexico market is forecasted to progress at a CAGR of 15.3% between 2024 and 2034.
- The East Asia market share is expected to grow from 19.4% in 2019 to 19.6% in 2024.
- The market in Japan is approximated to reach a revenue of US$ 22.97 billion in 2024
- Based on different propulsion types, the BEV segment is estimated to hold a market share of 52% in 2024.
“Improvements in the battery technology, motors, and control systems have made electric wheels more efficient and practical, which will only get better and drive market expansion over the coming years,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Electric Vehicle Market
ABB Ltd., Alcraft Motor Company, Baic Motor, BMW, BYD, Canoo, Chery, Continental AG, Daimler, Ford Motor Company, Geely, Tata, General Motors, GWM, Changan, Leap Motor, BAIC, Hozon, Hitachi Automotive Systems, Ltd., Honda Motor Co., Ltd., Hyundai, JAC, Kia Motors, Lucid Motors, Nidec Corp., Nissan Motor Corporation Ltd., Protean Electric, REE Auto, Rivian, SAIC Motor, SGMW, Tesla Motors, Toyota Motor Corporation, Volkswagen, Volvo, Zotye, Li Auto, NIO, XPeng, Polestar, Yadea, Aima, Tailg, Luyuan, Xinri, Bajaj Auto, Ola, Hero Electric, TVS Motors, Okinawa, Corvus UTV.
New Battery Technologies Making Electric Vehicles Even More Powerful:
Key customer issues are being addressed by battery advancements that increase range and shorten charging periods. For example, solid-state batteries offer increased safety and a better energy density. Systems for wireless charging are becoming more popular and efficient.
Smart systems powered by AI are improving user experience, safety, and vehicle performance. These consist of predictive maintenance, autonomous parking, and adaptive cruise control. With the use of vehicle-to-grid technology, electric vehicles (EVs) may act as portable power plants, perhaps saving owners money on electricity.
Efficiency is rising because of lightweight materials and better aerodynamics, while production costs are falling thanks to innovative manufacturing processes. The actual electric wheels are changing as well; in-wheel motors now offer improved traction control and increased internal space.
A wider range of consumers, including tech aficionados, performance seekers, and eco-conscious customers, are drawn to these developments. As a result, EV sales are rising dramatically on a worldwide scale, with double-digit increases in several countries year over year. As infrastructure grows and technology develops more, this tendency should pick in speed.
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Electric Vehicle Industry News
- A contract for 1,000 electric buses was reached in March 2023 between Moscow and KAMAZ. Additionally, 200 more electric buses will be purchased from GAZ Group. Currently, 1,055 electric buses are run on 79 routes in Moscow. Moscow plans to construct over 200 ultra-fast charging stations, add 29 more electric bus lines, and establish a second electric bus park in the Mitino neighborhood northwest of the city.
- BYD added two new businesses to its dealer network in the European Union in February 2023. Motor Distributors Ltd. (MDL) will offer BYD models for sale in Cork and Dublin, among other locations in Ireland. BYD already works with RSA as a dealer in Norway, and it will provide Chinese-made EVs in Finland and Iceland.
- Feintool signed an OEM agreement with a reputable European manufacturer in November 2022. In accordance with the contract, the company provided rotors and stator assemblies to be used in electric car drives. Furthermore, creative and ingenious adhesive packaging connectors will be essential to the production process.
- Gehring Technologies GmbH and Daimler Truck AG signed a strategic cooperation agreement in October 2022 with the purpose of focusing on gaining experience in the process development and prototype building of electric motors intended for commercial vehicles.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electric vehicle market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (hybrid, plug-in, battery), power source (stored electricity, on-board electric generators), vehicle type (passenger cars, commercial vehicles, two wheelers), and power train (series, parallel, combined), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
Electric Vehicle (EV) Battery Market: Size is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.
Electric Vehicle Components Market: Size is valued at USD 148.32 Billion in 2022. The market is further expected to gain size of USD 1001.95 Billion by the year 2032. The market is expected to grow with a CAGR of 21.05% in the forecast period.
Electric Two Wheeler Market: Size is poised to reach US$ 70,880.2 million in 2024. The global market is forecasted to increase at an 11.1% CAGR and reach a market value of US$ 203,078.7 million by 2034.
EV Traction Motor Market: Size is predicted to swell at a CAGR of 25%, rising from its current value of US$ 10.06 billion to US$ 93.72 billion by the end of 2033.
Automotive LED Light Market: Sales are expected to reach US$ 8.35 billion in 2024. The global automotive LED light market has been projected to expand at 8.6% CAGR and reach a value of US$ 19.05 billion by the end of 2034.
Automotive Fuel Filter Market: Size at a value of US$ 2.77 billion in 2024. Worldwide sales of automotive fuel filters are projected to increase to US$ 5.09 billion by the end of 2034, rising at 6.3% CAGR between 2024 and 2034.
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