Electric Vehicle Market to Reach USD 1570.12 billion by 2032 Owing to Technological Advancements & Increasing Awareness

AUSTIN, TX, UNITED STATES, November 21, 2024 /EINPresswire.com/ --


Electric Vehicle Market Share

The Electric Vehicle Market was valued at USD 491.7 billion in 2023 and is expected to reach USD 1570.12 billion by 2032, growing at a CAGR of 12.34% over the forecast period of 2024-2032.

Technological Advancements and Environmental Concerns Drive Growth Electric Vehicle Market

Significant advances in technologies will be pivotal to further growth in the EV market, both with regards to enhancements in battery technology which are enhancing driving range and decreasing charging times - providing consumers with a reduced concern. A recent study by the SNS Insider revealed that 70% of consumers say their purchase of a vehicle depends on its environmental impact and 65% will pay a little extra for an electric vehicle. Additionally, the declining cost of EV ownership coupled with increasing prices for fuel also makes electric vehicles a better choice.

EVs shine most in zero tailpipe emissions, clearing the air, and free from fossil fuel dependence. Governments worldwide are forcing governments to promote clean options by imposing subsidies and tax credits alongside regulations that keep the old gasoline vehicles at the back of the line. As technology for batteries continues to advance and charging stations multiply, EVs seem more and more attainable, safe, and practical. It is noticed that increasing investment by several automakers in R&D is giving electric vehicles a massive boost, which in turn fuels the growth of this market.

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Key Players Listed in Electric Vehicle Market Are:

• 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.

The Electric Vehicle Market Is Driven By Growth in Environmental Sustainability Concerns and the Urgent Necessity to Combat Climate Change.

Air pollutants and greenhouse emissions, traditionally resulting from gasoline automobiles, are thus being countered by cleaner and more sustainable transport solutions that have emerged as the preference. An ideal alternative thus comes with zero tailpipe emissions that reduce harmful air pollutants considerably to enhance the quality of air.

More importantly, an emerging used EV market is democratizing access to electric vehicles because it is making electric vehicles accessible to budget-conscious buyers. A recent report by Kelley Blue Book showed that in the United States, used EV prices tumbled by 10% over the year. This makes them even more competitive compared to traditional gasoline-powered vehicles. All these trends are eliminating range anxiety in consumers' minds as battery technology evolves further, thereby bolstering interest in new and used EVs.

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Electric Vehicle Market Segment Analysis

By Propulsion Type:

A majority market share in the electric vehicle market is witnessed by BEVs. Approximately, 75% of electric vehicles are BEVs. The most significant reason for this is that the technology of batteries has improved tremendously and driving ranges are longer, charging faster, and production more affordable. This segment is becoming more appealing to consumers with the offering of incentives by governments of various countries. The increasing variety in BEV models, containing various types of models with different functionalities at affordable prices, has helped increase the consumer base.

By Vehicle Type:

Electric passenger cars make up about 80% of the share of the market. The main reasons for this predominance are stringent government regulations and targets toward emission reduction, particularly in regards to passenger vehicles. Increased consumer concern over environmental issues and preference for green modes of transport continue to push consumer demand for electric passenger cars.

Electric Vehicle Market Key Segmentation:

By Vehicle Type

• Passenger Car
• Commercial Vehicle

By Propulsion Type

• Battery Electric Vehicle BEV
• Hybrid Electric Vehicle HEV

By Drive Type

• All Wheel Drive
• Front Wheel Drive
• Rear Wheel Drive

By Range Type

• Up to 150 Miles
• 150-300 Miles
• Above 300 Miles

By Component

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Regional Analysis

The Asia Pacific region continues to dominate the global electric vehicle market with an important share at 50%. China specifically leads the dominance not only as one of the largest manufacturers of electric cars but also as a leading hub for battery production. Subsidies, quotas, and emission-friendly policies supported by strong government initiatives have also stimulated the growth of the electric vehicle market in China. Apart from the factors mentioned above, growing environmental awareness and rising disposable income of Chinese consumers also contribute to the growth of the region.

North America is proving to be the fastest-growing region for electric vehicles. This is being driven by a heightened sense of environmentalism coupled with more technological advancements from the major automobile-producing car makers. Incentives from the governments, mostly tax credits, play an enormous role in enticing consumers to switch to electric cars. The major automobile car makers are increasing their production lines both in the U.S. and Canada as demand for electric vehicles continues to rise around the region.

Recent Developments

November 2024: BMW Plant Leipzig equips battery part transport with electric trucks, saving 9 tons of CO₂ a year. In making logistics more environmentally friendly, the BMW Group Plant Leipzig recently added two fully electric trucks for transporting parts in high-voltage batteries. A new step toward low-carbon emissions in the production of electric components, under a larger umbrella of more sustainable transportation and more sustainable production for BMW.

Table of Contents

1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Electric Vehicle Market Segmentation, by Vehicle Type
8. Electric Vehicle Market Segmentation, By Propulsion Type
9. Electric Vehicle Market Segmentation, By Drive Type
10. Electric Vehicle Market Segmentation, By Range Type
11. Electric Vehicle Market Segmentation, By Component
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion

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SNS Insider is a global leader in market research and consulting, shaping the future of the industry. Our mission is to empower clients with the insights they need to thrive in dynamic environments. Utilizing advanced methodologies such as surveys, video interviews, and focus groups, we provide up-to-date, accurate market intelligence and consumer insights, ensuring you make confident, informed decisions.

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