Latest News- Electric Car Market: BEV is expected to lead the Vehicle Type segment during 2025-2029

The Electric Car Market is being driven by Increasing demand and sales of BEVs in global market

The Electric Car Market is expected to grow at a CAGR of 38.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2898.1 billion. The electric car market has experienced a noteworthy upsurge, driven by technological advancements, heightened environmental consciousness, and favorable government policies. In 2023, approximately 20% of globally sold cars were electric. Major markets, including China, Europe, and the United States, accounted for 95% of these sales. Declining battery costs, enhanced charging infrastructure, and the emergence of affordable models continue to fuel the adoption of electric vehicles (EVs). Moreover, the electrification of commercial vehicles, such as trucks and buses, is gaining traction, propelling market expansion. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • BEV
  • PHEV
• Type
  • Hatchback
  • Sedan
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand and sales of BEVs in global market
• Reducing prices of lithium-ion batteries
• Growing government regulations, incentives, and subsidies on EVs

However, the market also witnesses some limitations, which are as follows:

• High cost of ownership of BEVs
• Lack of BEV charging infrastructure in developing automotive markets
• BEV range issues

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Market Scope in Electric Car Market Research Report

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Research Analysis Overview

The electric car market is witnessing significant growth due to factors such as fuel economy, low carbon emission, and environmental sustainability. Mid-priced vehicles and even luxurious cars are now available as battery electric vehicles (BEVs) or hybrid electric vehicles (HEVs), featuring electric motors and rechargeable batteries as energy storage devices. Traditional vehicles contribute to greenhouse gas (GHG) emissions and environmental pollution, while electric vehicles offer energy efficiency, nearsilent operation, and regenerative braking systems. Charging times and battery technology advancements continue to improve, making EVs a viable alternative to traditional vehicles. The COVID-19 pandemic has accelerated the shift towards electric mobility, with emission regulations driving the demand for alternative fuel vehicles. Solid-state batteries and vehicle electrification are also gaining attention, offering potential solutions for longer driving ranges and faster charging times. EV models, hybrid electric vehicles, and hybrid automobiles are increasingly popular choices due to their environmental benefits and reduced noise pollution. Air pollution and fuel prices further emphasize the importance of electric vehicles in promoting sustainable mobility.

Market Research Overview

The global automobile manufacturers market encompasses businesses producing passenger cars, commercial vehicles, and all-terrain vehicles, excluding motorcycles, scooters, e-bikes, trikes, and three-wheelers. According to Technavio, market expansion will be fueled by the integration of advanced technologies, such as electronic components, secure safety systems, autonomous capabilities, and emission standardization. Additionally, there is a growing emphasis on enhancing fuel economy through electronic fuel control and customizing vehicles to meet the demands of various consumer segments, including mid-priced electric cars and the luxurious segment catering to the middle class population. The shift towards electric vehicles (EVs) with low carbon emissions and reduced carbon footprint is also a significant trend, driven by stringent CO2 emissions standards and the development of high-performance EV batteries utilizing advanced cathode materials. Furthermore, the increasing adoption of device-related EV charging solutions is expected to further boost market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/