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

The Electric Vehicle (EV) Market is being driven by Growing demand for low-emission vehicles

The Electric Vehicle (EV) Market is expected to grow at a CAGR of 16.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 446.4 billion. In the evolving automotive landscape, Electric Vehicles (EVs) are increasingly becoming a preferred choice for both fleet operators and consumers due to their sustainability and energy efficiency. This shift towards electrification is set to significantly increase the demand for electricity. In response, utility companies are exploring renewable energy sources, such as solar and wind power, to meet the rising electricity needs. This transition not only reduces carbon emissions from vehicles but also mitigates air and noise pollution, making it a win-win solution for the environment and businesses alike. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • BEV
  • PHEV
• Charging
  • Normal charging
  • Super charging
• Drive Type
  • FWD
  • RWD
  • AWD
  • FWD
  • RWD
  • AWD
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Norway
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

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

• Growing demand for low-emission vehicles
• Stringent rules and regulations on vehicles
• Declining prices of lithium-ion batteries

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

• Insufficient charging infrastructure
• Low fuel economy of EVs
• High manufacturing cost of EVs

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Market Scope in Electric Vehicle (EV) Market Research Report

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Research Analysis Overview

The Electric Vehicle (EV) market is witnessing significant advancements with the development of Solid State Batteries for EVs, offering promise for lower battery costs and faster charging through EV fast charging. Fuel cells and 5G rollouts are also contributing to the growth of this sector. Crude oil prices and the rising cost of gasoline and diesel in traditional vehicles are driving the shift towards Battery electric transport, including passenger cars, commercial fleets, heavy duty trucks, light duty vehicles, electric two wheelers, and off-highway vehicles. Top Speed EVs come in various forms, from passenger cars to heavy-duty commercial fleets and small electric vehicles. Battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) are set to disrupt the transportation industry, with BEVs leading the charge in the passenger car segment and FCEVs gaining traction in heavy-duty applications. The future of EVs is bright, with advancements in technology and infrastructure continuing to drive down costs and increase efficiency.

Market Research Overview

The Electric Vehicle (EV) market encompasses key players involved in the manufacturing of EVs, including passenger cars, commercial vehicles, and all-terrain vehicles. Excluding motorcycles, scooters, e-bikes, trikes, and three-wheelers. The market's expansion is attributed to several factors. These include the integration of advanced technologies, such as Solid State Batteries and EV fast charging, in EVs. Additionally, the reduction in battery costs and the rollout of 5G networks will enhance EV charging infrastructure. Fuel cells offer an alternative to traditional EV batteries. The shift towards EVs from gasoline-powered vehicles, driven by lower emissions and increasing fuel efficiency through electronic fuel control, is further fueling market growth. These factors collectively contribute to the growing appeal of EVs among consumers.. 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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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/