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) represent a significant business opportunity. With an increasing number of fleet operators electing to transition their vehicles to electric power and a growing consumer base embracing EV ownership, the demand for electricity is poised to surge. To meet this escalating electricity requirement, utility companies are exploring alternative energy sources. Renewable energy, such as solar and wind power, offers a cost-effective and practical solution, reducing both carbon emissions from vehicles and contributing to the mitigation of air and noise pollution. This shift towards renewable energy is not only environmentally sustainable but also strategically advantageous for businesses in the long run. 

Get more information on Electric Vehicle (EV) Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

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

Benefits of Buying Global Electric Vehicle (EV) Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Electric Vehicle (EV) Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Electric Vehicle (EV) market is experiencing significant growth with the development of Solid State Batteries for EVs, accelerating the adoption of Electric Cars and Battery Electric Vehicles (BEVs) over gasoline and diesel-powered vehicles. OEMs are investing heavily in FCEVs using fuel cells, while EV sales surge due to lower battery costs and the rollout of 5G. EV charging infrastructure expansion is crucial for commercial fleets, passenger cars, electric two wheelers, heavy duty, light duty, off-highway vehicles, and small electric vehicles. Top Speed and Range are key considerations for various EV segments. Crude oil and gasoline prices impact the shift towards EVs, making them increasingly competitive.

Market Research Overview

The global automobile manufacturing industry encompasses corporations specialized in the production of passenger cars, commercial vehicles, and all-terrain vehicles. Excluding motorcycle, scooter, e-bike, trike, and three-wheeler manufacturers, this market's size is determined by the consolidated revenue generated from the sales of these vehicle categories. Key growth drivers for the automobile manufacturing sector include the integration of advanced features, such as electronic components, enhanced safety systems, autonomous capabilities, emission standardization, and improved fuel efficiency through electronic fuel control. Furthermore, the customization options available in electric vehicles (EVs), including solid-state batteries and fast charging technology, are fueling consumer interest in FCEVs (Fuel Cell Electric Vehicles) and OEMs (Original Equipment Manufacturers) are responding by investing in these technologies to cater to evolving market demands.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/