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 pivotal player. As fleet operators transition towards electrification and consumers adopt EVs en masse, the demand for electricity is poised to surge. This trend necessitates utility companies to explore alternative sources of electricity generation. Renewable energy, such as solar and wind power, offers a cost-effective and practical solution to meet this escalating demand. By embracing renewable energy, not only will carbon emissions from vehicles be reduced, but air and noise pollution levels will also decrease significantly.
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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) Geography (APAC, Europe, North America, 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:
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Key Features in Electric Vehicle (Ev) Market Research Report
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The Electric Vehicle (EV) market is experiencing significant growth, with Electric Cars and Battery Electric Vehicles (BEVs) leading the charge. OEMs are investing in lower battery costs through advancements like Solid State Batteries. FCEVs using fuel cells also exist, but EV sales are surging due to faster charging times and the rollout of 5G infrastructure. Crude oil and gasoline prices influence the shift from Gasoline Powered Vehicles to EVs. BEVs come in various types, including heavy duty, light duty, passenger cars, electric two wheelers, and off-highway vehicles. Top Speed and Range vary among these classes, making them suitable for Commercial Fleets and Passenger use. FCEVs and BEVs offer different advantages, with FCEVs providing longer range and faster refueling, while BEVs have lower operating costs. Both types are poised to disrupt traditional vehicles in the transportation sector.
The global electric vehicle (EV) market is a segment of the larger automobile manufacturers industry, encompassing companies that produce passenger cars, commercial vehicles, and all-terrain vehicles. Notably, this sector excludes manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers. According to Technavio, the automobile manufacturers market size is determined by the consolidated revenue generated by these vehicle categories' producers. Key growth drivers for this market include the integration of sophisticated features such as advanced safety systems, autonomous capabilities, emission standardization, and electronic fuel control systems, which contribute to increasing vehicle customization and consumer appeal. Additionally, the adoption of solid state batteries and the expansion of fast charging infrastructure for EVs, as well as the emergence of fuel cell electric vehicles (FCEVs) and fuel cells, are expected to significantly impact market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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