Electric Vehicle Market is projected to grow to USD 1122.03

The rising demand for environmentally safe alternatives and the introduction of favorable government policies are the major factors driving the electric vehicle market growth. By product analysis, the Plug-in Hybrid Electric Vehicles (PHEV) segment accounted for a considerable market share. By regional analysis, Asia Pacific is projected to grow at a rapid rate. 

𝐊𝐞𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

The global market for electric vehicles was valued at USD 389.34 billion in 2023 and is projected to grow to USD 1122.03 billion by 2032. 

The industry is anticipated to exhibit a CAGR of 12.5% during the forecast period from 2024 to 2032.

The market is primarily segmented based on product, vehicle type, power source, and region.

The major regions covered in the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐰𝐢𝐭𝐡 𝐨𝐮𝐫 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market/request-for-sample

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

An electric vehicle (EV) is a vehicle that makes use of single or multiple electric motors for propulsion. The motor of EVs draws electricity from a battery, which is capable of being charged by an external power supply. Electric vehicles include several components, with the key parts being a battery, charger port, DC/DC converter, electric traction motor, onboard charger, and power electronics controller. The electric traction motor draws power from the battery pack to drive the vehicle’s wheels.

The onboard charger has the function of taking the incoming AC electricity and converting it to DC power for charging the battery. The power electronics controller is responsible for managing the flow of electrical energy delivered by the traction battery. There are several types of EVs in the electric vehicle market, including passenger vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. 

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

The rising emphasis on sustainable development has led to the development of alternative energy systems, thereby propelling the growth of the electric vehicle industry. 

Electric vehicles transform over half of the electrical energy from the grid to propel the vehicle. This is significantly higher than the conversion of energy stored in gasoline in gas-powered motors. As such, it’s a catalyzing factor for the global industry.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬: https://www.polarismarketresearch.com/buy/162/2

𝐓𝐨𝐩 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Some of the major players operating in the market have announced their strategic plans. It’s anticipated that the actual investments are likely to be more significant for growing electrical vehicles worldwide. The top players in the electric vehicle market include:

BAIC Group

BMW

BYD

GAC Motors

Great Wall Motors

Hyundai Group

Jaguar

Mercedes

Nissan-Renault-Mitsubishi

SAIC Motors

Stellantis

Tesla

Toyota

Volkswagen Group

Regional Analysis:

North America

Europe

Asia Pacific

Latin America,

Middle East & Africa

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.polarismarketresearch.com/industry-analysis/electric-vehicles-ev-market

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

Polaris Market Research has segmented the electric vehicle market report based on product, vehicle type, power source, and region:

Electric Vehicle, Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 – 2030)

Battery Electric Vehicles (BEV)

Plug-in Hybrid Electric Vehicles (PHEV)

Electric Vehicle, Vehicle Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 – 2030)

Passenger

Heavy Commercial

Two-Wheelers

E-Scooters & Bikes

Light Commercial

Electric Vehicle, Power Source Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 – 2030)

Less than 100 kW

100 kW to 250 kW

More than 250 kW

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐨𝐟 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐖𝐞𝐥𝐥𝐧𝐞𝐬𝐬 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:

https://www.polarismarketresearch.com/industry-analysis/financial-wellness-software-market

𝐈𝐦𝐦𝐞𝐫𝐬𝐢𝐯𝐞 𝐄𝐧𝐭𝐞𝐫𝐭𝐚𝐢𝐧𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭:

https://www.polarismarketresearch.com/industry-analysis/immersive-entertainment-market

𝐖𝐞𝐛 𝟑.𝟎 𝐌𝐚𝐫𝐤𝐞𝐭:

https://www.polarismarketresearch.com/industry-analysis/web-3-0-market

𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭:

https://www.polarismarketresearch.com/industry-analysis/corporate-secretarial-services-market

𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞 𝐅𝐢𝐥𝐞 𝐒𝐲𝐧𝐜𝐡𝐫𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐒𝐡𝐚𝐫𝐢𝐧𝐠 (𝐄𝐅𝐒𝐒) 𝐌𝐚𝐫𝐤𝐞𝐭:

https://www.polarismarketresearch.com/industry-analysis/enterprise-file-synchronization-and-sharing-efss-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research

30 Wall Street, 8th Floor,

New York City, NY 10005,

United States

Phone:+1-929 297-9727

Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

This release was published on openPR.