Summary
– Rising demand for environmentally safe alternatives and favorable government policies drive electric vehicle market growth
– Asia Pacific region is projected to grow rapidly in the electric vehicle market
– Global market for electric vehicles is anticipated to grow at a CAGR of 12.5% from 2024 to 2032
– Electric vehicles use electric motors for propulsion and include key components such as battery, charger port, electric traction motor, and power electronics controller
– Major players in the electric vehicle market include BAIC Group, BMW, Tesla, and Volkswagen Group
Article
The global market for electric vehicles is seeing significant growth due to the increasing demand for environmentally friendly options and the implementation of favorable government policies. The Plug-in Hybrid Electric Vehicles (PHEV) segment holds a considerable market share, with Asia Pacific expected to experience rapid growth. The market was valued at USD 389.34 billion in 2023 and is projected to reach USD 1122.03 billion by 2032, with a projected CAGR of 12.5% from 2024 to 2032. The market is segmented by product, vehicle type, power source, and region, covering areas such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Electric vehicles operate using electric motors powered by batteries that can be charged externally. Components of EVs include a battery, charger port, DC/DC converter, electric traction motor, onboard charger, and power electronics controller. These vehicles come in various types, including passenger vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. Electric vehicles are more energy-efficient than traditional gas-powered vehicles, converting over half of the electrical energy from the grid to propel the vehicle, which is significantly higher than the energy conversion of gasoline.
Key players in the electric vehicle market have announced strategic plans for expanding their operations. Major players in the market include BAIC Group, BMW, BYD, GAC Motors, Great Wall Motors, Hyundai Group, Jaguar, Mercedes, Nissan-Renault-Mitsubishi, SAIC Motors, Stellantis, Tesla, Toyota, and Volkswagen Group. Regional analysis includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market is expected to see continued growth with increasing investments in electric vehicles globally.
The electric vehicle market is segmented based on product, vehicle type, power source, and region. Product outlook includes Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV). Vehicle type outlook covers passenger vehicles, heavy commercial vehicles, two-wheelers, e-scooters & bikes, and light commercial vehicles. Power source outlook includes categories based on the vehicle’s power in kilowatts. The market report provides detailed analysis and insights into the electric vehicle industry, helping businesses and investors make informed decisions.
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