Electric Vehicle Market Size, Share & Growth | Industry Forecast 2024

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An EV uses one or more electric motors or traction motors for driving. An EV may be powered through a compiler system by electricity from off-vehicle sources or may be fitted with an electric generator, solar panels, or a battery to convert energy to electricity. In the 21st century, EVs saw a renewal due to technological developments, and the government focuses on renewable energy. Generally, electric vehicles use lithium-ion batteries as these batteries have a greater energy density, longer life span and higher energy frequency than most other practical cells. The Global Electric Vehicle Market is expected to reach US$ 419 Billion by the year 2024.

A plug-in electric vehicle is a vehicle that can be recharged from any outer source of electricity, such as power plugs, and the power stored in the rechargeable battery packs drives or supplies to drive the wheels. A hybrid electric vehicle combines a standard (usually fossil fuel-powered) powertrain with some form of electric momentum. The huge demand for electric vehicles has developed in recent years, and this makes the private players sharing technical details for doing electric vehicle conversions. Government incentives have been introduced for adoptions of electric vehicles, including in the United States, the European Union and China.

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Several governments across the globe are promoting electric vehicle to a large extent and providing decent subsidies to boost the production level of EVs. Policies also target zero emission vehicles as a green technology. EVs are massively supported by the government in the consideration of climate change also to mitigate the carbon emission that is one of the big global concerns.

PHEV and HEV capture most of the Market in Global Electric Vehicle

In this report, we have taken 14 countries and provided comprehensive assessment of Plug-in Hybrid Electric Vehicle volume, market forecast as well as their government initiative, rules and regulations. In addition we have separately covered Hybrid Electric Vehicle Market, Volume & Forecast. PHEV and HEV together hold maximum market share in Global electric Vehicle Market.

The key factors that reinforce electric vehicle market to expand are:

1) Decreasing cost of EVs Batteries in the form of cell pack batteries.

2) Increasing public and private charging technology and infrastructure

3) Government across the world support EVs because of environmental friendly

4) EVs manufacturer get subsidies from government and several economic benefits in the form of tax rebate.

 

By Segment – Battery Electric Vehicle Market Dominates the Overall Electric Vehicle Market

In this report, we have taken 15 countries and provided comprehensive assessment of Battery Electric Vehicle volume, market forecast as well as their government initiative, rules and regulations. Moreover BEV segment dominates all others segment of electric vehicle market.

 

 

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