Global Electric Vehicle Market is Expected to Grow at a CAGR of 20.8% in the Forecast Period of 2024-2032, Driven by the Rising Demand for Sustainable Transportation

The global electric vehicle market is rapidly growing due to the rising demand for sustainable transportation. Various governments' increasing commitment to a healthier environment has resulted in an increased demand for zero-emission vehicles. Developed countries, such as the United States, Germany, and the United Kingdom, actively promote the use of electric vehicles to minimize pollution increasing electric vehicle sales. With the growing use of electric buses, especially in China and India, the growth of the commercial electric sector has been growing. Various countries will replace their current fuel-based buses with electric busses. The rise of commercial electric vehicles is motivated by a growing trend to replace public transport fuelled by fossil fuels with electric buses.

The market is being driven by the growing innovations and product diversifications by the major players in the market. In April 2020, Tesla, Inc. (NASDAQ: TSLA), one of the leading players in the market, announced its longest-range electric vehicle. The company modified its models, Model S and Model X, to allow them to travel unparalleled distances without recharging. They broke their record for the production of the longest-range EVs on the road.

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Market Analysis by Type, Vehicle Type, and Region:

• The types can be divided into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.

• Vehicle type includes two-wheeler, passenger car, commercial vehicles, and heavy commercial vehicles (HCVs). Heavy commercial vehicles (HCVs) can be further divided into buses and trucks.

• The regional markets for electric vehicles include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising demand for fuel-efficient vehicles with high-performance and low emission is boosting the market growth.

• The increasing stringent rules and regulations regarding vehicle emissions are driving the growth of the market.

• Technological developments in the industry are propelling the market development further.

• The rising support from the government through various initiatives is also pushing the market growth forward.

• The increasing disposable incomes of the consumers are also providing an impetus to the market growth.

• With development and urbanisation, the demand for electric vehicles is also growing.

Key Offerings of the Report:

• The EMR report gives an overview of the global electric vehicle market for the periods (2018-2023) and (2024-2032), covering the types and vehicle types of electric vehicles.

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the regions.

• The report by EMR gives an assessment of the Porter's Five Forces model, along with providing a SWOT analysis.

The primary key players in the global electric vehicle market include companies like Tesla, Inc. (NASDAQ: TSLA), Toyota Motor Corporation, BYD Motors Inc., General Motors, Volkswagen Group, SAIC Motor Corporation Limited, BMW AG, Mercedes-Benz Group AG, Nissan Motor Corporation, AB Volvo, Hyundai Motor Company, Ford Motor Company, Great Wall Motor Company Limited, Chery Automobile CoLtd, and Dongfeng Motor Company, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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