Electric Vehicle (EV) Market size was valued at around USD 603.45 billion in 2022 and is expected to rise from USD 661.87 billion in 2023 to reach a value of USD 1386.08 Billion by 2031, at a CAGR of 9.68% over the forecast period (2024–2031).
In recent times, the demand for electric vehicle (EV) has significantly increased because of environment impact of traditional gasoline vehicles and the rise in fuel prices. The inclination of people towards battery-powered or hybrid automobiles is also driving the EV market. The popularity of BEVs has also grown among customers as these automobiles does not use conventional fuels like gasoline or diesel. Maintenance expense of EVs is much less than the conventional fuel-driven vehicles giving it an added advantage. As fossil fuel-driven vehicles are one of the primary reasons of air pollution and government bodies have enforced strict emission regulation on car manufacturers so that they reduce vehicle emissions. As electric vehicles operate on electric motor it needs constant supply of energy from batteries. There are different types of batteries used in the vehicles like lithium ion, molten salt, zinc-air, and various nickel-based designs. These batteries provide better function than the conventional vehicles with higher fuel economy, low carbon emission & maintenance, convenient charging at home, smooth drive, and minimized sound from engine. There are mainly three types of EVs like plug-in hybrid electric vehicles, battery electric vehicles, and fuel cell electric vehicle. Developments like solid-state batteries and enhancements in lithium-ion batteries are minimizing expenses and rising the energy density, making EVs more attractive to the customers.
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Rise in Demand for Fuel-Efficientand Low-Emission Vehicles
As gasoline is a fossil fuel it is non-renewable source of energy and can get exhausted in the future. Therefore, it has become crucial to support sustainable development and use other alternate sources of fuel. This consists of using the electric vehicle as it does nit use gas and are more affordable compared to the traditional vehicles. The electric vehicles can transform almost 50% of the electrical energy from the grid to power at the wheels but the gas-driven vehicles can just covert nearly 17% to 21% of the energy stored in the gasoline. The popularity of the fuel-efficient vehicles has also increased because of the increasing price in petrol and diesel. This is mainly due to the reducing fossil fuel reserves and the tendency of companies to earn maximum profit from the oil reserves. Today, there is a high demand for electrically powered vehicles due to the advancement of these fuel-efficient technologies, driving the market.
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Implementation of Autonomous Driving Features is Driving the Market Growth
The integration of self-driving technologies is a major shift that is advancing the global electric vehicle market. The development of artificial intelligence and the combination of sensors in vehicles are enabling vehicle manufacturers to provide an advanced autonomous driving experience in the EVs. Market players like Tesla, Waymo, and General Motors’ Cruise division are few examples that have advanced this technology. There are many different types of features in these vehicles like the ADAS it has lane keeping assistance and adaptive cruise control. They also have conditional automation that can be used during particular situations. The combination of the two models EVs and autonomous technology can be extremely harmonious as they need similar components to get the best functioning vehicle. Moreover, the use of autonomous features in electric vehicle can enhance the and safety of the automobile. This is because AI has the ability to evaluate the best route to drive for minimizing energy waste and avoid accidents, boosting the growth of the electric vehicle market.
Latest Headlines Related to the Electric Vehicle Market
- Tata Passenger Electric Mobility Ltd. and Shell India Markets Private Ltd. engaged into non-binding Memorandum of Understanding in April 2024. This will help them to launch public charging stations all over India.
- In March 2024, Mercedes-Benz revealed their new electric vehicle EQA electric SUV in India that will be on road by July 2024.
- In February 2023, bp announced their plans to invest $1 billion by 2030 into electric vehicle charging points all over the United States. With the investment Hertz and bp will bring fast charging infrastructure to Hertz locations.
- In November 2022, Feintool engaged in a contract with a popular European OEM. With the contract the organization delivered stators and rotors to manufacture electric drives for electric vehicles.
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The global electric vehicle market is expanding on a large scale due to the factors like environmental impact, technological advancements, and government initiatives. The use of electric vehicles is increasing because many countries are trying to minimize the emission of green house gas in the atmosphere and rely less on fossil fuels. Many administrative bodies have also started offering subsidies and tax breaks so that more people purchase EVs. They are also investing on infrastructure to encourage technological advancement and implementation of charging stations. These have led to an increase in the supply and selection of electric vehicles from normal city cars, to luxurious SUVs, and even commercial trucks. With the development of batteries and increase in the public charging stations the electric vehicle market will witness a huge upsurge leading to its expansion.
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