Electric Car Market Revenue Analysis and Regional Insights by 2031

Electric car market is anticipated to grow at a significant CAGR of 19.0% during the forecast period (2024-2031). The market growth is attributed to the growing demand for fuel-efficient, advancements in features including increased range, decreased charging time and supportive government policies globally driving the growth of the market. The developing countries are investing heavily in electric vehicles (EVs) and EV charging infrastructure in addition to conducting research and development for more rapid and effective charging techniques, longer-range EVs, and more affordable batteries. For instance, in February 2023, BP p.l.c. announced a $1 billion investment in EV charging across the US by 2030. The company enhance its ability to offer lower carbon transport solutions for customers by expanding EV charging and strategic convenience sites.

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Electric SUVs gain a lot of fascination from manufacturers and customers equally owing to their eco-friendly performance, large interior, and versatility. For instance, in January 2024, Tata Passenger Electric Mobility introduced a pure EV – the Punch. Ev transcends the ordinary with its innovative technology, eco-consciousness and cost-effective offering. The Punch. ev embodying the transformative shift in the needs and lifestyle of the contemporary customer. It combines the reliability of the Punch brand with the latest advancements in electric vehicle technology, offering an exceptional driving experience with zero emissions.

The expansion of electric vehicle production in combination with a local battery cell factory resulted in the development of new supply chains, new networks for sub-suppliers, and overall improvement in battery format for electric vehicles. For instance, in October 2022, BMW Group announced $1.7 billion investment to build electric vehicles in the US and signs agreement with Envision AESC for the supply of battery cells to plant Spartanburg. The new battery format will increase energy density by more than 20.0%, improve charging speed by up to 30.0% and enhance range by up to 30.0%.

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Market Coverage

•             The market number available for – 2023-2031

•             Base year- 2023

•             Forecast period- 2024-2031

•             Segment Covered- 

o             By Vehicle Type

o             By Propulsion Technology

o             By Battery Type

•             Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

•             Competitive Landscape- AB Volvo, Audi AG, Honda Motor Co., Ltd., Hyundai Motor Co., Tesla, Inc., among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Electric Car Market Report Segment

By Vehicle Type

• Hatchback
• Sedan 
• SUV

By Propulsion Technology

• Battery Electric Car 
• Plug-in Hybrid Electric Car
• Fuel Cell Electric Car

By Battery Type

• NiMH
• Li-ion
• Other (Lead-Acid Batteries)

Reasons to Buying From us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

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