ELECTRIC CAR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global electric car market has been witnessing strong growth over the past few years driven by rising environmental concerns, stringent government regulations regarding vehicular emissions, and focus on developing a sustainable transport ecosystem. The market is expanding at an accelerated pace owing to favorable government policy support in the form of purchase incentives and subsidies for electric vehicles and charging infrastructure development. Moreover, increasing investments by automakers as well as technology giants in developing affordable EV models with longer driving range is further fueling adoption. However, volatile lithium-ion battery costs remain a key challenge for the industry. With continued technological advancements, growing consumer demand for green mobility solutions, and supportive regulatory framework, the global electric car market is well-positioned for significant expansion in the coming years.
Market Dynamics:
The global electric car market is driven by various factors such as rising environmental concerns worldwide about vehicular emissions, stringent government regulations and policies promoting electric vehicle adoption, and increasing investment by automotive OEMs to develop affordable and long-range electric cars. However, high manufacturing costs of electric vehicles and lack of standardization in EV charging infrastructure act as a restraint. Ongoing R&D in battery technologies to achieve higher density and lower costs as well as development of solid-state batteries provide a lucrative opportunity in the market.
Key Features of the Study:
- This report provides in-depth analysis of the global electric car market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global electric car market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Tesla, Inc., Nissan Motor Corporation, BMW AG, Ford Motor Company, General Motors Company, Volkswagen AG, Hyundai Motor Company, Kia Corporation, Audi AG, Mercedes-Benz AG, BYD Company Limited, Rivian Automotive, Inc., Lucid Motors, Inc., Polestar Automotive Holding AB, and Volvo Cars
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global electric car market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric car market
Detailed Segmentation-
Detailed Segmentation-
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