Electric Car Market to Cross Valuation of USD 1,470.7 Billion by 2032 | SkyQuest Technology

Electric Car Market to Cross Valuation of USD 1,470.7 Billion by 2032 | SkyQuest Technology

SkyQuest projects that the Global Electric Car Market size will reach a value of USD 1,470.7 Billion by 2032, with a CAGR of 9.8% during the forecast period (2025-2032). Increased access in electric car market share through charging stations has been largely brought about by this rapid expansion, and the current rate of government and private investment in public charging points is continuing to increase- by almost 40% as of 2021. Convenience in urban regions and along highways has been thus ensured for easy access by the car drivers. The European Union further expands the convenience of having an EV when it targets to have over 3 million charging points by 2032. With fuel prices on the rise and costs of ownership for traditional cars remaining high, electric cars become more cost-friendly than ever. EVs easily have much lower costs of operation, maintenance, and charging.

Browse in-depth TOC on the " Electric Car Market"

Pages – 290

Tables – 72

Figures – 146

Electric Car Market Overview:

Report Coverage

Details

Market Revenue in 2024

USD  738.5  Billion

Estimated Value by 2032

USD 1,470.7 Billion

Growth Rate

Poised to grow at a CAGR of 9.8%

Forecast Period

2025–2032

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Power Output, Price Range, End User and Region

Geographies Covered

North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa

Report Highlights

Escalating Fuel Prices and Growing Costs of Car Ownership

Key Market Opportunities

Rising Consumer Demand for Sustainable Transportation

Key Market Drivers

Continued Rise in Fuel Prices is Driving Consumers Towards Electric Cars

Electric Car Type to Hold Significant Growth due to Battery Electric Vehicles (BEVs)

The global electric car industry is hugely influenced by battery electric vehicles because of high adoption, strong governmental support, and growing charging infrastructure. Investments by countries like Canada, the U.S., France, and Germany aimed at achieving carbon neutrality are driving the adoption of BEVs. Growth in charging networks, with incentives for policies, will add convenience for the owners. The technologies in the batteries that reduce charging times and increase range make BEVs more attractive than other forms of electric vehicles.

Less Than 100 kW Power Output to Lead the Market due Increase in Demand for Cheaper and Efficient Electric Cars

Less Than 100 kW Power Output is gaining dominance in the global Electric Car market because consumers typically desire economy-priced, mileage-efficient EVs for daily drive. Over 400 of the top 500 EV models capture this desire-to-cost-effect, high energy-efficiency, low output models-most entry points via the Nissan Leaf are in the range of 30,000 U.S. Dollars. Regulatory policy favoring environment-friendly commuting patterns and focusing efforts on maximum energy use in metropolitan and suburban situations will fuel market growth in this Less Than 100 kW end.

Asia Pacific to Dominate the Market due to Government Schemes and Increasing Residual Income

Asia Pacific’s firm control of the global electric car market growth is attributed to government initiatives, high incomes, and rapid urbanization have driven the growth in using electric cars. Investments in countries like China, Japan, and South Korea in charging stations and production of batteries support this shift. China also happens to be a global leader in both manufacturing and selling electric vehicles with the support of powerful local manufacturers and incentives to its consumers. The increase is attributed mainly to the fact that demand for environment-friendly transportation systems in the Asia-Pacific region, which strongly advocate environmental concern.

Electric Car Market Insight

Drivers:

  1. Growing Government Investment and policies in Electric Car Market
  2. Advancement in Battery Efficiency, Cost Reduction and Charging Speed
  3. Rising Gasoline and Diesel Prices Leads to Increase in Demand for Electric Vehicles

Restraints:

  1. Limited Charging Infrastructure in Certain Regions Create Inconvenience
  2. Limited Range in Certain Electric Cars as Compared to Traditional Vehicles
  3. Battery Degradation and Disposal Because of Long Term Usage of Electric Cars

Prominent Players in Electric Car Market

  • BMW Group
  • Mercedes-Benz AG
  • Ford Motor Company
  • General Motors Company
  • Hyundai Motor Company
  • Faraday Future Intelligent Electric Inc
  • Wanxiang Group (Karma Automotive)
  • Mahindra Group
  • Tata Motors
  • Porsche AG
  • Tesla Inc
  • Toyota Motor Corporation

Key Questions Answered in Global Electric Car Market Report

  • What is the projected market value of the electric car market by 2032?
  • Why are battery electric vehicles dominating the global Electric Car market?
  • What steps is Asia Pacific taking to become global leader in the global Electric Car market?

This report provides the following insights:

  • Analysis of key drivers (Growing Government Investment and policies in Electric Car Market, Advancement in Battery Efficiency, Cost Reduction and Charging Speed, Rising Gasoline and Diesel Prices Leads to Increase in Demand for Electric Vehicles), restraints (Limited Charging Infrastructure in Certain Regions Create Inconvenience, Limited Range in Certain Electric Cars as Compared to Traditional Vehicles, Battery Degradation and Disposal Because of Long Term Usage of Electric Cars), opportunities (Rising Demand for Sustainable Transport, Rising Middle Class and Urbanization in Developing Regions of the World, Expansion of Charging Infrastructure Reduces Range Anxiety) influencing the growth of Electric Car market.
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the Electric Car market.
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Electric Car market.
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.

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