Product ID: SQMIG25C2110
Global Electric Car Market Size, Share, Growth Analysis, By Type(Battery electric vehicle (BEV), Hybrid Electric vehicle (HEV)), By Vehicle Class(Mid-Priced vehicles, Luxury cars), By Speed(More than 125MPH and Less than 125MPH), By Vehicle Drive Type(Front wheel drive, Rear wheel drive) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2110 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
115 |
Figures:
75
Global Electric Car Market Insights
Electric Car Market size was valued at USD 311.95 Billion in 2019 and is expected to grow from USD 388.69 Billion in 2023 to reach USD 2258.12 Billion by 2031, at a CAGR of 24.6% during the forecast period (2024-2031).
In 2020, the general vehicle marketplace contracted however electric-powered vehicle sales bucked the trend, growing to 3 million and representing 4.1% of total vehicle sales. In 2021, electric-powered vehicle sales more than doubled to 6.6 million, representing nearly 9% of the worldwide vehicle marketplace and greater than tripling their marketplace proportion from years earlier. All the net increase in worldwide vehicle sales in 2019 came from electric-powered cars.
The electric-powered car outperforms the traditional car offering better fuel economy, low carbon emission & maintenance. This in return enables a country to take steps to the reduction of carbon footprint, by signing a different agreement as Paris Agreement. The U.S. and European Union have issued standards, such as CAFÉ standards, for vehicle manufacturers to be mandatorily integrated into their vehicles. These all factors will enable the growth of electric vehicle sales in the future forecast period.
US Electric Car Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Electric Car Market Report Snapshots
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