Product ID: SQMIG25C2046
Global Electric Vehicle Market Size, Share, Growth Analysis, By Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Vehicle Type(Two-Wheelers, Passenger Cars), By Vehicle Class(Low to Mid-Priced, Premium-Priced), By Top Speed(Less Than 100 MPH, 100 to 125 MPH), By Vehicle Drive Type(Front Wheel Drive, Rear Wheel Drive) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2046 |
Region:
Global |
Published Date: February, 2024
Pages:
211
|
Tables:
143 |
Figures:
83
Global Electric Vehicle Market Regional Insights
Based on SkyQuest in-depth study, we found that Europe held the largest share of revenues in 2023 which was around 46.76%, chiefly due to factors like development of infrastructure, environmental concerns, regulatory incentives, technological advancements, and consumers changing preferences. Thereby is perennity of highly reputable and well-known electric vehicle producers in the region the main factor expanding the regional market.
In 2023, North America region has registered as one of the major contributors in the global revenue. This is due to the growth of e-vehicle sales in regional economies like the United States with other initiatives such as the automotive manufacturers, policymakers, non-profit organizations, and charging network companies focussing on doing things like the launch of a new non-profit organization named "Veloz". By so doing, the group is behind the creation of a place where investments, innovations, marketing, and growing electric.
In February 2023, the Secretary of Energy for the U.S. government announced a consideration of a substantial amount to be allocated to the research and development (R&D) of electric vehicles. It includes setting up USD 10 billion funding conundrum, USD 7.5 billion direction towards charging infrastructure, and over USD 7 billion towards EV-critical minerals, battery components, and materials. These major funding programs will work hand in hand with the Inflation Reduction Act that has presented much needed support for the advanced battery technology and now allows for a broader range of tax credits for buying electric cars and installation of charging infrastructures.
Asia Pacific is expected to outpace all other regions to emerge as a major growth driver during forecasted years. This is facilitated by the visibly growing demand to electric cars in China, Japan and India. In August 2022, the ESCAP launched the the Asia-Pacific Initiative on Electric Mobility, which aimed to speed up the transformation of the electric mobility in public transport. A move is proposed in order to decrease the transport sector’s emission of greenhouse gas and help with related Paris Agreement implementation. Japan and South Korea have been expanding their EV markets as well. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, establishing deadlines for switching from ICE cars to full or hybrid EVs, and so on.
India is likewise aiming to increase its EV market demand. The new car scrappage policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned laws, will help the country become the region's fastest-growing market for EVs in the next years.
Global Electric Vehicle Market Report Snapshots
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