Market Size of global electric vehicles Industry
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 0.67 Trillion |
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Market Size (2029) | USD 1.39 Trillion |
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Largest Share by Vehicle Type | Commercial Vehicles |
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CAGR (2024 - 2029) | 15.71 % |
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Largest Share by Region | Europe |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Vehicle Market Analysis
The Global Electric Vehicles Market size is estimated at USD 0.67 trillion in 2024, and is expected to reach USD 1.39 trillion by 2029, growing at a CAGR of 15.71% during the forecast period (2024-2029).
- Largest Segment by Fuel Type - BEV : Technological enhancements, and charging infrastructure devlopment, stringent norms, incentives are making BEV the largest fuel type in global electric vehicle market.
- Fastest-growing Segment by Fuel Type - FCEV : FCEV is the fastest-growing fuel type due to its zero emissions, increased economy, and quicker refueling times compared to other electric vehicles.
- Largest Segment by Vehicle Type - Commercial Vehicles : Due to various governments' increasing sensitivity to a cleaner environment, there is expected to be an increase in demand for zero-emission vehicles during the projected period.
- Fastest-growing Segment by Region - Africa : The Asia-Pacific region is predicted to have the quickest growth, with countries like China, and India leading the way in terms of innovation, technology, and the development of cutting-edge EVs.
